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  • Figures as of December 2022 show that Nigeria's millionaires decreased by 30% between 2012 and 2022, indicating a significant shift in the dynamics of wealth. Mauritius saw a noteworthy increase of 69%, with Kenya recording a 30% growth.
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    Data from the National Bureau of Statistics reveal that the average bread prices in Nigeria increased by 20.71% for unsliced bread and 17.25% for sliced bread year on year. As Nigerians mourn this rise in cost, we consider the average bread prices over the past 24 months.

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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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  • In the past 10 years, Nigeria has received $131 billion in capital imports

    Nigeria's capital importation has been on a decline after it hit a $24 billion peak in 2019. In the past 10 years, it received $131 billion, with the lowest recorded in 2016. Here are the country's capital imports since 2013.

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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
 

Key takeaways:

  • Amidst the overall upward rise in inflation since May 2023, Nigeria experienced a brief relief with slight declines between June and September 2024.
  • The inflation rate in May 2024 was 11.54% points higher than that of June 2023.
  • The inflation rate in Nigeria increased by approximately 55% from May 2023 to December 2024.
  • In December 2024, the inflation rate increased by about 4.9% points when compared to January 2024.
  • Between December 2024 and January 2025, the inflation rate dropped by 10.32%.
  • The National Bureau of Statistics rebased the Consumer Price Index from 2009 to 2024 in January 2025.
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Key takeaways:

  • Polaris Bank traces its roots back to the establishment of Prudent Bank Plc in 1989.
  • Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc to create Skye Bank Plc.
  • In 2014, Skye Bank Plc acquired Mainstreet Bank Limited.
  • The Central Bank of Nigeria revoked Skye Bank's operating license in 2018, and Polaris Bank Limited subsequently took over its assets and liabilities.
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Key takeaways:

  • In 2015, Wema Bank transitioned from being a regional bank to achieving national bank status.
  • To promote innovation and cooperation within the tech community, Wema Bank organised its inaugural hackathon, "Hackaholics", in 2019.
  • The bank has continually prioritised innovation, particularly with the introduction of ALAT, Nigeria's pioneer fully digital banking service.
  • Wema Bank holds the distinction of being Nigeria's oldest indigenous bank still in operation.
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  • Nigeria recorded its highest-ever Chinese FDI inflow of $390.4 million in 2007
  • The second-highest inflow of $333.1 million was recorded in 2012
  • FDI from China to Nigeria fluctuated significantly over the years, with major peaks in 2007, 2012, and 2020
  • 2022 saw a decline in Chinese FDI to Nigeria, falling to $119.6 million from $308.9 million in 2020
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Key Takeaways:

  • As of March 13, 2025, Elon Musk is the sole individual whose net worth exceeds $300 billion.
  • Mark Zuckerberg is recognised as the youngest member among the top ten wealthiest individuals globally.
  • The exclusive $200 Billion Club features just three members: Musk, Bezos, and Zuckerberg.
  • The combined wealth of the ten richest individuals in the world totals around $1.8 trillion.
  • Eight individuals in the top ten wealth ranking list hail from the United States.
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  • Nigeria has received $9.4 billion dollars in Chinese loans across different sectors since 2002
  • The highest loan inflow was in 2017, with $2.8 billion, mainly for transportation and energy
  • Transportation projects received the most funding, with notable amounts in 2017 ($2 billion) and 2019 ($1 billion)
  • Loan inflows dropped significantly after 2017, with no borrowings between 2020 and 2022, and $973 million in 2023
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Key Takeaways:

  • The North East had the highest average cooking gas prices of ₦7.4k and ₦18.2k for 5kg and 12.5kg cylinders respectively
  • The average price of 5kg and 12.5kg cooking gas rose by 44.62% and 50.08% from December 2023
  • The North East had the highest average price for 5kg gas, followed by the North Central, South West, North East, South East, and then the South South, which had the lowest average price
  • The North East had the highest average price for 12.5kg gas, followed by the South West, South-South, South East, North East, and then the North Central, which had the lowest average price
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Key Takeaways:

  • The average price for 12.5kg cooking gas varies between ₦15,000 and ₦20,300
  • The average price difference of cooking gas among Nigerian states is 28.97%
  • Four out of the six states in the Southwest region are among the top 20 Nigerian states with the highest average cooking gas prices
  • Nine out of Nigeria's 36 states plus Abuja have an average price for 12.5kg cooking gas that exceeds ₦18,000
  • Taraba State stands out as the only state in Nigeria with an average cooking gas price surpassing ₦20,000
  • The national average price of 12.5kg cooking gas in Nigeria is ₦17,274.16
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Key takeaways:

