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  • Since 2017, 34% (₦5.8 trillion) of Nigeria's revenue allocation to states has gone to the South South states. This chart shows a snapshot of how allocations vary across regions.

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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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  • telecoms-subscribers-663796a2bc04d

    In May 2023, 4G made up 25% of Nigeria's telecoms market; by March 2024, its share had increased to 32.7%. 2G's share of the market went from 58% to 57%, with 3G dropping from 16.5% to 9%. 5G has maintained steady growth from 0.12% to 1.24%.

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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.

    See more

Other Insights

In 2022, yams topped the list of over 44 agricultural products in Nigeria, with 61.2 million tonnes valued at $25 billion, making Nigeria the leading producer of yam globally.

Cassava followed with $8.8 billion, and maize ranked third with $4.5 billion. These crops underscore Nigeria's agricultural strength.

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Asian countries dominated the global palm oil market in 2021.

Indonesia and Malaysia accounted for 67.8 million tonnes out of 80.7 million tonnes produced.

Smaller producers like Nigeria (1.4 million tonnes) and Guatemala (0.8 million tonnes) had modest contributions.

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In 2023, an estimated 132.1 million newborns were welcomed worldwide, averaging 361.9 thousand births per day.

India, China, and Nigeria accounted for nearly 30% of daily births; India had the highest contribution with 63,600.

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In 2023, Egypt, South Africa, Algeria, and Morocco dominated Africa's steel industry, accounting for 88% of the continent's production.

Egypt led the charge, contributing 43% of Africa's total steel output. Despite this, Africa's 23.92 million tonnes only make up 1.26% of global production.

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Kenya's Revenue Authority has doubled its revenue, growing from KSh 1.1 trillion in the 2014/15 financial year to KSh 2.2 trillion in 2022/23.

The most significant annual growth occurred in 2021/22, with a 21.7% increase. Over nine years, tax revenue grew by an average of 9.4%, demonstrating consistent progress in Kenya's fiscal management.

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In 2022, employees in Lagos, Rivers, and the FCT contributed ₦558.7 billion in PAYE tax, representing over half of the nation's total.

Lagos State alone accounted for ₦360.9 billion.
These figures underscore the tax contributions from Nigeria's key economic regions.

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Lagos State led Nigeria’s 2022 PAYE tax collections, surpassing the total of 32 other states combined.

PAYE, a tax on employees’ income, saw Lagos contributing 36%, far ahead of Rivers State (11%) and the FCT (∼9%).
This highlights the economic disparity across states.

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Malawi's remittance inflow increased from $747k in 2000 to $263.4 million in 2023, with the highest year-on-year growth rate recorded in 2003. However, the biggest gain in value occurred in 2018, when it increased by $102.2 million over 2017.

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Africa's sanitation crisis is alarming, with 17 of the top 20 countries having the highest open defecation rates.

Eritrea (67%), Niger (65%), and Chad (63%) lead, putting millions at risk of disease.

Even Nigeria, the most populous African country, has 18% of its population practising it.

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Nigeria's total exports reached ₦38.6 trillion in H1 2024 — ₦19.2 trillion in Q1 and ₦19.4 trillion in Q2.

Spain led export destinations in Q2 with ₦2.01 trillion, followed by the US (₦1.86 trillion) and France (₦1.82 trillion).

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Over the past six decades, African economies have experienced both rapid growth and severe contractions.

Nigeria and South Africa, often considered the continent’s economic heavyweights, have consistently ranked among Africa's top three economies since 1960.

North African Libya, Algeria and Egypt have also been in the top three in the period.

As of 2023, Egypt led the continent's GDP rankings.

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Nigeria's VAT collections have shown consistent growth over the past few years, hitting a record high in Q2 2024, declining only once (Q3 2021) in 13 quarters.

The finance minister recently confirmed that the VAT rate remains at 7.5%, dispelling rumours of an increase.

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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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  • Energy attracted the largest share of Chinese loans to Africa, totalling $62.7 billion across 207 loans
  • Transportation received $52.7 billion—the second-highest amount—through 336 loans, making it the most frequently financed sector
  • Agriculture ($2.4 billion) and education ($2 billion) received relatively low funding, reflecting China’s focus on infrastructure
  • Smaller sectors like non-energy mining and services/social protection had minimal Chinese loan activity
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