Rising fuel costs are impacting transportation prices of goods and services, straining household budgets and contributing to inflation. The average cost of petrol in Nigeria has increased by 25% since July 2023. Diesel prices have seen an even sharper increase of 85%, rising from a national average of ₦794 in July 2023 to ₦1,462 in June 2024.
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.
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.
From 1961 to 2022, Nigeria, Egypt, and Madagascar led Africa in rice production, supporting local economies and food security.
Nigeria peaked in 2017 with over 10 million tonnes, while Egypt and Madagascar also recorded strong years.
Since 2014, Nigeria has held the title of Africa's largest rice producer.
Lagos led Nigerian states with ₦815.9 billion in Internally Generated Revenue for 2023, followed by the FCT with ₦211.1 billion.
Despite only a 25% growth, Lagos’ IGR confirms its economic dominance. The FCT, meanwhile, recorded an impressive 70% increase.
Ebonyi, though with lower revenue, achieved an astonishing 148% growth.
Taraba generated the least revenue, increasing by 6%.
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.
There were 249 million malaria cases globally in 2022, with Africa accounting for 233 million.
Nigeria and DR Congo were the highest contributors.
Egypt and Cape Verde have been certified malaria-free, joining only seven countries in Africa.
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.
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.
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.
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.
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.
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.
