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Popular Insights
  • Revenue from voice is still the largest contributor to Airtel Africa's revenue between 2019 and 2023 however its share of the revenue has been on a steady decline. Voice went from accounting for 60.97% of the total revenue in 2018, to 46.16% in 2023. The share of revenue from data and Airtel Mobile have been on a steady rise since 2020.

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    The New World Wealth's Africa Wealth Report for 2023 ranked Lagos 4th among African cities with the most dollar millionaires, below South Africa's Johannesburg and Cape Town, and Egypt's Cairo. Four of the cities in the top ten are South African.
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  • Top ten African countries by estimated number of films produced annually

    The Nigerian movie industry, mainly financed via public or private funding and international grants, produces the most films in Africa, yearly. Nigeria produced more than double the number of films that the Ghanaian and Kenyan movie industries produce annually.

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    Only 10% of Nigerians earn above ₦100,000, according to the Nigerian Financial Services Market Report. This aligns with most reports about Nigeria, and it's in sharp contrast to the narratives online.
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  • Nigeria was the seventh most populous nation in the world in 2020, with 206.1 million people. Projected to reach a population of 401.3 million by 2050, Nigeria will rank third after India (1st) and China (2nd). According to Institut national d'études démographiques' projections, Nigeria, Ethiopia, DR Congo, Egypt, Tanzania, and Kenya will be among the world’s top 20 most populous countries by 2050.

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    Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

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  • Newzoo, a provider of video game and gamer data, reported that in 2023, Nigerian mobile gamers spent approximately $229.7m — the highest expenditure in Africa — boasting a sizable 14.7m spenders.

    Egypt's gamers spent an estimated $212.6m and occupied second place in Africa's mobile gaming expenditure ranking.

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  • A Trend of Adult literacy rates of African countries

    Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.

    These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.

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  • Top ten African countries by estimated number of films produced annually

    The Nigerian movie industry, mainly financed via public or private funding and international grants, produces the most films in Africa, yearly. Nigeria produced more than double the number of films that the Ghanaian and Kenyan movie industries produce annually.

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Other Insights

As of October 2024, only nine African countries are certified malaria-free: Egypt, Cape Verde, Tunisia, Algeria, Mauritius, Libya, Morocco, Seychelles, and Lesotho.

Egypt and Cape Verde are the newest members of this group.

Over 40 African countries remain uncertified, with the continent recording 233 million malaria cases in 2022.

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In 2023, Libya led Africa in labour productivity, generating $29.7 per hour worked. Gabon and Mauritius followed at $25.6 and $25.5.

Meanwhile, Nigeria's workers generated $6.8 per hour, and Burundi recorded the lowest at $0.8.

Globally, Luxembourg and Ireland topped the list with $146 and $143 per hour, showcasing the efficiency and quality of human capital in these economies.

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In H1 2024, the UK accounted for nearly half (48.9%) of Nigeria’s capital investments, totalling $2.93 billion, followed by South Africa (14%) and the Netherlands (11%).

This highlights the UK's long-standing economic ties with Nigeria, having invested over $47.5 billion over the past ten years. The UK remains Nigeria's top capital import source.

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Only a small share of workers under 30 spend more than three years with a company. This trend changes with an increase in age range and explains why employees in Nigeria above 40 are more likely to remain with a company for extended periods than younger workers.

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Oyo State, the sixth most populous in Nigeria, contributed 3.2% of the total internally generated revenue (IGR) in 2022. Notably, its population represented 3.2% of the nation's total, according to a 2023 estimate.

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In 2008, only 0.5% of people in Liberia had Internet access. By 2022, that number grew to 30.1%, marking significant progress over 15 years.

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Nigeria has made strides in metering electricity customers, but progress is slow, with nearly 7.1 million unmetered customers as of June 2024.

Despite customer numbers doubling from 6.5m to 13m (June 2015-2024) and a 95.4% rise in metered customers, the percentage of unmetered customers increased to 54.4%.

Metering must outpace customer growth to end estimated billing.

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In 2023, global vehicle production surged, led by China with over 30 million vehicles — a 12% increase from 2022.
The US and Japan followed, holding 11% and 10% shares, respectively.

Global output rose 10%, reaching 93.55 million vehicles, up from 85.02 million in 2022.

Only two African countries — South Africa and Morocco — made the top 25, highlighting the continent's developing automotive sector.

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Nigeria: The best WAEC results in the last nine years were recorded between 2021 and 2023, with many students getting at least five credits, including in mathematics and English.

