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  • 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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    With assets worth ₦536 billion, Leadway Assurance was the leading insurance company by total assets as of 2022 — two times more assets than second-placed AIICO Insurance with ₦270 billion. These are the top ten insurance companies in Nigeria by total
    assets 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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    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 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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    The FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 2023.

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  • In Q2 2023, Nigeria collected 10% more VAT than in the first quarter, 30% more than in Q2 2022, 53% more than in Q2 2021, and 555% more than 40 quarters ago in Q2 2013. Do you see VAT collections reaching one trillion naira soon?

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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
 
  • Cabo Verde maintained relatively stable unemployment rates, averaging around 13% from 1991 to 2015.
  • Nigeria's unemployment rate climbed to 5.742% in 2020, marking an increase compared to previous years.
  • Burkina Faso saw a sharp rise in unemployment, reaching 5.389% in 2022, the highest in its recorded history.
  • Niger experienced extreme unemployment fluctuations, with a peak of 3.1% in 2005 and a drastic drop to 0.316% in 2011.
  • Ghana experienced its highest unemployment rate of 10.456% in 2000.
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  • The United States holds the strongest military globally, with a Firepower Index of 0.0744, reflecting its superior military resources and capabilities.
  • Russia and China are tied with 0.0788, showcasing their comparable and highly advanced military strengths.
  • India ranks fourth with 0.1184, solidifying its position as a major military power in Asia.
  • South Korea and the United Kingdom follow closely, with 0.1656 and 0.1785, respectively, highlighting their robust defense systems.
  • France, Japan, Turkiye (Turkey), and Italy round out the top 10, with Firepower Indexes ranging from 0.1839 to 0.2164, demonstrating their significant military influence on the global stage.
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Average number of collateral-backed debtors of financial institutions in Nigeria (2017 - 2024)
 
  • The number of collateral-backed debtors fell by almost 50% from 2017 to 2018
  • The number of debtors began increasing consistently from 2019 to 2021
  • The highest post-2018 debt level was recorded in 2023, reaching 7,390, which is close to pre-2018 figures.
  • The decline in 2018 could indicate cautious borrowing or stricter regulations, while the rise afterward suggests a possible easing of credit access.
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Nigeria's Value Added Tax (VAT) revenue collection in USD (2013 - 2023)
 
  • VAT revenue in naira has consistently grown over the years, hitting an all-time high of ₦3.64 trillion in 2023.
  • The dollar value of VAT revenue declined despite the increase in naira terms, dropping from $5.88 billion in 2022 to $5.44 billion in 2023.
  • Over the last decade, VAT revenue in naira has grown at an impressive CAGR of 20.18%, while its dollar value grew at a much lower 5.48%, showing the impact of currency devaluation.
  • 2023 saw one of the largest year-on-year increases in VAT revenue in naira, but the corresponding drop in dollar value indicates that exchange rate volatility are eroding real revenue gains.
  • Nigeria’s revenue collection efforts are improving, but the decline in dollar value highlights the need for economic stability and currency strength.
  • This trend reflects a broader issue in Nigeria’s economy - higher local earnings do not necessarily translate into increased global purchasing power.
  • With VAT being a major non-oil revenue source, policymakers must focus on stabilizing the exchange rate to maximize the real impact of revenue growth.
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China LNG imports from top countries (2021 vs 2023)
 
  • China's total LNG imports dropped by over 55%, from $44 billion in 2021 to $19.4 billion in 2023, showing a significant reduction in demand and a shift in sourcing.
  • Australia, which was China’s largest LNG supplier in 2021 ($16.3 billion), is no longer among the sources in 2023, signaling a shift in China’s energy diversification strategy.
  • Russia and Turkmenistan have emerged as dominant suppliers in 2023, with Turkmenistan leading at $9.61 billion and Russia following at $6.44 billion
  • The U.S. has nearly disappeared from China's LNG market, dropping from $6.22 billion in 2021 to just $52,400 in 2023, a staggering 99.99% decline, likely due to geopolitical tensions and trade policies.
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POS payments method in Nigeria (transaction value %), 2023 and 2027
 
  • Digital wallets are the fastest-growing POS payment method in Nigeria, projected to rise from 18% in 2023 to 37% in 2027.
  • Cash transactions, though still dominant, are steadily declining from 55% to 42%, reflecting a gradual shift towards digital payments.
  • Debit card usage is decreasing from 12% to 8%, possibly due to the convenience of digital wallets and A2A transfers.
  • Prepaid and credit cards remain stable, each holding a minor share of Nigeria’s POS transactions.
  • POS financing remains a niche payment method, with no significant growth expected between 2023 and 2027.
  • Nigerian consumers are prioritizing speed, convenience, and security in their transactions, pushing digital payments to the forefront.
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E-commerce payments method in Nigeria (transaction value %), 2023 and 2027
 
