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  • Global smartphone shipments market share by companies in 2024 (Q1-Q3)

    Samsung consistently led the global smartphone shipments market through the first three quarters of 2024, maintaining the highest market share in each quarter.

    Apple and Xiaomi followed closely, while other brands, including Oppo, Vivo, and Transsion, were among the top brands. The top three smartphone brands (Samsung, Apple, and Xiaomi) dominate the market, collectively capturing nearly half of the global share in the first three quarters of 2024.

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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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    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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  • 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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    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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  • 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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  • 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 February 2016, petrol was at its lowest price of ₦99.80 per litre, marking the last time fuel prices remained below ₦100.
  • By November 2024, petrol prices soared to an all-time high of ₦1,214.17 per litre, reflecting the compounded effects of inflation, currency depreciation, and global oil price volatility.
  • Over the nine-year period, the average petrol price stood at ₦272.65 per litre.
  • Between January 2016 and December 2024, petrol prices increased by ₦1,079.52, a staggering 984.96% rise, emphasising the long-term upward trajectory influenced by economic challenges, subsidy removals, and fluctuating exchange rates.
  • The most volatile period recorded a month-to-month price surge of over 129.23%.
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  • 66.6% of inmates (53,408) are awaiting trial, meaning 2 out of every 3 prisoners have not been convicted. This highlights major delays in the justice system, leading to prolonged detention without sentencing.
  • Male inmates dominate the prison population at 97.7%, with similar trends in both convicted (98.3%) and awaiting trial (97.4%) categories, highlighting a significant gender disparity in detention rates.
  • Only 33.4% of inmates (26,775) have been convicted, while the majority remain in legal limbo. This suggests that slow judicial processes are contributing to prison overcrowding and potential human rights concerns.
  • 75.4% of female inmates (1,399 out of 1,855) are awaiting trial, meaning only 1 in 4 female prisoners has been convicted
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  • The NGX premium board accommodates an elite list of companies that meet specific requirements
  • Six of the eight companies are audited by EY and KMPG, with each firm auditing three companies
  • PwC audits the remaining two companies on the premium board
  • Deloitte is the only big four firm that does not audit a premium board company
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  • Listed banking groups in Nigeria are all audited by the big four
  • KPMG is the top auditor for the industry, auditing five companies
  • Deloitte audits four companies, close behind KPMG
  • EY and PwC audit three of the five tier one banks
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Nigeria's gross external reserves (2005 - 2024)
 
