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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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    As of May 2021, 54.69 million Nigerians had been enrolled in the National Identity Management Commission (NIMC) database. Here is the total number of registered Nigerians over the years.
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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 Q1 2024, there was a 146% increase in Nigeria's foreign trade value from ₦12.9t in Q1 2023, with exports reaching ₦19.2t, and surpassing the whole of 2020's exports (₦12.5t).

    The total trade value in the quarter reached nearly half of the total trade in 2023.

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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
In the past five years, Nigerian Fintech startups have received the most funding in the startup space, with over $1.01b raised in 2021, the highest in 14 years. Funding for the sector has since reduced following the raise in 2021.
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Voice is still king for Airtel Africa, accounting for the largest share of its revenue between 2019 and 2023. However, the revenue from data and Airtel Money, its mobile money services have more than doubled within this period. Revenue from voice and others didn't record a sharp increase unlike data and Airtel Money.

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As of December 2023, Johannesburg had the highest number of millionaires (12,300) in Africa; Cape Town followed with 7,400 millionaires. South Africa dominated the list, with its cities and regions claiming top spots.

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Per Africa Wealth Report 2024, South Africa maintained its position as the country with the most millionaires in Africa in 2023.

The country has 2.4x the number of millionaires as Egypt and 4.6x the figure of Nigeria.

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MultiChoice, owners of DStv and Showmax, among others, has been in acquisition talks with Canal+. Canal+ bought a 6.5% stake in the South African media giant four years ago, which, as of April 2024, had been increased to 40.01%. A look at MultiChoice's revenue over the years shows that it's increasing at an average rate of 4%.

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Revenue from voice is still the largest contributor to Airtel Africa's revenue between 2019 and 2023 however its share of the revenue has been on a steady decline. Voice went from accounting for 60.97% of the total revenue in 2018, to 46.16% in 2023. The share of revenue from data and Airtel Mobile have been on a steady rise since 2020.

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Just like Nigeria, Tanzania has more mobile subscriptions than its population. As of December 2023, Nigeria had a teledensity of 103.66%. With a population of 67.4 million as of 2023, the East African country had 70.3m telecom subscriptions, up from 32 million in 2014.

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In January 2024, the communications authority in Zimbabwe warned against using Starlink Internet Services. The Southern African country has less than 100k subscribers on Fibre and Fixed LTE each. At the same time, a significant portion of its citizens rely on mobile Internet, with 10.97 million subscriptions as of 2023 in a country with 16.67 million people.

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Canada granted permanent residency to 471.8k individuals in 2023, with Indian citizens leading with nearly 30% of the total.

Nigeria (3.7%), Cameroon (2.5%), and Eritrea (2.3%) were in the top ten recipients.

 

 

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After growing from 1.5% in 2015 and peaking at 5.1% in 2022, Nigeria's share of Canadian permanent residency status issuances dropped to 3.7% in 2023.

This is Nigeria's share of Canadian permanent residency status issuances since 2015.

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Nigerian academic IELTS test takers scored an average of 6.7 out of 9 in 2022, placing the country joint 5th globally with Ghana, Hong Kong, and Indonesia. Spanish academic IELTS test takers topped the list with an overall score of 7.1.

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Over the years, the value of the Zimbabwean Dollar (ZWL) has been on a massive downward trend compared to the US Dollar (USD). This has led to the latter accounting for most of the domestic transactions in the Southern African country. The ZWL went from 10,152.5 to USD 1 as of January 1, 2024, to 30,674.3 on April 1, 2024. The Reserve Bank of Zimbabwe is introducing a gold-backed digital currency as a legal tender to stabilise its currency.
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  • Apple leads the global market with $3.863 trillion market capitalisation, followed closely by Nvidia at $3.355 trillion and Microsoft at $3.200 trillion.
  • Tesla ($1.385T) remains the most valuable automobile company, far ahead of traditional car manufacturers.
  • The highest-ranked non-tech company, Saudi Aramco, stands at $1.805 trillion.
  • Other trillion-dollar companies span industries such as finance (Berkshire Hathaway – $0.984T) and media (Meta – $1.514T).
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  • Nigeria’s agricultural GDP reached ₦19.3 billion in 2023, showing minimal growth.
  • From 2013 to 2023, agriculture played a key role in Nigeria’s economic growth, averaging 24.43% of the total annual GDP.
  • Agriculture's share in the total GDP in 2020 (25.90%) dropped to 24.76% in 2023.
  • Post-pandemic recovery in the agricultural sector has been robust, with consistent growth from ₦18.3 billion in 2020 to ₦19.3 billion in 2023.
  • Agriculture remains a critical driver of Nigeria’s economy, ensuring food security and supporting livelihoods across the country.
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Key takeaways:
  • The highest percentage of requirements was met in 2019.
  • Less than 50 percent of UN funds targeted towards Nigeria's humanitarian aid was realised in 2023.
  • As of 2020, the year of the Covid-19 pandemic, approximately 58 percent of the UN target for Nigeria's humanitarian support was raised, which is lower than the percentage realised in 2019 and 2021.
  • Every year, Nigeria obtains at least 40% of the UN's humanitarian aid needs.
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Key Takeaways:
  • The average price for 5kg cooking gas ranges from ₦6,000 to ₦8,100.
  • The price difference of cooking gas between various Nigerian states is 25.09%.
  • Out of Nigeria's 36 states plus Abuja, fifteen have an average price for 5kg cooking gas above the national average.
  • Taraba State is uniquely positioned as the sole state in Nigeria with an average cooking gas price above ₦8,000.
  • The national average cost for 5kg cooking gas in Nigeria is ₦7,177.27.
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Key takeaways:
  • The highest amount of funds raised for Nigeria’s humanitarian aid was recorded in 2017 at $770 million.
  • From 2019 to 2020, there was only a slight increase of 0.3% in the amount raised.
  • By 2023, a decline of 23.42% from 2022's raised funds was witnessed, and it is the lowest decline experienced since 2017.
  • Regardless of fluctuations in annual assistance, Nigeria continued to receive humanitarian aid from the United Nations.
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Key Takeaways:
  • The top 20 food items witnessed extreme inflation, surpassing 200%.
  • Onions and yams lead the list with remarkable price hikes of 353% and 317%, respectively.
  • Various types of rice exhibited significant price increases (310% for Ofada rice, 250% for local rice, etc).
  • Basic protein sources such as eggs (207%) and chicken (202%) saw their prices more than double, making them increasingly less affordable.
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