  • Digital wallets are the fastest-growing e-commerce payment method in Nigeria, set to double from 11% in 2023 to 22% by 2027.
  • A2A transfers remain the dominant payment method, slightly increasing from 32% to 34%, showing continued reliance on direct bank-to-bank transfers.
  • Cash-on-delivery is becoming less relevant, dropping from 15% in 2023 to just 9% in 2027, signaling a shift away from cash-based transactions.
  • Both debit card and credit card payments are declining, with debit cards dropping from 19% to 16% and credit cards falling from 15% to 12%, suggesting a changing balance in card preferences.
  • Prepaid cards and buy now, pay later (BNPL) solutions remain relatively small players in the Nigerian e-commerce space, with minimal growth.
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Nigeria's Value Added Tax collections by sector (Q1-Q2 2024)
 
  • Three sectors, Manufacturing, ICT, and Mining & Quarrying, accounted for 58.8% of total VAT revenue in the first half of 2024.
  • Manufacturing alone contributed 24.8% of VAT, making it the highest-paying sector.
  • Nigeria’s digital economy is thriving, with ICT generating 17.6% of VAT revenue, signaling the growth of telecom, data services, and digital platforms.
  • The extractive industry remains vital, with Mining & Quarrying contributing 16.4% of total VAT collection.
  • Finance & Insurance (10.2%) and Public Administration & Defence (9.7%) also made significant contributions to Nigeria’s VAT revenue.
  • Despite contributions from 21 sectors, VAT revenue is still heavily reliant on a few key industries, highlighting the need for a broader tax base.
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Nigeria's public debt stock (2017 - 2024)
 
  • External debt has nearly doubled as in 2017, it stood at 26.64%, but by 2024, it had risen to 46.96%.
  • Domestic debt has dropped from 73.36% in 2017 to 53.04% in 2024, showing a decline.
  • Nigeria’s increasing reliance on external loans suggests a strategic shift in public debt financing.
  • Unlike other years, domestic debt share slightly increased in 2023, rising to 60.74%, before external debt rebounded in 2024.
  • A rising share of external debt means higher exposure to foreign exchange risks and global market conditions.
  • If the trend continues, Nigeria’s external and domestic debt may soon be equal, reducing the traditional dominance of domestic borrowing.
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  • Nigeria remains the largest forest owner in West Africa, despite a steady decline in forest area from 217,902.5 km² in 2019 to 213,003.5 km² in 2022.
  • Ghana is the only top forest-owning country with increasing forest area, growing from 79,784.8 km² in 2019 to 80,001.6 km² in 2022.
  • Liberia, Senegal, and Burkina Faso all experienced gradual declines in forest area over the period.
  • Burkina Faso has the smallest forest area among these countries, with 61,164 km² in 2022.
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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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  • Nigeria imported $281 million worth of generator sets in 2024.
  • China remained the dominant supplier, accounting for $195 million, or nearly 70% of total imports.
  • Other top suppliers included India ($20.6M), Germany ($15.4M), and South Korea ($16.5M).
  • Compared to 2023, imports from China dipped slightly (from $202M to $195M), and other countries like Germany and India also saw declines.
  • The data captures a wide range of generator types — petrol, diesel, wind-powered, and rotary converters — under HS Code 8502.
  • Mirror data reflects only officially reported trade and excludes informal or undocumented imports.
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  • Lebanon and Nigeria top the global list, recording millionaire population declines of -60% and -53% respectively over the past decade.
  • Three African countries, Nigeria (-53%), Angola (-36%), and South Africa (-12%), appear in the top 10, signalling a regional pattern of wealth erosion.
  • Pakistan (-40%), Egypt (-26%), and Argentina (-22%) rank among the top 10, showing that sharp millionaire losses extend beyond Africa into Asia and Latin America.
  • The average millionaire decline across the top 10 countries is over 33%, highlighting a widespread erosion of wealth in politically and economically vulnerable regions.
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  • Cars were involved in the highest number of road accidents, recording 665 cases over the four-year period.
  • Luxury buses and bicycles recorded the highest quarter-on-quarter (QoQ) growth in accident involvement.
  • Tankers, cars, and motorcycles saw the sharpest QoQ declines, with accident rates falling by 47.2%, 30.6%, and 24.7% respectively.
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  • June 2025 PMI: 51.6, down from 52.7 in May — marking a three-month slowdown in growth.
  • Still 2.99% above June 2024 levels, when PMI was 50.1 — confirming year-on-year improvement.
  • The June dip reflects subdued demand and persistent inflation, echoing broader market sentiment.
  • A PMI above 50 signals expansion; Nigeria’s figure signals ongoing growth, though losing speed.
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  • Morocco recorded a total of $54.58 billion in FDI over the past 34 years.
  • Morocco's FDI inflows peaked twice, in 2014 and 2018, both $3.5 billion.
  • The lowest FDI inflow Morocco recorded was in 1990, amounting to $0.17 billion.
  • From 2006 onward, Morocco's FDI inflows remained mostly above $1 billion, with fluctuations.
  • The most recent year, 2024, showed a modest recovery after a significant dip in 2023.
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  • Nigerians submitted 1.1 million Schengen visa applications between 2009 and 2024.
  • The highest rejection rates occurred in 2017 (53%) and 2019 (51%).
  • A total of 491,844 applications were rejected, a cumulative denial rate of 42.1%.
  • Despite post-pandemic recovery, 2024 recorded the highest applications (111k), with a 45% rejection rate.
  • The year 2010 stands out as the period with the least number of Schengen visa applications submitted by the Nigerian consulate.
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