  • External reserves hit a peak of $53 billion, a level that hasn’t been reached since.
  • Reserves have moved between $27 billion and $43 billion in the last decade.
  • At $27 billion, 2016 was the most challenging period, coinciding with an economic recession and foreign exchange crises.
  • Reserves rebounded after 2016, reaching as high as $42.6 billion in 2019.
  • With $39.3 billion in reserves as of September 2024, Nigeria is in a stronger position than in some past years but still below historical highs.
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  • The Gambia, Guinea-Bissau, Niger, Sierra Leone, and Guinea had the most stable electricity supply from 2000 to 2021.
  • Cape Verde experienced the highest electricity fluctuations, with values ranging from 2981.5 kWh/person to 7692.9 kWh/person.
  • Nigeria, Ghana, Benin, Mali, and Cape Verde had the most unstable electricity supply, with significant year-to-year variations.
  • Nigeria’s electricity supply averaged 2161.7 kWh/person but remained highly inconsistent, fluctuating between 1250.4 and 2707.9 kWh/person.
  • Mali had the lowest electricity availability among unstable nations, averaging 757.4 kWh/person, with a drop as low as 350.7 kWh/person.
  • Countries with stable electricity had lower fluctuations, with The Gambia leading at 957.8 kWh/person and Guinea reaching 1110.8 kWh/person.
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  • Ghana's under-5 mortality rate at 42.3 deaths per 1,000 live births, still higher than the SDG target of 25 deaths per 1,000 live births.
  • Cape Verde achieved the most dramatic reduction in under-5 mortality rates, cutting its rate by over 93%, from 174.8 in 1960 to 12.3 in 2022, the lowest in West Africa.
  • Sierra Leone had the highest under-5 mortality rate in 1960, at 390.1 deaths per 1,000 live births, marking it as one of the most challenging places for child survival in the region at the time.
  • Liberia experienced a troubling increase in under-5 mortality rates during the 1980s, peaking at 263.8 in 1990, a period marked by civil war and economic instability.
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  • 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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  • Kano DisCo recorded the highest increase in metered customers with a 330.75% rise in just one quarter.
  • Aba DisCo more than doubled its metered customers, increasing by 116.87%.
  • Ikeja DisCo, despite being a top performer overall, saw a 23.62% drop in meter installations.
  • Enugu and Eko also recorded declines in quarterly deployments by 12.31% and 4.02% respectively.
  • Ibadan DisCo deployed the highest number of meters in Q1 2025 but grew at a moderate rate of 15.09%.
  • Yola DisCo experienced the steepest decline in the country, dropping by 56.70% in metered customers.
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  • Gabon imposes Africa’s highest international air travel tax at $297.70, followed closely by Sierra Leone at $294 and Nigeria at $180.
  • Libya charges the lowest air travel tax among the listed African countries at just $1.30, with other low-cost countries including Malawi ($5.00), Lesotho ($5.70), and Algeria ($9.80).
  • All of the 10 most expensive countries charge over $100 in departure taxes, suggesting a trend of high levies among a subset of African nations.
  • The gap between the highest and lowest air travel taxes in Africa exceeds $296, revealing significant disparities in passenger costs across the continent.
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  • Côte d'Ivoire attracted $3.80 billion in FDI in 2024, its highest annual inflow ever recorded, more than double 2022’s $1.6 billion.
  • Between 1990 and 2016, its FDI remained mostly below $1 billion annually, only beginning to surge from 2017 onwards.
  • The country crossed the $1 billion mark for the first time in 2021, signalling increased investor confidence and macroeconomic improvements.
  • Over the last three years (2022–2024) alone, Côte d'Ivoire drew in $7.89 billion in FDI, accounting for over 40% of total inflow since 1990.
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  • The United States remains the undisputed leader with 589 active rigs, accounting for nearly a third of all rigs worldwide in 2024.
  • Canada (162 rigs) and Iran (117 rigs) follow as the second and third highest contributors to global drilling activity.
  • Middle Eastern producers dominate the top 10, with Kuwait (80), UAE (73), Saudi Arabia (70), Iraq (62), and Oman (50) collectively operating 335 rigs.
  • Nigeria ranks 15th globally with 31 active rigs, making it one of only two African nations in the global top 20.
  • The top 10 countries account for over 75% of the world’s active rigs, reflecting the continued concentration of drilling infrastructure in a handful of key oil-producing regions.
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  • The world’s total proven recoverable crude oil reserves stand at 1.57 trillion barrels in 2024.
  • Venezuela, Saudi Arabia, and Iran collectively hold over 50% of these reserves, with 303.2B, 267.2B, and 208.6B barrels respectively.
  • Nigeria ranks 10th globally with 37.3 billion barrels, placing it ahead of other major producers like Kazakhstan, China, and Brazil.
  • The majority of the largest reserves are concentrated in Middle Eastern and South American countries, with only a few top holders located in North America, Africa, and Asia.
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  • India dominates global banana output with 36.6 million tonnes, accounting for over a third of total production among the top 10 countries.
  • China (11.7M) and Indonesia (9.34M) round out the top three, contributing significantly to Asia’s dominance in banana farming.
  • Nigeria ranks 4th globally, producing 7.3 million tonnes, slightly ahead of Ecuador and Brazil.
  • Africa is well represented, with Nigeria, Angola, and Tanzania collectively contributing 15.86 million tonnes, or about 16% of the top 10 output.
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