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  • VAT in Nigeria was increased to 7.5% from 5%, effective from January 13, 2020. Though the increase didn’t affect Q1 2020’s figures that much, figures from Q1 2021 exceed Q1 2020’s by 53%. Here’s the total VAT generated for Q1 of the past ten years.

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    In H1 2023, Nigeria's total trade was ₦24.79 trillion — ₦13.5 trillion worth of exports and ₦11.29 trillion imports. Here are Nigeria’s trading partners by region in H1 2023.

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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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  • Seychelles has the most powerful passport in Africa in 2023, with visa-free access to 155 countries and territories, followed by Mauritius (148). Nigerian passport holders have visa-free access to 46 countries, one of the lowest in Africa. Africa's most powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:

    Seychelles (155), Mauritius (148), South Africa (106), Botswana (89), Namibia (81), Lesotho (79), Eswatini (77), Kenya (76), Malawi (75), Tanzania (73).

    Africa's least powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:
    Liberia (51), Djibouti (49), Ethiopia (47), Nigeria (46), South Sudan (46), DR Congo (45), Eritrea (44), Sudan (44), Libya (41), Somalia (35).

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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
Top 10 nations in the world with the highest inflation rates
 
  • With 120% and 118% inflation rates, respectively, the two top nations are experiencing economic meltdowns, making essentials like food and housing almost unattainable.
  • With 57.5% inflation, Zimbabwe continues its battle against economic instability, making it the 4th highest in the world and the worst in Africa.
  • The fact that several countries exceed the global average of 7.27% by 4x to 16x highlights the severe economic strain facing multiple regions.
  • Countries with inflation above 30% risk prolonged economic instability as businesses struggle to survive and citizens face rising poverty levels.
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Share of FGN domestic debt service payment (2017 - 2024)
 
  • FGN Bonds dominate Nigeria’s domestic debt service payments, rising from 66.6% in 2017 to 87.9% in 2024. This reflects a growing reliance on long-term debt financing.
  • Treasury Bills have seen a sharp decline in their share of domestic debt service, dropping from 30.1% in 2017 to just 6.4% in 2024. This suggests a shift away from short-term debt instruments.
  • Treasury Bonds, which peaked at 14.9% in 2022, also declined to just 5.6% in 2024.
  • By 2021, over 80% of domestic debt service payments were already allocated to FGN Bonds, showing a consistent pattern of prioritisation. The trend has only intensified in subsequent years.
  • The rising dominance of FGN Bonds means Nigeria is locking itself into long-term repayment obligations, potentially increasing the fiscal burden in the future.
  • This trend underscores the need for careful debt management policies to prevent a future where long-term commitments become a burden rather than a stabilising factor. 🚨
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  • Lagos led Nigeria’s box office with ₦5.8 billion in revenue, generating more revenue than all other regions combined.
  • The South-South emerged as the strongest market outside Lagos, contributing ₦2.1 billion, nearly 50% more than the South-West.
  • Abuja outperformed all three northern zones combined, earning ₦852 million, which is nearly four times their total revenue.
  • Cinema penetration in northern Nigeria remains weak, with the North-East contributing only ₦2.4 million—less than 0.05% of the national total, highlighting a significant gap in cinema infrastructure and audience engagement.
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Federal Government of Nigeria's capital expenditure (2010 - 2024)
 
  • Between 2010 and 2024 (a 15-year period), the federal government invested over ₦25.7 trillion in capital projects.
  • The post-2020 era saw a dramatic rise in capital expenditure, growing from ₦1.61 trillion in 2020 to ₦5.15 trillion in 2024, indicating accelerated investments in infrastructure.
  • The increase in expenditure after 2020 suggests the government prioritised economic recovery efforts, allocating more resources to capital projects post-pandemic.
  • Nigeria recorded its highest-ever capital expenditure in 2023 (₦4.49 trillion) and 2024 (₦5.15 trillion), showing a more aggressive investment approach in recent years.
  • 2014 recorded the lowest capital expenditure (₦0.59 trillion) in the 15-year span, possibly due to revenue shortfalls, oil price fluctuations, or policy shifts at the time.
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Federal Government of Nigeria expenditure on pension and gratuities (2013 - 2024)
 
