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  • Since launching in 2007, the iPhone has been a key part of Apple's revenue stream. Apple's 2021 annual report shows that net sales for iPhones accounted for over half of the company's total net sales for the year.

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    MTN Group: Revenue from data almost tripled in a decade

    MTN Group's revenue of ZAR104.3b from voice services in 2014 dropped to ZAR81b in 2023, with data services revenue almost tripling within the same period. With increasing digital inclusion, data service is definitely the future for telcos.

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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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  • telecoms-subscribers-663796a2bc04d

    In May 2023, 4G made up 25% of Nigeria's telecoms market; by March 2024, its share had increased to 32.7%. 2G's share of the market went from 58% to 57%, with 3G dropping from 16.5% to 9%. 5G has maintained steady growth from 0.12% to 1.24%.

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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

The Federation Account Allocation Committee (FAAC) has distributed a total of ₦593 billion as derivation funds to nine oil-producing states in Nigeria. These funds are part of the statutory allocation intended to support states with significant contributions to the country's oil revenue. Delta State emerged as the largest beneficiary, receiving ₦193 billion, which constitutes 32.5% of the total allocation.

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When Aigboje Aig-Imoukhuede and Herbert Wigwe acquired Access Bank in 2002, it ranked 65th in Nigeria. Today, it is the largest bank in Nigeria by asset size, with a vision to be Africa's most respected bank.

While its expansion across Africa has been aggressive, it has not been smooth sailing. Access Bank divested its holdings in Access Bank Côte d'Ivoire and Finbank Burundi, two of its earliest attempts at expansion. In Gambia, the Central Bank nationalised the bank in 2014. The nationalisation was short-lived as investors recapitalised the bank to meet the regulator's requirements for the takeover.

With rolling five-year corporate plans since 2003, Access is in its fifth strategic cycle. Access' strategy cycle (2023-2027) indicates a plan to continue its expansion drive, invest in its subsidiaries, and acquire growth banks in strategic markets before consolidating and optimising its operations to drive capital growth.

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From hangouts with friends to family outings during the holiday season, quick-service restaurants (QSRs) have become an important part of Nigeria's social ecosystem. These businesses are landmarks in cities and important players in the growing food delivery business.

Chicken Republic is the largest QSR in Nigeria by outlet count, with nearly 200 outlets. It dwarfs its closest rival, Kilimanjaro, with over two times its 84 outlets. In third and fourth are Coldstone Creamery and Domino's Pizza, signalling a potential interest in QSRs that have narrowed menus among Nigerians.

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Movie cinemas by states (2022)

Nigeria's cinema distribution is strikingly uneven, with Lagos emerging as the undisputed hub, housing 114 out of the country's 206 cinemas. This means more than half (54.8%) of Nigeria's cinemas are in Lagos alone. This dominance highlights the state's strong cultural, economic, and entertainment appeal, making it the go-to destination for film enthusiasts and industry players.

Beyond Lagos, Abuja follows distantly with 17 cinemas, constituting 8.2% of the total. States like Edo, Kano, Delta, and Anambra collectively hold significant numbers but remain far behind Lagos. Interestingly, only 18 states are home to cinemas.

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Startups and funding raised in 2024

AI startups are growing in the innovation race in 2024, with ten companies from Forbes' AI 50 list collectively securing $29.5b in funding. OpenAI dominates the landscape with an impressive $11.3b, surpassing all other startups. Following OpenAI is Anthropic, which raised $7.7 billion, signalling significant investor confidence in companies driving large-scale AI advancements. These two companies alone account for over half of the total funding of all Forbes AI 50 firms.

Databricks, a name synonymous with data infrastructure, comes in third with $4 billion in funding, emphasising the critical need for scalable data management systems in the age of AI. Meanwhile, Anduril, a defence technology innovator, secured $2.8 billion, showcasing how AI also shapes defence and national security sectors. Notably, the funding sharply drops after these four, with other companies raising less than $800m

Note: Forbes’ AI 50, in partnership with Sequoia and Meritech Capital, highlights the top private startups advancing AI with the most promising business applications.

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Tourist centres in Nigeria (2022)

Enugu and Kwara lead as the states with the most tourist centres in Nigeria, boasting 17 tourist sites each. States like Edo (16), Kogi (15), and Oyo (15) closely follow, showcasing Nigeria's rich and varied attractions across different regions.

Lagos, often called Nigeria's commercial capital, features prominently with 13 tourist centres.

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Train accidents in Nigeria by type (2020-2022)

In 2022, derailments accounted for 44% of all train accidents, increasing from 35% in 2021 to 38% in 2020. This shows the need to prioritise railway infrastructure maintenance. Locomotive failures also contributed to train accidents, making up 35% of cases in 2022. Although this is slightly lower than the 36% recorded in 2020, it still represents a significant proportion of rail incidents.

