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Popular Insights
  • 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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    Nigerians spent ₦56.6 million last weekend seeing two blockbuster movies — #Barbie and #Oppenheimer. Popularly called Barbenheimer, they were released simultaneously on July 21, 2023. Barbie made 129% more than Oppenheimer in their first weekend.

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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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    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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  • 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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  • In 2023, 1.17 billion smartphones were shipped globally. Samsung and Apple maintained their stronghold on the smartphone market, collectively accounting for 38%, with each brand capturing 19%.

    Xiaomi maintained a 12% share after peaking at 14% in 2021. Apple's market share shows a gradual increase from 2020, reaching 19% in 2022 and 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
  • 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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  • Nigeria’s first ATM was deployed in 1990 by Société Générale Bank, marking the start of a new era in banking.
  • Interswitch kicked off interbank transactions in 2003, allowing Nigerians to use ATMs provided by other banks asides their own.
  • The CBN has implemented several policies to regulate ATM deployment, fees, and usage.
  • ATM fees have fluctuated over the years, with a major reduction in 2020 and an increase in 2025.
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Share of POS cash transaction value in selected countries (2019, 2023 and 2027)
  • Among all the 40 countries studied in the report, Nigeria leads the decline in cash transactions, dropping from 91% in 2019 to 55% in 2023, a sharper decline than any other country analysed.
  • By 2027, Nigeria’s cash transactions are projected to fall to 42%.
  • Mexico, Thailand, and Japan are also experiencing significant declines, with cash transactions expected to drop below 35% in all three countries by 2027.
  • Brazil, which started with a relatively lower cash transaction rate (48% in 2019), is on track to become one of the least cash-dependent nations in this group, with just 12% of transactions expected to be cash-based by 2027.
  • The global average for cash transactions was already low at 26% in 2019, and it is set to decline further to just 11% by 2027, making cash an increasingly rare payment method worldwide.
  • Germany, a traditionally cash-friendly economy, has seen a major drop, with cash transactions decreasing from 50% in 2019 to a projected 29% by 2027, reflecting broader changes in consumer behavior.
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  • 56% (91 million) of unregistered children live in Africa, more than the rest of the world combined.
  • South Asia follows with 32%, while the rest of the world accounts for just 12%.
  • Africa’s share of unregistered children is nearly double that of South Asia and over four times that of the rest of the world.
  • This disparity underscores the urgent need for improved civil registration systems in high-impact regions.
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1. With a brand value of $574.6B, Apple maintains a commanding lead, outpacing Microsoft by over $113.5B and reinforcing its position as the world’s most influential brand.
2. The top four brands (Apple, Microsoft, Google, Amazon) are all tech giants, collectively amassing over $1.8 trillion in brand value, proving technology remains the most valuable industry.
3. TikTok ($105.8B) has overtaken Facebook ($91.5B) and Instagram ($79.9B), signaling a shift in digital engagement and consumer preferences towards short-form video content.
4. Four of China’s top banks (ICBC, China Construction Bank, Agricultural Bank of China, and Bank of China) collectively hold $291.5B in brand value, while State Grid leads the energy sector at $85.6B, showcasing China’s growing financial and infrastructure influence.
5. The rapid ascent in brand value of NVIDIA and AI ($87.9B) highlights the increasing importance of AI, semiconductors, and GPUs in shaping the future of technology and computing.
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  • Volatility and risks are the biggest concerns for Nigerians engaging with cryptocurrency, making up 35.7%.
  • Lack of knowledge accounts for 17.5%, highlighting a gap in crypto education and awareness.
  • Difficulty in using apps is the least pressing concern at 6.4%, suggesting that accessibility is not a major barrier.
  • Addressing volatility fears, improving security measures, and expanding financial education could boost confidence in crypto adoption.
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  • The 2025 approved budget is nearly ₦55 trillion, marking a dramatic increase compared to previous years.
  • From 2020 onwards, the budget has seen a rapid upward trend.
  • Nigeria's national budget has consistently grown over the years, with notable jumps in 2016, 2021, and 2025.
  • The most significant year-on-year increase occurred from 2024 to 2025, with a 91% rise.
  • Since 2010, the budget has only decreased in four years (2012, 2014, 2015, and 2019), highlighting a generally upward trend in government spending
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  • Tesla led global EV deliveries in Q1 2025 with 336,681 vehicles, maintaining its top position despite a year-over-year decline.
  • Tesla and Rivian reported significant drops in deliveries —12.92% and 38.46% respectively, while other EV manufacturers saw increases.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • Rivian's drop was linked to reduced demand, particularly in its core Los Angeles market, which was affected by recent wildfires.
  • VinFast saw a 300% surge in deliveries, growing from 9,689 to 36,330 vehicles, driven largely by strong performance in Vietnam.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
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  • Tesla recorded its highest automotive revenue in 2023, reaching an impressive $82.4 billion.
  • In 2024, Tesla’s automotive revenue declined for the first time, with a 6.49% drop compared to the previous year.
  • Despite the decline in automotive revenue, Tesla’s total revenue grew by 0.95%, indicating resilience in other business segments
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  • FCT, Ogun, and Nasarawa consistently rank as the top three states with the highest number of road accidents.

  • The FCT recorded its peak accident figures in 2022, particularly in Q2 (842 cases) and Q4 (864 cases).

  • In Q2 and Q3 of 2024, Ogun State surpassed the FCT in the number of reported accidents.

  • Across these three states, there has been a notable decline in accident numbers, with an average decrease of approximately 37.6% between Q2 and Q3 2024.

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  • In 2024, Tesla delivered a total of 1,789,226 vehicles, marking its first year-over-year delivery decline (1.11%) since 2015.
  • Tesla’s highest annual deliveries occurred in 2023, with 1,808,581 vehicles delivered.
  • Of the total vehicles delivered in 2024, 1,704,093 were Model 3 and Model Y, while 85,133 were other models, including the Cybertruck.
  • The Cybertruck officially launched in late 2023, with production ramping up through 2024.
  • Both Model Y and Model 3 received notable upgrades in 2024, enhancing performance and interior features.
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  • Private universities in Nigeria outnumber federal and state institutions combined.
  • Nigeria has 159 private universities, more than double the number of federal universities.
  • Federal universities stand at 72, showing steady federal government investment in tertiary education.
  • State-owned universities number 66, slightly fewer than federal universities but forming a significant part of public education.
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  • The 1990s saw multiple years of flat or negative FDI, including -$0.02B in 1995 and -$0.04B in 1997.
  • FDI surged to $1.81B in 2007 and $2.94B in 2010, marking a turning point.
  • The all-time high was $3.31B in 2012, with 2024 following closely at $3.11B.
  • From 2015 to 2024, annual FDI remained steadily above $1B, signalling sustained investor confidence.
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