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  • In 2023, the UK issued nearly 350k skilled health and care visas, representing 57% of the total work visas (616k) issued, with Indian and Nigerian nationals receiving a combined 50% of the visas issued. Nigeria received 82.8k, approximately 13% of the total work visas issued.

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    Have you ever considered how much larger the US GDP is in comparison to Nigeria's? Although it would be difficult to compare Nigeria's GDP to that of the US, let's assume it increases by 3.68% annually. How long would it take the nation's GDP to match that of the US in 2022?
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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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  • 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 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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  • In 2023, 1.17 billion smartphones were shipped globally. Samsung and Apple maintained their stronghold on the smartphone market, collectively accounting for 38%, with each brand capturing 19%.

    Xiaomi maintained a 12% share after peaking at 14% in 2021. Apple's market share shows a gradual increase from 2020, reaching 19% in 2022 and 2023.

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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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  • 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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Other Insights

Spotify paid out more than $9 billion in music royalties in 2023.

Artistes who received earnings ranged from 259,700 earning at least $1,000 to just 60 earning $10 million or more.

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How much more debt did Nigerian states add to their existing domestic debt in 2023?

Nigerian states' domestic debt increased by 9.8% in 2023, with 20 states and the FCT contributing to this increase. Lagos State recorded the biggest jump in domestic debt with ₦241.5b added.

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Nigeria’s happiness scores range from 4.552 to 5.268, fluctuating from year to year.

There was a slight upward trend from 2016 to 2019, with the highest recorded in 2015. Here are Nigeria's happiness scores from 2012.

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At the end of every year from 2017 to 2023, Nigeria added between $800m and $7.5b to its external debt. After repaying $3.5 billion of its external debt in 2023, the country's external debt only increased by $800m as of December, marking the lowest increase in the past 7 years.

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Moove Africa's total disclosed funding as of March 19, 2024, comprises 41.6% debt financing, 22.5% Series B, 19.8% Series A, 14.9% private equity, and 1.2% Seed round.

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In its second funding disclosure in 2024, Moove Africa has raised $100 million in a Series B round. The startup has disclosed funding at least twice yearly since 2021 and six times in 2022. The total disclosed funding now totals $444M.

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Nigeria collected nearly ₦5 trillion income tax from companies in 2023. The amount collected in 2023 is 3.5x the collections in 2015 and 73% more than in 2022. Here are Nigeria's company income tax collections since 2015.

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happiness-2024-65fdcc8a1f311

Nigeria has ranked the 102nd happiest country of 143 countries surveyed globally as of 2024; it ranked 11th of 40 African countries.​
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​Libya ranked 66th globally and 1st in Africa, followed by Mauritius and South Africa in 70th and 83rd positions, respectively.

The World Happiness Report ranks happiness based on GDP per capita, life expectancy, generosity, social support, freedom, and corruption.

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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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In 2023, Nigeria experienced an overall decrease of 24% in road accidents compared to the previous year. All vehicle categories contributed to this decline except Luxury Bus, which recorded 13 cases more than in 2022, and Bicycle, which recorded 4 more than in 2022. Commercial vehicles recorded 68% of the total road accidents in the country, followed by private vehicles with 31%; 194 government vehicles and 4 diplomat vehicles were involved in road accidents in the year.
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Crude oil exports, which made up 81% of Nigeria's export value in 2023 have increased in three consecutive years since 2021. After a 36% decline in 2020, exports increased by 53% in 2021, 46% in 2022, and 37% in 2023 to reach ₦29 trillion.

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Nigeria's VAT revenue has grown every year since 2013, reaching ₦3.6 trillion in 2023. The amount collected in 2023 exceeded 2022’s by ₦1.13 trillion — a 45% increase.

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Key takeaways:
  • The increase has been continuous and exponential, with no year experiencing a decline since 2012.
  • The pace of growth has intensified in recent years, particularly during the last four years (2020-2024), which witnessed especially sharp increases.
  • The most significant one-year increase in absolute figures took place between 2022 and 2023, adding over 800,000 new asylum applicants.
  • The figure for 2024, standing at 3.18 million, is three times more than what was recorded in 2020.
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Payment system by transaction value (Jan - Jun 2024)
  • Web payment amassed a total transaction value of ₦825.5 trillion, showcasing its dominance in both frequency and financial significance.
  • With a Constant Annual Growth Rate of 150.4% (in volume) and 208.9% (in value), Web Pay has been leading the Nigerian Payment System in both transaction volume and value since 2020.
  • Mobile payments contribute 15.8% of transaction volume and 10.9% of transaction value, indicating growing adoption among tech-savvy users.
  • NEFT transactions represent 21.5% of the total transaction value, reflecting their importance for transferring large sums.
  • The dominance of web payments reflects Nigeria's ongoing transition to a cashless economy and widespread digital adoption.
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Payment system by transaction volume (Jan - Jun 2024)
  • Web payment is the leading payment system in Nigeria, handling over half (52.7%) of transaction volume and 56.6% of transaction value in the first half of 2024.
  • With a Constant Annual Growth Rate of 150.4% (in volume) and 208.9% (in value), Web Pay has been leading the Nigerian Payment System in both transaction volume and value since 2020.
  • Point-of-sale (POS) terminals account for 29% of transaction volume, proving their continued relevance for in-person transactions.
  • Mobile payments contribute 15.8% of transaction volume and 10.9% of transaction value, indicating growing adoption among tech-savvy users.
  • The dominance of web payments reflects Nigeria's ongoing transition to a cashless economy and widespread digital adoption.
  • With 3.49 billion transactions, mobile payments are gaining traction for low-value, high-frequency activities like bills and purchases.
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Key takeaways:  
  • Most countries can only target 50-70% of their populations in need.
  • Sudan has the greatest humanitarian requirements, with 30.44 million people affected, and it is projected that only 69% will receive help, leaving 10 million individuals unsupported.
  • Myanmar exhibits the largest gap, with over 19.9 million people in need and only 5.5 million targeted for assistance.
  • The situation in Ukraine leaves nearly 7 million individuals without adequate assistance while targeting approximately 6 million individuals.
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Key takeaways:
  • The industry sector accounted for the smallest portion of global employment in 2022.
  • Around 50 percent of the worldwide workforce is involved in the service sector.
  • On a global scale, the disparity between the agriculture and industry sectors is slight.
  • The sector with the largest share of employment globally is the service sector.
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  • Number porting in Nigeria has dropped significantly, with only 55k customers switching networks in 2024, continuing a multi-year decline.
  • MTN gained the most new customers in 2024, outperforming other networks in porting gains.
  • 9mobile, once the dominant choice for ported customers, has lost its appeal, with far fewer subscribers switching to the network in recent years.
  • Overall porting activity has slowed, suggesting improved customer retention or fewer incentives to switch providers.
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