However, 2024 saw a decline, with 72.1% following 79.8% in 2023.

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The Nigerian Workplace Report indicates that over 50% of Nigeria’s working population earns less than ₦200,001 monthly. It further highlights that individuals earning above ₦600k are among the top 10% earners.

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Over the past seven years, West Africa has consistently been Jumia Group's top market, contributing at least 43% of the company's total revenue. In contrast, regions like East and South Africa have not exceeded a 21% revenue contribution in any single year within this period.

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E-commerce payments method in Nigeria (transaction value %), 2023 and 2027
  • Digital wallets are the fastest-growing e-commerce payment method in Nigeria, set to double from 11% in 2023 to 22% by 2027.
  • A2A transfers remain the dominant payment method, slightly increasing from 32% to 34%, showing continued reliance on direct bank-to-bank transfers.
  • Cash-on-delivery is becoming less relevant, dropping from 15% in 2023 to just 9% in 2027, signaling a shift away from cash-based transactions.
  • Both debit card and credit card payments are declining, with debit cards dropping from 19% to 16% and credit cards falling from 15% to 12%, suggesting a changing balance in card preferences.
  • Prepaid cards and buy now, pay later (BNPL) solutions remain relatively small players in the Nigerian e-commerce space, with minimal growth.
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Nigeria's Value Added Tax collections by sector (Q1-Q2 2024)
  • Three sectors, Manufacturing, ICT, and Mining & Quarrying, accounted for 58.8% of total VAT revenue in the first half of 2024.
  • Manufacturing alone contributed 24.8% of VAT, making it the highest-paying sector.
  • Nigeria’s digital economy is thriving, with ICT generating 17.6% of VAT revenue, signaling the growth of telecom, data services, and digital platforms.
  • The extractive industry remains vital, with Mining & Quarrying contributing 16.4% of total VAT collection.
  • Finance & Insurance (10.2%) and Public Administration & Defence (9.7%) also made significant contributions to Nigeria’s VAT revenue.
  • Despite contributions from 21 sectors, VAT revenue is still heavily reliant on a few key industries, highlighting the need for a broader tax base.
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Nigeria's public debt stock (2017 - 2024)
  • External debt has nearly doubled as in 2017, it stood at 26.64%, but by 2024, it had risen to 46.96%.
  • Domestic debt has dropped from 73.36% in 2017 to 53.04% in 2024, showing a decline.
  • Nigeria’s increasing reliance on external loans suggests a strategic shift in public debt financing.
  • Unlike other years, domestic debt share slightly increased in 2023, rising to 60.74%, before external debt rebounded in 2024.
  • A rising share of external debt means higher exposure to foreign exchange risks and global market conditions.
  • If the trend continues, Nigeria’s external and domestic debt may soon be equal, reducing the traditional dominance of domestic borrowing.
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  • Nigeria remains the largest forest owner in West Africa, despite a steady decline in forest area from 217,902.5 km² in 2019 to 213,003.5 km² in 2022.
  • Ghana is the only top forest-owning country with increasing forest area, growing from 79,784.8 km² in 2019 to 80,001.6 km² in 2022.
  • Liberia, Senegal, and Burkina Faso all experienced gradual declines in forest area over the period.
  • Burkina Faso has the smallest forest area among these countries, with 61,164 km² in 2022.
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  • Apple leads the global market with $3.863 trillion market capitalisation, followed closely by Nvidia at $3.355 trillion and Microsoft at $3.200 trillion.
  • Tesla ($1.385T) remains the most valuable automobile company, far ahead of traditional car manufacturers.
  • The highest-ranked non-tech company, Saudi Aramco, stands at $1.805 trillion.
  • Other trillion-dollar companies span industries such as finance (Berkshire Hathaway – $0.984T) and media (Meta – $1.514T).
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  • Nigeria’s agricultural GDP reached ₦19.3 billion in 2023, showing minimal growth.
  • From 2013 to 2023, agriculture played a key role in Nigeria’s economic growth, averaging 24.43% of the total annual GDP.
  • Agriculture's share in the total GDP in 2020 (25.90%) dropped to 24.76% in 2023.
  • Post-pandemic recovery in the agricultural sector has been robust, with consistent growth from ₦18.3 billion in 2020 to ₦19.3 billion in 2023.
  • Agriculture remains a critical driver of Nigeria’s economy, ensuring food security and supporting livelihoods across the country.
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