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  • Between 2010 and 2022, Nigeria imported 245 billion litres of Premium Motor Spirit (PMS), popularly called petrol, with the highest imports recorded in 2022. Here is the volume of PMS imported into the country in 13 years from 2010.

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    Jumia Group's quarterly active customers recorded steady growth for five consecutive quarters between Q1 2019 and Q2 2020. It also recorded growth in orders for three consecutive quarters in the same period. Jumia recorded its biggest percentage drop in active customers in Q4 2020.
    The eCommerce giant's biggest order volume was recorded in Q4 2021 with 11.3 million, followed by 10.3 million in Q2 2022. Q4 2021 and Q2 2022 were the only times that Jumia's order volume hit 8 figures in a quarter since Q1 2019.

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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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    Inflation rate in Nigeria increased to 31.7% in February 2024. Nigeria has the 13th highest inflation rate out of 186 countries and territories as of February 2024.

    The data showcases Argentina leading with 276%, followed by Lebanon and Syria. Seven of the top fifteen are African.

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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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    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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  • Nigeria repaid an average of $368m in external debt every year between 2008 and 2017. In 2018, the payments increased by 217% to $1.47b from $464m in 2017, then dropped by 9.4% in 2019, and has since been on the rise. Here are Nigeria's external debt repayments since 2008.
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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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  • 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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Other Insights
  • FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
  • The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
  • Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
  • Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.
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  • UAC Nigeria's ₦17 billion naira profit in 2024 is the highest since 2014
  • The company recorded losses in 2018, 2019 and 2022, with ₦9.5 billion, ₦9.2 billion and ₦4 billion losses, respectively
  • Profit recovery started in 2020 and improved significantly in 2023 and 2024
  • 2024’s unaudited profit is almost double the ₦8.9 billion recorded in 2023
  • Profitability has been volatile over the past decade, with major losses and strong rebounds
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  • UAC Nigeria's revenue has consistently grown since 2018, reaching ₦197.6 billion in 2024
  • 2024 saw the highest year-on-year revenue growth of 64%
  • The company recorded steady revenue increases from 2019 to 2023, growing by 14.5% annually on average
  • 2024's unaudited revenue figure marks a new milestone for UAC Nigeria
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Key takeaways:

  • The inflation rate experienced a growth rate of 60.5% from May 2023 to December 2024.
  • The May 2024 food inflation rate grew by 15.84% points higher than May 2023 levels.
  • The most significant monthly increase occurred in February 2024, when food inflation rose by 2.51% from January 2024.
  • Brief periods of relief were observed in July, August, and December 2024, when the rates showed slight declines.
  • The food inflation rate dropped by 13.76% between December 2024 and January 2025 due to CPI rebasing to 2024 from 2009.
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  • South-West drives Nigeria’s VAT but gets little back. The region remitted ₦341.38B (53%) but received only ₦99.85B (29% return).
  • South-South remitted ₦121.84B but got ₦52.49B (43% return); Rivers alone gave ₦90.21B but got just ₦11.01B.
  • The North enjoyed the highest VAT gains, remitting ₦66.18B and receiving ₦161.11B (240% return); the North-West got ₦66.75B from ₦28.31B (235% return).
  • South-East and North-East got the biggest VAT boost. South-East: ₦10.94B remitted, ₦39.13B received (357.6% return); North-East: ₦14.94B remitted, ₦46.68B received (312.5% return).
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  • South America led in growth, surging by 116.5%, signaling rapid adoption in emerging markets.
  • Europe and Oceania also saw explosive growth, with 60.3% and 114.3% increases, respectively.
  • Asia remained dominant, with the highest number of owners, growing to 326.8M in 2024.
  • Africa showed the slowest growth (8.5%), suggesting possible barriers like regulation or adoption hurdles.
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  • Lagos State’s IGR grew by 112%, from ₦384.26B in 2013 to a record ₦815.86B in 2023.
  • Revenue dipped to ₦268.22B in 2015 before recovering and steadily increasing.
  • A major jump occurred in 2019, with IGR rising from ₦382.18B to ₦646.61B in one year.
  • Despite a dip in 2022, IGR hit an all-time high in 2023, signalling a strong economic recovery.
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Key takeaways:

  • Throughout the decade, Nigeria saw a consistent decline in education funding as a percentage of GDP.
  • The most substantial allocation occurred in 2012 at 0.55% of GDP.
  • The lowest allocation was noted in 2022 at 0.35% of GDP.
  • There was a brief recovery from 2017 to 2018 before the downward trend resumed in 2019.
  • Over the decade, the overall reduction in education spending relative to GDP was approximately 36.5%.
  • Nigeria's education spending as a percentage of GDP is significantly lower than the UNESCO recommendation of 4-6% for developing nations.
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Key Takeaways:

  • Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
  • The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
  • Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
  • The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
  • In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.
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Key takeaways:

  • February 2024 saw the largest month-on-month rise in inflation, climbing nearly 2% from 23.59% in January 2024.
  • Nigeria experienced brief periods of relief, with slight drops in core inflation during November 2023 and September 2024.
  • From May 2023 to December 2024, the inflation rate fluctuated within the 20% to 30% range.
  • December 2023 registered the highest inflation rate during the first eight months of the observed period.
  • The core inflation rate dropped to 22.59% in January 2025 from 29.28% in December 2024 due to the Consumer Price Index rebasing from 2009 to 2024.
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Key takeaways:

  • Libya's total revenue (85.78% of GDP) significantly surpassed all other African states.
  • Lesotho is noteworthy with the second-highest total revenue ratio at 48.12%.
  • Equatorial Guinea and Sao Tomé & Príncipe in Western Africa recorded total revenue of 30.79% and 25.38% respectively.
  • South Africa generated 27.74% of its GDP in revenue.
  • The top ten countries reported total revenue exceeding 28%.
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  • The South-South remitted ₦121.84B, making it one of the biggest net donors to the national VAT pool.
  • The region received only ₦52.49B, meaning it got back just 43% of its VAT contributions.
  • Rivers State alone remitted a staggering ₦90.21B (74% of the region’s total) but received only ₦11.01B (12.2% return), marking one of the worst VAT allocation disparities in Nigeria.
  • Cross River had the lowest VAT contribution (₦1.55B) but received ₦7.45B, a 380% gain, while Bayelsa, despite remitting ₦12.8B, received only ₦8.02B, less than lower-remitting states like Delta (₦9.05B).
  • Every state in the South-South received more than it remitted, except for Bayelsa and Rivers, with the latter being the only state to suffer a massive VAT deficit.
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  • Rwanda attracted a total of $6.28 billion in foreign direct investment (FDI) over 35 years, from 1990 to 2024.
  • The highest annual inflow recorded was $820 million in 2024, making it the country’s strongest FDI year yet.
  • Between 2020 and 2024, Rwanda pulled in $2.70 billion, accounting for over 40 percent of its total investment since 1990.
  • From 1990 to 2004, annual FDI barely exceeded $100 million, with several years recording zero inflows.
  • Even during its best-performing years, Rwanda’s FDI never hit the $1 billion threshold.
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  • June 2025 PMI: 51.6, down from 52.7 in May — marking a three-month slowdown in growth.
  • The figure is 2.99% above June 2024 levels, when PMI was 50.1 — confirming year-on-year improvement.
  • The June dip reflects subdued demand and persistent inflation, echoing broader market sentiments.
  • A PMI above 50 signals expansion; Nigeria’s figure signals ongoing growth, though losing speed.
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  • Uganda and Mauritius offer the most affordable mobile data in Africa, with 1GB for just $0.02 over a 30-day period.
  • Comoros, Ghana, and South Africa also rank among the cheapest, each offering 1GB of data for $0.07 to $0.10.
  • Nigeria is among the top 10, with a relatively low cost of $0.13 per 1GB, placing it below the continental average.
  • Madagascar, at $0.32 per 1GB, closes out the top 20, which reflects the upper boundary of affordable data across African nations.
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  • Road accidents declined by 53% between Q3 2020 and Q3 2024.
  • Q4 2022 recorded the highest number of accidents, with 4,835 reported cases.
  • Q3 2024 had the lowest number, with just 1,945 accidents.
  • Speed violation remains the leading cause of road accidents in Nigeria.
  • Ogun, FCT, Kaduna, and Nasarawa consistently rank among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Imo, Rivers, and Akwa Ibom regularly report the lowest number of accidents each quarter.
  • Commercial vehicles are the most frequently involved vehicle category in accidents.
  • Cars account for the highest number of individual vehicle accidents.
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  • The Federal Capital territory (FCT) recorded the highest number of road accidents between Q3 2020 and Q3 2024, with a total of 8,133 accidents, accounting for 12.42% of total accidents.
  • FCT, Ogun, Nasarawa, and Kaduna consistently ranked among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Akwa Ibom, Rivers, and Imo were among the states with the lowest number of recorded accidents each quarter.
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  • Tesla remains the EV manufacturer with the highest revenue, generating approximately $19 billion in Q1 2025.
  • Among companies that exclusively produce EVs, Tesla was the only one to report a year-over-year revenue decline between Q1 2024 and Q1 2025.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • VinFast not only achieved a 300% increase in vehicle deliveries but also recorded the highest revenue growth, up 149.81% year-over-year.
  • VinFast’s strong performance was largely driven by robust sales in Vietnam, its largest market.
  • Despite a 38.46% drop in EV deliveries, Rivian posted a 2.99% year-over-year revenue increase between Q1 2024 and Q1 2025.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
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