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    • Company Income Tax (Non-Oil) emerged as the largest contributor, accounting for over 30% of total tax revenue.
    • NCS-Import VAT followed closely, contributing 23.63%, emphasising the significance of import-related taxes to Nigeria's revenue.
    • Traditional oil-based taxes such as Petroleum Profit Tax/Hydrocarbon Tax and CIT (Oil & Gas) jointly contributed over 26%, showing that oil remains a vital but declining pillar.
    • Newer tax streams like the Electronic Money Transfer Levy and NASENI (National Agency for Science and Engineering Infrastructure) funding have emerged, but still make up less than 2% of total revenue.
    • Minor tax categories like Capital Gains Tax, NITDEF (National Information Technology Development Fund), and NPTFL (Nigeria Police Trust Fund) had negligible impact, each contributing less than 0.5%
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    The population of Nigerian-born immigrants in the US has more than doubled in nearly two decades, growing at an average rate of 4.8% per year.

    By 2023, the number reached 476k, up from just under 200k in 2006 — a 141% growth.

    Nigeria has been leading Africa in immigrant numbers in the US, ranking 22nd globally.

    Rising immigrant numbers could strengthen remittance flows back to Nigeria.

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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.

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    The FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 2023.

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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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    Countries by Global Innovation Index 2024

    The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.

    In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.

    Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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  • In Q4 2023, Spectranet maintained its top position as Nigeria's biggest internet service provider with nearly 114k active subscribers, holding 43% of the market share. FiberOne followed with 10% of the market.

    Starlink increased its subscriber base by 113% to claim the 3rd position with 9% of the market.

    Here are Nigeria's top internet service providers by active subscribers in Q4 2023.

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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.

    See more

Other Insights
Earnings per share of listed agricultural companies in Nigeria (2024)
  • Livestock Feeds Plc surged from a -₦0.08 loss per share to ₦0.64 EPS, marking a 900.0% improvement—the biggest turnaround in the sector.
  • Presco Plc posted ₦63.46 EPS in 2024, nearly doubling its previous year’s ₦32.41.
  • Okomu Oil Palm rose from ₦21.64 to ₦41.89, showing a 93.6% year-on-year growth.
  • FTN Cocoa Processors reduced its loss marginally, from -₦2.70 to -₦2.44, a 9.6% improvement.
  • The top two companies by EPS (Presco and Okomu) are significantly outperforming their peers.
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Number of listed companies in Nigeria by sector (2025)
  • Financial Services account for 29.93% of all listed companies, far ahead of any other sector.
  • Services and Consumer Goods sectors each have 20 listed companies, showing strong competition for second place.
  • Industrial Goods (13 companies) and Construction/Real Estate (10 companies) round out the mid-tier listings.
  • The ICT sector has only 8 listed companies, despite being central to digital transformation in Nigeria.
  • Oil and Gas (8) and Healthcare (7) reflect moderate participation in the public markets.
  • Agriculture has just 5 listed firms, despite being one of Nigeria’s largest employers—suggesting a capital access gap.
  • The utilities sector is the least represented sector, with only 2 listed companies.
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Age of currently listed Nigerian PLCs (Date incorporated to May 2025)
  • Royal Exchange is Nigeria’s oldest listed PLC at 104 years, incorporated on February 28, 1921.
  • Unilever (101 years) and UAC Nigeria (94 years) follow closely behind, cementing their status as legacy multinationals.
  • Greif Nigeria (85 years) and May & Baker Nigeria (81 years) show enduring pharmaceutical and industrial presence.
  • Wema Bank is the oldest bank on the list at 80 years, showcasing longevity in financial services.
  • Consumer goods dominate the list, with companies like PZ Cussons, Nigerian Breweries, and Guinness all exceeding 75 years.
  • Four companies (Chellarams, PZ Cussons, Thomas Wyatt, and Nigerian Breweries) were all incorporated 77-78 years ago, pointing to a cluster of post-WWII business growth.
  • The youngest on the list—RT Briscoe—is still 68 years old, proving that listing longevity is no accident but a product of strategic resilience.
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Key Takeaways:

  • CBN’s total assets increased from ₦14 trillion in 2013 to ₦117.6 trillion in 2024.
  • Total liabilities followed a similar upward trend, reaching ₦116.6 trillion in 2024.
  • Total assets and liabilities rose by more than 100% from 2022.
  • The gap between assets and liabilities has remained relatively narrow, indicating tight net equity margins and overall prudent financial management.
  • Total equity initially rose between 2022 and 2023, but later declined in 2024 despite a substantial increase in CBN's assets and liabilities.
  • The most significant asset jumps occurred between 2022 and 2024, reflecting a rapid expansion of the balance sheet.
  • CBN’s total equity over the years ranged from ₦500 billion to ₦2 trillion, peaking in 2023 at ₦2 trillion.
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Share of global active Twitter (X) users by continent (Jan. 2025)
  • Asia accounts for the largest share of X (formerly Twitter) users globally at 43.5%.
  • America follows closely with a 30.2% global share of active users.
  • Africa contributes just 4.8% of active users, highlighting underrepresentation.
  • Oceania has the smallest presence, accounting for only 1.1% of users.
  • Asia alone has more X users than Europe and Africa combined.
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Number-of-Africans-who-use-each-selected-social-media-platform-as-of-January-2025
  • Facebook leads Africa’s social media use with 291.1M users, accounting for 12.7% of its global base.
  • TikTok holds second place with 189.3M African users, representing 11.9% of TikTok's global audience.
  • Meta dominates among the top four platforms with Facebook, Messenger, and Instagram.
  • LinkedIn’s 82.99M users show a strong uptake in professional networking, amounting to 5.3% of the platform’s global users.
  • Twitter (X) is used by 27.85M Africans, representing 4.8% of its global base—smallest on the chart, but still impactful.
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Share of global active TikTok users by continent (Jan. 2025)
  • Asia accounts for 39.6% of global TikTok users, the largest regional share.
  • America follows with 31.7% of the global TikTok user base.
  • Africa represents 11.9% of active TikTok users globally, totaling 189.3 million.
  • Oceania has the smallest share with 10 million users or just 0.6% globally.
  • Asia and America combined make up over 71% of all TikTok users worldwide.
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  • Institutional loans lead slightly, with 552,009 applications, showing a strong need for tuition and direct school-related expenses.
  • Upkeep loans are not far behind, at 519,964 applications, highlighting the importance of financial support beyond school fees.
  • Combined, over 1 million applications reveal a large and growing demand for structured educational funding in Nigeria.
  • The close margin suggests dual pressure: students aren’t just struggling to pay fees, but also to survive the cost of schooling.
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Key Takeaways:

  • MTN remains the market leader, growing from an average of 26 million subscribers in 2013 to an average of 75 million by early 2025.
  • The average active data subscribers for MTN was over 75 million in early 2025.
  • Airtel saw consistent growth, rising from 8.2 million in 2013 to 48.7 million in 2025, on average.
  • Globacom’s average data subscriber base peaked in 2023 at 43.7 million but fell sharply by 2025 to 15.8 million.
  • 9mobile's average data subscriber base in 2025 dropped to just 1.8 million from its 2016 peak of 15.2 million.
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Key Takeaways:

  • Lockheed Martin leads with $60.8 billion in arms revenue.
  • The top ten companies' combined revenue from arms production was $307.3 billion.
  • The top five corporations are all from the United States.
  • BAE Systems, based in the United Kingdom, remains Europe's strongest defence contractor, ranking sixth.
  • Russia and the United Kingdom each have one company among the top ten.
  • China secures three slots in the top 10, with a total revenue of $57.5 billion.
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Key Takeaways:

  • In 2023, Nigeria's kola nut production reached a peak of 188,703.54 tonnes.
  • Following a decline in production from 1994 to 2006, production rose dramatically from 2007 onwards.
  • Between 1997 and 2001, production was lowest, at only 82,000 tonnes.
  • The 2010s saw steady growth, fuelled by increased agricultural investment and possibly rising domestic or export demand.
  • The average production from 1994 to 2006 was 86,698.12 tonnes.
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  • Student loan applications peaked sharply in August 2024 with 91K submissions, marking the highest monthly volume within the 13-month period.
  • After August’s spike, applications declined steeply, hitting a low of 18K in December 2024.
  • A resurgence began in January 2025, leading to a second wave of activity that reached 59K applications in April 2025, the second-highest month.
  • Monthly application volumes remained volatile, reflecting fluctuating demand and possible cycles tied to academic calendars or policy updates.
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  • Nigeria’s sports budget rose sharply to ₦113 billion in 2025, tripling from the 2024 figure.
  • The 2025 allocation represents a 243.8% increase compared to the previous year.
  • Youth and Sports budget allocations were relatively stable between 2021 and 2023, averaging about ₦186 billion.
  • The splitting of the Ministry of Youth and Sports budgets in 2024 likely contributed to the steep dip that year.
  • The rebound in the sports development budget in 2025 signals government re-prioritisation of sports development.
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  • Africa’s cybersecurity score increased by 171% between 2017 and 2024.
  • The continent’s score rose from 21 in 2017 to 57 in 2024
  • Africa has reduced the gap with global averages, reducing the difference from 15 points in 2017 to 9 points in 2024.
  • The global cybersecurity score rose from 36 in 2017 to 66 in 2024.
  • Africa’s most notable leap was between 2021 (35) and 2024 (57), showing accelerated progress in recent years.
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  • Private sector credit growth peaked at 13.5% in Q4 2023.
  • Growth remained stable between 12 and 13% throughout 2022 and 2023.
  • A sharp decline began in 2024, dropping to 11.5% in Q1.
  • Credit growth plunged to 5.4% in Q2 2024, showing a steep contraction.
  • The lowest point was Q4 2024, at just 0.9%.
  • A rebound started in early 2025, with growth rising to 2.4% in Q1.
  • By Q2 2025, private sector credit growth recovered to 4.4%, though still far below its 2023 highs.
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  • Private households hold the largest share of credit at 27.8%.
  • Trade accounts for 14.4% of outstanding private sector loans.
  • Manufacturing makes up 12.3% of the private sector credit share.
  • Combined, households, trade, and manufacturing absorb 54.5% of all private credit.
  • Consumer durables contribute 9.4% of outstanding loans.
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  • Nearly three-quarters of all startup funding in Africa came from equity financing at 74.1%.
  • A significant 25.2% of funding was raised through debt, showing increasing reliance on loans and credit.
  • Only 0.7% of startup funding came from grants, reflecting limited non-dilutive capital support.
  • The high share of equity signals sustained investor belief in Africa’s startup ecosystem despite global headwinds.
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  • The financial services sector attracted the largest share of funding at $806.3m, accounting for more than 40% of total startup investment.
  • Renewable energy secured $377.1m, showing strong investor appetite for sustainable solutions in Africa.
  • Telecommunications raised $316.0m, while mobility & logistics brought in $222.8m, highlighting infrastructure-driven growth.
  • Electric vehicles ($87.9m), e-commerce ($50.3m), and crypto/blockchain ($35.3m) attracted meaningful investments, signalling diversification beyond traditional sectors.
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