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The world's top ten semiconductor vendors control nearly 50% of the market share. Intel has maintained its position as the market leader, though its share has declined significantly from 15.4% in 2013 to 9.1% in 2023, and Samsung Electronics, its closest rival, has experienced a similar downward trend.

Apple and Nvidia have emerged as formidable contenders in the semiconductor business, joining the ranks of leading players in less than five years.

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Cinemas provide consumers with entertainment outside their homes, allowing them to watch the latest blockbusters with friends on a large screen. They also help movie producers get their films in front of thousands of people.

In Nigeria, independent cinemas form the largest group, with names recognisable mostly within the towns where they exist. However, cinema chains are growing. Filmhouse Cinemas has 12 locations in five states, while Genesis Cinemas operates in six states, albeit with fewer locations than Filmhouse Cinemas. Unlike the other top five, Kada Cinemas has no cinemas in Lagos.

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Seven Nigerian commercial banks have international authorisation. Per the new capital requirements, these banks must raise their shareholders' funds to ₦500 billion by April 2026, up from ₦50 billion, to retain their licences.

All seven banks have footprints in the UK, where FCMB and Fidelity Bank operate, underutilising their licence. Ghana and Sierra Leone are the only countries where all the big five have a presence.

While UBA is present in more countries than any other bank, Access is catching up quickly and poised to overtake it. In the past two years, it has expanded into over five countries, with plans to grow its presence to nearly 30 countries by 2027.

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Global active Twitter users by region as of January 2025
  • North America leads globally with 115M active users, making up 19.6% of global Twitter users.
  • Eastern Asia follows with 102M users, representing 17.4% of the global share.
  • Nigeria alone has 7.57M users, accounting for a significant part of West Africa’s 9.9M global share.
  • South-Eastern Asia is the third-largest region with 73.5M users, reflecting strong adoption in nations like Indonesia and the Philippines.
  • Western Europe (52.2M) and Western Asia (50M) show high engagement in politically and economically active regions.
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Global active TikTok users by region as of January 2025
  • South-Eastern Asia leads globally with 298M TikTok users, making up 18.7% of global users.
  • Nigeria accounts for over 90% of TikTok users in West Africa, with 37.4M out of 41.5M users.
  • Southern America is the second-largest region, boasting 228M users or 14.3% of the global base.
  • Africa's total user share is still growing, with Nigeria’s presence serving as a critical indicator of regional potential.
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Global active Messenger users by region as of January 2025
  • South-Eastern Asia accounts for the largest share of global Messenger users at 22.4%.
  • Southern Asia follows with 18.0%, making Asia the core base of Messenger’s global presence.
  • South America ranks third with 13.3%, reflecting Messenger’s strong presence in Latin America.
  • Nigeria alone contributes 5.65 million active users to the global Messenger base.
  • Northern Africa holds 7.2% of global Messenger users, the highest share in Africa.
  • North America represents just 0.5% of global users despite its population.
  • Central Asia and Middle Africa remain the lowest contributors, with 0.1% and 0.4% respectively.
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Global active LinkedIn users by region as of January 2025
  • North America holds the largest LinkedIn audience globally, with 277 million users.
  • All African regions combined have fewer users than North America alone—3.3 times fewer, to be exact.
  • Nigeria is one of Africa’s leading LinkedIn countries, with 11 million users as of January 2025.
  • The Caribbean and Central Asia have the lowest usage, with 6.5 million and 3 million users, respectively.
  • Africa’s total user base remains modest despite a large, youthful, and growing workforce.
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Key takeaways:
  • MTN continuously received the most ported-in subscribers, particularly from 2023 to 2025.
  • MTN ported-in subscribers increased from 616 in June 2021 to 5,551 in January 2025.
  • Airtel subscribers from other networks expanded from 360 to 2,414 port-ins (567%) throughout the same period.
  • Airtel experienced significant growth in August-September 2024 and January 2025, with over 2,000 port-ins monthly.
  • Globacom's performance remained low, with fewer than 1,000 port-ins throughout the period.
  • The high number of subscribers switching to MTN indicates a stronger customer preference for MTN, most likely owing to perceived quality or promotional incentives.
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Nigeria’s average daily fuel consumption in litres (2015 - 2024)
  • Nigeria’s daily fuel consumption peaked at 66.7 million litres in 2022.
  • Fuel consumption fell to 47.5 million litres in 2023 after the subsidy removal.
  • Consumption rebounded slightly to 51.8 million litres in 2024, but remains far below 2022 levels.
  • Between 2015 and 2022, consumption grew from 48.7m to 66.7m litres daily.
  • 2021 saw a notable increase to 61.9m litres, likely due to economic recovery post-COVID.
  • The lowest recorded consumption in the 10-year period was 47.5m litres in 2023.
  • The post-subsidy dip marks the largest single-year decline in consumption within the observed period.
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