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  • Despite the drop in production over the past decade, Nigeria remains Africa's largest oil-producing country. According to data from Trading Economics, it ranked 15th among the world's oil-producing countries as of June 2021. Here are the largest oil-producing countries in Africa:

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    Did you know? From Hausa and Igbo to Yoruba and others, Nigeria boasts more than 500 spoken languages, making it one of the world's most linguistically diverse countries. Here are the top ten countries with the most living languages as of 2022.

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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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  • Seychelles has the most powerful passport in Africa in 2023, with visa-free access to 155 countries and territories, followed by Mauritius (148). Nigerian passport holders have visa-free access to 46 countries, one of the lowest in Africa. Africa's most powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:

    Seychelles (155), Mauritius (148), South Africa (106), Botswana (89), Namibia (81), Lesotho (79), Eswatini (77), Kenya (76), Malawi (75), Tanzania (73).

    Africa's least powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:
    Liberia (51), Djibouti (49), Ethiopia (47), Nigeria (46), South Sudan (46), DR Congo (45), Eritrea (44), Sudan (44), Libya (41), Somalia (35).

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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:
  • The predominant share of sub-Saharan Africa's workforce is engaged in agriculture.
  • In 2022, over 50% of the workforce in sub-Saharan Africa was employed in the Agriculture sector.
  • Employment levels in the Industry sector were significantly lower compared to Agriculture and Services.
  • Approximately 37% of employees in sub-Saharan Africa were in the Service industry.
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  • Canada announced a reduction in international student approvals in 2024, citing housing and resource pressures.
  • Global approvals dropped nearly 31% from 681.5k in 2023.
  • Nigerian approvals dropped 36%, ranking among the highest declines. India (-39.7%) and Nepal (-48.8%) were also major declines.
  • Canada plans to issue 437,000 study permits in 2025, 10% lower than 2024’s cap.
  • The UK, US, and local universities may see more Nigerian applicants.
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  • Four of 2024's top-grossing movies in Nigeria were not among the top 15 globally, showing a local preference for some movies.
  • The world's highest-grossing 2024 movie, Inside Out 2, underperformed in Nigeria
  • Movie franchises and sequels dominated the list, as only two movies were neither a sequel nor part of a franchise.
  • The top 15 foreign titles at the Nigerian box office grossed ₦3.95 billion, more than the top local title's ₦3.37 trillion.
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  • Nigeria's box office is still dominated by foreign titles, with only four local titles in the top ten movies.
  • A local title, Everybody Loves Jenifa, was the highest-grossing movie, exceeding ₦1 billion.
  • The world's highest-grossing movie, Inside Out 2, did not make it to Nigeria's top ten movies.
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  • The highest-grossing Nollywood movie has grown from a modest ₦30 million in 2009 to over ₦1 billion in 2023.
  • Since 2016, Nollywood's highest-grossing movie at the local box office has stayed above ₦250 million.
  • Four of Nollywood's highest-grossing movies in the past five years have been produced by Funke Akindele.
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Key takeaways:
  • In 2024, there was a sharp drop in unrealised humanitarian funds from the amount received in 2023.
  • The rate at which the amount of unrealised humanitarian aid increased from 2022 to 2023 is approximately the same rate at which the unrealised amount dropped in 2024.
  • The lowest amount of unrealised funding was recorded in 2016.
  • The UN secured $632 million of the $1.08 billion needed for humanitarian assistance in Nigeria in 2020.
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Key takeaways:
  • The funding requirements for humanitarian assistance in Nigeria reached their highest in 2023 but significantly fell in 2024.
  • From 2016 to 2025, there has been an 89% rise in the United Nations' planned assistance.
  • The funding appeal peaked at $1.31 billion in 2023, representing a 16% increase compared to 2022.
  • During the global lockdown in 2020, the United Nations required a humanitarian funding target of $1.08 billion for Nigeria.
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Share of total DMB credit to Nigerian sectors (Jan-Sep 2024)
 
  • Despite being a key contributor to employment and food security, the Agricultural sector only gets an average of 4.4% of total DMB credit.
  • The Industrial sector consistently absorbs the largest loans, accounting for 42%–46% of total credit from January to September 2024.
  • The Services sector remains a top recipient of bank credit, with shares fluctuating between 37% and 41%.
  • The Government sector receives relatively low credit levels, averaging 4.9%, suggesting reliance on alternative funding sources rather than direct bank borrowing.
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Sectoral contribution to GDP by sectors (2012 -2024)
 
  • With an impressive 20.1% CAGR, the Industry (including construction) has experienced the fastest expansion, more than doubling its contribution to GDP over the period.
  • Services remains the largest contributor to GDP, but its growth at 14.6% CAGR is being outpaced by Industry, signalling an evolving economic structure.
  • Agriculture’s 11.2% CAGR shows steady growth, but its share of GDP is shrinking compared to the industrial and service sectors.
  • The rapid growth in Industry reflects Tanzania’s shift towards manufacturing, construction, and infrastructure development.
  • Unlike decades ago, when agriculture dominated, today’s GDP contributions are more balanced between Services, Industry, and Agriculture, reducing reliance on any single sector.
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Top 10 African nations with the highest inflation rates (2024)
 
