• Crude oil prices peaked at $93.12 in April, marking the highest point of the year before experiencing fluctuations in the following months.
• A steady decline in the last quarter saw prices drop to $74.72 in December, the lowest recorded price of 2024.
• The decline in prices from September onward raised concerns about potential revenue shortfalls, impacting government budgets and foreign exchange earnings.
• Oil prices remained unstable throughout the year, with significant fluctuations driven by geopolitical factors, global demand shifts, and production adjustments.

Key takeaways:  

• Nigeria’s internet data usage increased from 721,522 TB in January to 973,455.35 TB in December, reflecting a 35% growth over the year.
• The peak in consumption occurred in December 2024, while January 2024 recorded the lowest usage.
• Despite a consistent upward trend during the year, a decline in internet usage was observed in February (694,804.54 TB) and September (850,249.09 TB).
• The most significant jump in Nigeria's internet consumption was observed between November and December, with an increase of approximately 95,000 TB.
• Throughout 2024, Nigeria experienced an average monthly increase of about 23,000 TB.
• Nigeria's total internet data consumption reached 9.76 million terabytes (TB) in 2024, representing a 34% increase compared to 2023.

Key takeaways:

• Nigeria's life expectancy increased by 17.02% in 24 years, from 47 years in 2000 to 55 years in 2024.
• Women had a higher life expectancy than men during the period.
• Nigeria's life expectancy is expected to reach 56 years by 2030, based on past growth rates.
• In 2024, women's life expectancy matched the overall life expectancy for that year.

• Nigeria's Central Bank has adjusted the minimum capital requirement for commercial banks three times in two decades.
• The newest capital requirements will see an over 300% increase in capital requirement across all commercial banking licences.
• Banks with international licences will see the biggest jump in capital requirement, needing 900% more capital under the new rules.
• Banks have undertaken rights issuance, public offers and private placements to meet the 2026 deadline.

• Spotify’s expansion into Nigeria in 2021 opened the market to global streaming, contributing to the rapid rise of Nigerian artistes on the platform.
• Nigerian artistes saw significant revenue growth, earning over ₦11 billion in 2022 and exceeding ₦25 billion in streaming royalties by 2023.
• Rema’s "Calm Down" became the first African song to surpass one billion streams, with the milestone first reached in 2023.
• Spotify’s influence on Afrobeats has been reinforced through curated campaigns like "Afrobeats: Journey of a Billion Streams" and multiple industry events.
• Nigerian music continues to dominate local streaming, with Asake ranked as the country’s most-streamed artist on Spotify in 2024.
• Spotify has increased its investment in Nigeria’s creative industry by hosting major events, such as the annual Wrapped Party and the two-day Afrobeats Celebration Event in 2023.
• Spotify’s partnership with United Masters in 2025 signals continued support for emerging Nigerian artistes, strengthening global opportunities for independent talent.

• ₦1.9 trillion spent on the PAP from 2015 to 2024, a significant amount dedicated to reintegrating former militants and fostering peace in the Niger Delta.
• 2017 saw an extraordinary spike with ₦1.3 trillion spent, which is over 68% of the entire decade’s spending.
• Expenditure stabilized after 2017, maintaining a consistent ₦59.6 billion - ₦65 billion annually from 2018 to 2024.
• 2024 spending (₦65 billion) reflects only the first three quarters, meaning the final total could be slightly higher.

• 2G is still widely used but has dropped significantly from 57.78% in January to 41.59% in December.
• 4G has become the dominant mobile network in Nigeria, surpassing 2G by mid-2024 and maintaining a steady increase in market share.
• 3G remains stable, averaging around 9% market share,
• 5G adoption is slow but rising, increasing from 1.11% in January to 2.46% in December.

• The world spent $19.1 trillion on violence in 2023, accounting for 13.5% of global GDP.
• Military and internal security spending make up 74% of this cost.
• Homicides alone cost the global economy $1.34 trillion, highlighting the economic toll of crime beyond loss of life.
• Private security is now a $1.15 trillion industry, as businesses and individuals invest heavily in safety.
• Violent crime resulted in $760 billion in economic losses, affecting productivity, businesses, and legal systems worldwide.
• Spending on security competes with development needs, diverting resources from education, healthcare, and infrastructure.
• The cost per person globally is $2,380, illustrating how violence impacts individuals, not just governments or corporations.

• Instant messaging leads with 94% usage, reflecting its role as the primary communication tool for Nigerians.
• Social media is used by 91% of mobile internet users, but only 65% engage with it for business purposes, showing its dominance in personal interactions.
• Online voice and video calls are highly popular, emphasising a shift toward real-time digital communication.
• Only 45% access government services, while 41% use online health platforms, indicating gaps in essential digital services.
• Agriculture-related internet use is the lowest at 25%, highlighting the rural digital divide and limited online resources for the sector.

• Heritage Bank emerged from the ashes of Société Générale Bank Nigeria (SGBN), which lost its license in 2006.
• The bank rebranded and re-entered the market in 2012, later acquiring Enterprise Bank in 2014 to expand its reach.
• Despite its growth, financial instability and poor loan performance plagued its operations.
• By 2021, it recorded a staggering 81.2% non-performing loan (NPL) ratio.
• Regulatory pressures mounted, leading to the revocation of its banking license in June 2024.

• Bank PHB was among the banks flagged in the 2009 CBN/NDIC audit for capital inadequacy and governance failures.
• Despite regulatory interventions, it failed to recapitalise by the September 30, 2011 deadline, leading to its license revocation.
• The CBN and Nigeria Deposit Insurance Corporation (NDIC) established Keystone Bank as a bridge bank to take over Bank PHB’s assets and liabilities.
• The Asset Management Corporation of Nigeria (AMCON) managed Keystone Bank until 2017, when it was sold to private investors.
• The bank later divested from its international subsidiaries, focusing on the domestic market.
• In 2024, the CBN dissolved its board, signalling ongoing financial and governance concerns.