  • Since 2013, the Nigerian government has disbursed ₦3.4 trillion in pension and gratuity payments.
  • Pension expenditure jumped from ₦107.4 billion in 2013 to ₦438.6 billion in 2023, a nearly four times increase, showing the rising cost of maintaining pension obligations.
  • While pension spending grew gradually between 2013 and 2018, a significant spike began in 2019 (₦307.4 billion), showing a shift in pension allocations.
  • The highest pension expenditure recorded so far was in 2023, surpassing all previous years.
  • The Need for a Sustainable Pension System – With pension spending climbing yearly, ensuring a sustainable funding model will be crucial for future government budgets.
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  •  The three largest cinema chains in Nigeria grossed over ₦7.6 billion naira combined in 2024 from Anglophone West Africa
  • EbonyLife Cinemas made the highest amount of any single cinema location
  • Filmhouse Cinemas has maintained the highest box office revenue for seven years
  • At ₦3.3 billion naira, Filmhouse's 2024 revenue is the highest ever recorded by a cinema chain in the region
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  • Nigeria alone holds 89% of all cinema locations and 92% of all screens in the region.
  • Ghana is the second-largest market but has only seven locations and 18 screens, significantly trailing behind Nigeria.
  • Sierra Leone has four cinema locations and eight screens, while Liberia has just one location with two screens, highlighting the limited cinema infrastructure in both countries.
  • The overwhelming concentration of cinema infrastructure in Nigeria reflects its established film industry and audience demand.
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  • 9mobile lost the most customers to porting in 2024, with 44.7k subscribers switching to other networks.
  • MTN, once the most affected by porting, now has the lowest losses at just 2.7k customers in 2024.
  • Airtel and Globacom had minimal losses in 2024, with 4.2k and 3.8k customers leaving respectively.
  • MTN previously saw massive porting losses, peaking at 125.5k in 2015, but has since improved drastically.
  • Porting losses have declined across all networks over time, except for 9mobile, which has seen a recent spike.
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Key takeaways:
  • The predominant share of sub-Saharan Africa's workforce is engaged in agriculture.
  • In 2022, over 50% of the workforce in sub-Saharan Africa was employed in the Agriculture sector.
  • Employment levels in the Industry sector were significantly lower compared to Agriculture and Services.
  • Approximately 37% of employees in sub-Saharan Africa were in the Service industry.
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  • Canada announced a reduction in international student approvals in 2024, citing housing and resource pressures.
  • Global approvals dropped nearly 31% from 681.5k in 2023.
  • Nigerian approvals dropped 36%, ranking among the highest declines. India (-39.7%) and Nepal (-48.8%) were also major declines.
  • Canada plans to issue 437,000 study permits in 2025, 10% lower than 2024’s cap.
  • The UK, US, and local universities may see more Nigerian applicants.
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  • Four of 2024's top-grossing movies in Nigeria were not among the top 15 globally, showing a local preference for some movies.
  • The world's highest-grossing 2024 movie, Inside Out 2, underperformed in Nigeria
  • Movie franchises and sequels dominated the list, as only two movies were neither a sequel nor part of a franchise.
  • The top 15 foreign titles at the Nigerian box office grossed ₦3.95 billion, more than the top local title's ₦3.37 trillion.
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  • Nigeria's box office is still dominated by foreign titles, with only four local titles in the top ten movies.
  • A local title, Everybody Loves Jenifa, was the highest-grossing movie, exceeding ₦1 billion.
  • The world's highest-grossing movie, Inside Out 2, did not make it to Nigeria's top ten movies.
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  • Nigeria received a total of approximately $430 billion in remittances between 2000 and 2023.
  • The highest amount recorded was in 2018, when remittances peaked at $24.31 billion.
  • In 2020, inflows dropped significantly to $17.21 billion due to the global COVID-19 crisis.
  • Between 2021 and 2023, remittances remained stable, averaging around $19.7 billion per year.
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  • Meta’s revenue reached $42.3B in Q1 2025, more than triple its Q1 2018 revenue, marking a steep and sustained growth curve.
  • Net income surged to $16.6B, its highest in a first quarter, reflecting efficient cost structures and monetisation strategies.
  • The U.S. alone contributed 26.1% of this revenue, followed by Asia Pacific (15.8%) and Europe (7.4%).
  • The “Rest of the World” brought in over 50% of Meta’s total revenue, highlighting a growing influence from emerging markets, including Africa.
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Key Takeaways:
  • In 2024, ten publicly listed banks donated more than ₦20.97 billion to host communities.
  • Access Holdings Plc led the list with ₦6.74 billion, accounting for nearly 32% of total donations.
  • The top three banks (Access, Zenith, and UBA) contributed around ₦13.6 billion, or 65% of total donations.
  • Donations ranged between ₦113 million (Jaiz Bank) and ₦6.7 billion (Access Holdings).
  • Jaiz Bank donated the smallest proportion, 0.54%.
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  • The same countries—Burundi, Malawi, DR Congo, Mozambique, Niger, Liberia, Madagascar, Central African Republic, Chad, and Ethiopia—consistently occupy the bottom ranks over the years.
  • These countries remain far below the continent's average, often with GDP per person employed under $5,000 even in recent years.
  • Progress is marginal: while some, like Ethiopia and Mozambique, show slow growth, many fluctuate or even regress across periods.
  • Structural economic weaknesses, conflict, and low industrialisation seem to persist across the bottom group.
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  • In 2024, nearly 138 million children globally are still involved in child labour.
  • Africa accounts for 94.5 million (68.7%) of these children — the largest regional share.
  • Four in 5 child labourers under age 12 are based in Africa.
  • The global goal to end child labour by 2025 was not achieved.
  • Child labour has fallen by over 100 million since 2000, despite global child population growth.
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  • Lagos has grown from 325,200 in 1950 to a an estimated 17.2 million in 2025
  • The State’s fastest 5-year growth came between 1955–1960 at 62.7%.
  • Since 2000, growth has steadied around 18–20% every 5 years.
  • More than 10 million people added between 2000 and 2025 alone.
  • Growth continues to outstrip investments in housing, transport, and basic services.
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