  • With 57.50% inflation, Zimbabwe’s economy is experiencing an extreme price surge, making it the most inflation-affected country in Africa.
  • At 34.80%, Nigeria is battling one of its worst inflation crises in decades, severely impacting food prices, transportation, and living costs.
  • The fact that seven out of ten countries on this list have inflation rates that double or even quadruple the African average shows the depth of the inflation crisis.
  • While their inflation rates (between 16% and 24%), as seen in Ghana, Ethiopia, Zambia, and the Congo, are lower than the top three, they still exceed the sustainable threshold for economic stability.
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Federal Government expenditure on debt services (2010-2024)
 
  • Debt servicing costs have grown significantly over the years, from ₦400 billion in 2010 to an estimated ₦11.8 trillion in 2024 — a nearly 30-fold increase in just 15 years.
  • Between 2010 and 2024, Nigeria has spent ₦45.57 trillion on servicing its debt, demonstrating the enormity of its financial obligations.
  • The year 2024 stands out as the most expensive year yet, with ₦11.8 trillion spent on debt servicing — a jump of over 37% compared to 2023's ₦8.6 trillion.
  • While debt service expenditures grew gradually in the early 2010s, the most rapid increases occurred after 2019, with spending surging from ₦2.4 trillion in 2019 to ₦8.6 trillion in 2023.
  • From 2019 to 2024, debt servicing costs rose by almost 392%, showcasing how Nigeria’s debt burden has amplified in a short period.
  • This steep rise in debt servicing diverts resources from critical areas such as infrastructure, health, and education, hindering overall development.
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  • The US dusbursed $512 million to Nigeria’s health sector during the fiscal year.
  • The US allocated over $232 million to HIV/AIDS programs in Nigeria.
  • The World Health Organization (WHO) warns that this freeze could reverse decades of progress in HIV prevention and treatment, with the potential to worsen global health outcomes.
  • PEPFAR, a US initiative, provides HIV treatment for over 20 million people worldwide.
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  • The number of female central bank governors rose from 21 in 2014 to 29 in 2024, a 38% increase over the decade.
  • The lowest point was in 2018, with just 14 female governors, marking a 33% drop from the 2014 figure.
  • A rebound began after 2018, with consistent annual growth from 2020 onwards, peaking in 2024.
  • The number remained under 20 for six consecutive years (2015–2021) before breaking past that mark again in 2022.
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  • University of Maiduguri leads with 31,770 applications, indicating a significant demand for student loans in the North East.
  • North West institutions dominate the list, with five universities (Bayero University Kano, Federal University Dutsinma Katsina, Ahmadu Bello University, Usman Danfodiyo University, Sokoto, and Umaru Musa Yar'adua University) collectively accounting for a substantial portion of applications.
  • North Central is represented by University of Jos and University of Ilorin, highlighting the region's active participation in the student loan programme.
  • Federal University, Kashere's presence underscores the North East's engagement, with two institutions in the top 10.
  • All listed universities received over 11,000 applications, reflecting widespread awareness and utilization of the student loan initiative across these regions.
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  • Male applicants dominate the Nigerian student loan landscape with 374,946 accounts, representing 68% of total applications.
  • Female applicants trail behind at 177,063, contributing just 32% to the total loan accounts.
  • For every 10 students who applied, approximately 7 are male and 3 are female.
  • The gender gap in student loan uptake is 197,883, with males nearly double the number of female applicants.
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  • With 167,639 applications, the North West zone accounts for the highest number of student loan submissions, representing a significant concentration of demand in that region.
  • The North East follows with 134,359 applications, bringing the northern region's combined total to over 300,000, more than half of all zonal submissions.
  • The South West stands as the highest-contributing southern zone with 104,079 applications, showing a strong but comparatively lower demand than the North.
  • The South East recorded just 29,097 applications, the lowest across all six geopolitical zones.
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Share of global active LinkedIn users by continent (Jan. 2025)
  • America leads globally on LinkedIn, with 465.6M users making up 38.8% of the user base.
  • Asia follows, contributing 397M users, or 33.1% of the global total.
  • Together, Asia and America make up 71.9% of all LinkedIn users, totalling over 862M.
  • Europe holds a solid 19.5% share, with 233.8M users.
  • Africa’s 83M users represent a smaller but growing 6.9% share of global users.
  • Oceania has the smallest share, at 1.8%, with only 21.5M users.
  • The distribution reveals that LinkedIn’s core strength lies in regions where digital employment and professional networks are deeply integrated into economic and career activity.
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Share of global active Instagram users by continent (Jan. 2025)
  • Asia alone holds over half of Instagram’s global users (51%), more than all other continents combined.
  • America is the second-largest region with a 28.8% share (501.4M users).
  • Europe accounts for 14.1% of Instagram’s audience, showing a modest footprint.
  • Africa, with 91.3M users (5.2%), still has plenty of headroom for expansion.
  • Oceania holds just 1% of the global user base, with 17.5M active users.
  • The user gap between Asia and other continents points to a major opportunity for brands looking to scale in Asian markets.
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