  • The average kerosene price increased by approximately 70.5%, rising from ₦1,206.1 in May 2023 to ₦2,056.4 in December 2024.
  • Prices witnessed a moderate growth rate of 13% from May to December 2023, while the rate of increase escalated sharply in 2024, with a rise of 50.9% from January to December 2024.
  • A notable acceleration in prices began in July 2024, when the price per litre first surpassed ₦1,700.
  • The average price in December 2024 (₦2,056.4) was 51% greater than the average price in December 2023 (₦1,362.3).
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Key Takeaways: 

  • The northern regions of Nigeria experienced higher prices than the southern regions, except for the North East.
  • The North Central region had the highest average kerosene cost, while the South East reported the lowest.
  • There is a significant price difference of about ₦483.7 between the region with the highest price (North Central) and the region with the lowest (South East).
  • Households in the North Central region will likely spend a larger portion of their budget on kerosene than those in the South East region.
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  • Transportation received $6.2 billion dollars, which accounts for 65% of all Chinese loans to Nigeria
  • Energy projects received $1.2 billion, highlighting China’s role in Nigeria’s power infrastructure
  • Industry and trade/services had the least funding at $368.2 million dollars, reflecting lower Chinese loan priorities in these areas
  • China’s loans to Nigeria between 2000 and 2023 have largely focused on infrastructure development, particularly in transportation and energy
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  • Construction and mining dominate Chinese FDI in Africa, accounting for nearly 60% of the total investments
  • Financial intermediation, manufacturing, and commercial services also received $10.96 billion combined, smaller than construction alone
  • Leasing and commercial services attracted $2.16 billion, the least among all sectors
  • China’s FDI strategy in Africa continues to emphasise resource extraction and infrastructure, reinforcing economic interdependence
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  • The United States dominates with 7 wins from 4 different athletes: Harper-Nelson (5), Carruthers (1) and McNeal (1).
  • Tobi Amusan of Nigeria is the only African and second-most decorated athlete, winning 3 consecutive titles (2021–2023).
  • Only 8 women from 6 countries have won the event in the last 15 years.
  • Dawn Harper-Nelson (USA) holds the record for most titles – five between 2012 and 2016.
  • Jasmine Camacho-Quinn (Puerto Rico) broke through in 2024, becoming the most recent champion and the first from her nation to do so.
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  • The South West generated ₦929.86B, over half of Nigeria’s total VAT, but received only ₦258.19B, amounting to ₦1 back for every ₦3.60 contributed.
  • The North West contributed just ₦68.05B but received ₦176.73B, meaning it got back ₦2.60 for every ₦1 generated.
  • The South South, the second-highest contributor at ₦364.99B, got back ₦171.18B, just ₦1 for every ₦2.13 generated.
  • The three southern zones together contributed ₦1.32 trillion in VAT, nearly 90% of the national total, but received less than half of it back.
  • Zones with the lowest generation (North East and South East) received 3 to 4 times their contributions.
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  • Total Spotify streams for the top 10 Nigerian songs hit 316.4 million, signalling another milestone for Nigeria’s digital music dominance.
  • Rema’s ‘Baby (Is it a crime)’ topped the chart with 53.4M streams, standing well ahead of the next closest, ‘Laho’.
  • All 10 songs recorded over 316M streams combined, showing depth in audience engagement beyond just the top few hits.
  • Shallipopi entered twice with ‘Laho’ (48.1M) and ‘Laho II’ (18.6M), showing the success of follow-ups and fan loyalty to a sound.
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  • Nigeria’s National Bureau of Statistics (NBS) usually releases Q1 GDP data 53 days after the quarter ends.
  • As of June 25, 2025, the Q1 2025 figures are 86 days overdue—that’s 33 days longer than average.
  • The delay coincides with a GDP rebasing exercise, updating the base year to 2019.
  • Q1 GDP reports have typically come out in May for the past eight years—until now.
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  • Africa attracted $97 billion in FDI in 2024 — nearly double the 2023 level — marking a record year for the continent.
  • Egypt alone accounted for nearly 50% of total African inflows, driven by a $35 billion Ras El-Hekma megaproject and sweeping reforms.
  • Major gainers included Zambia (+1340%), Guinea (+105%), and Mauritania (+74%), showing momentum beyond usual hotspots.
  • Nigeria’s FDI dropped 42%, while South Africa (–29%) and Senegal (–58%) also saw steep declines.
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  • Global FDI rose to $1.51 trillion, still below its 2015 peak.
  • The top 10 countries accounted for 65% of total inflows.
  • Egypt ranked 8th globally with $46.6 billion, ahead of UAE and Mexico.
  • A $35 billion Ras El-Hekma deal drove much of Egypt’s surge.
  • Egypt’s FDI grew over 370%, the fastest among top recipients.
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