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  • Compared to 2022, there was a remarkable surge of 133.7% in the issuance of Canadian study permits to Nigerians in 2023. After experiencing a decline in 2020 (-22%), the number of Nigerian study permit recipients rebounded strongly.

    Globally, the issuance of Canadian study permits witnessed an increase of 24.6%, climbing from 548,610 in 2022 to 683,585 in 2023.

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    There is a rising concern about the shortage of COVID-19 vaccines in many African countries. Only about 1.3% of the continent's population has been vaccinated against COVID-19. Here are the countries with the highest share of fully vaccinated population as of July 11, 2021.

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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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  • The Nigerian Workplace Report indicates that over 50% of Nigeria’s working population earns less than ₦200,001 monthly. It further highlights that individuals earning above ₦600k are among the top 10% earners.

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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
Nigeria's cocoa production has seen significant fluctuations between 1990 and 2022. While there have been periods of growth, such as the increase from 244k tonnes in 1990 to 485k tonnes in 2006, there have also been notable declines. Production hit a low of 203k tonnes in 1995 and faced other dips. Here is the quantity of cocoa produced in Nigeria since 1990.
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Cocoa beans are a vital commodity for many countries, driving their economies and supporting livelihoods. Over the years, cocoa production has seen significant fluctuations across different countries.

The world's cocoa-producing countries produced 104.2 million tonnes of cocoa beans between 2000 and 2022, enough to fill about 2.084 billion 50kg bags. Côte d'Ivoire maintains its dominance, accounting for 35.3% of global production in the 23 years under review, with Ghana (16.5%), Indonesia (15.4%), and Nigeria (7.7%) completing the top four.

These are the top ten countries in the period.

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Nigeria's economy attracted $114 billion in the past decade from foreign investors. They invested $48 billion in shares, making up 42% of total capital imports. The Banking and Finance sectors followed with $21.6 billion and $15.7 billion, respectively, accounting for a combined 33%. Manufacturing, Telecommunications, and Servicing sectors collectively attracted $19.2 billion. Businesses related to Trading, Agriculture, and Oil and Gas each received 2%. This distribution underscores investors' confidence in Nigeria's financial services sector over others.
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Since 2005, nationals from China, India, Saudi Arabia, Russia, Pakistan, and Nigeria have ranked among the top three recipients of UK study visas. China led the list from 2010 to 2020. In 19 years, over 1.46 million Chinese nationals (22.9% of the total) received study visas. India followed with 926.9k and Nigeria — which first entered the top three in 2020 — with 436.9k.

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A country with strong infrastructure, affordable services, and high digital literacy, enabling everyone to use fast and reliable mobile internet will have a perfect score (100) on the GSMA's Mobile Connectivity Index 2023. South Africa leads in Africa with 69.53.
Globally, Singapore is first, with a score of 93.7, setting the benchmark for mobile internet adoption. Only four African countries — South Africa, Mauritius, Seychelles, and Egypt — surpassed the global average score.

Tunisia, Ghana, and Nigeria scored below the global average.
The Mobile Connectivity Index analysed measured 173 countries' mobile internet adoption from 2014-2023, normalising indicators to a 0-100 scale for consistency. The factors assessed include infrastructure, affordability, digital literacy, and policy frameworks.

 

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Nigeria's foreign portfolio investment surged by 570% in Q1 2024, hitting $2.1 billion and making up 61% of total capital imports. This boost ends a 15-quarter slump, surpassing Q4 2019‘s levels.

Overall capital imports for Q1 2024 reached $3.4 billion, with $119.2 million from foreign direct investments and $1.2 billion from other investments.

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Argentina, Egypt, and Ukraine were the IMF’s top three debtors as of June 26, 2024, accounting for $51 billion (46%) of the total debt. Egypt, Angola, and Kenya occupy the top three spots in Africa on the IMF’s debtors’ list.

As of December 2023, Kenya's public debt stood at Ksh11.14 trillion (approximately $76.8 billion). By June 2024, its debt to the IMF had increased by 245% from $744 million in August 2020.

This increase has coincided with protests in Kenya, where citizens opposed a proposed finance bill aiming to raise additional taxes to reduce the budget deficit and state borrowing.

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Surfshark's data reveals that 17.2b online accounts have been compromised globally since 2004, with African countries accounting for 250.7m (1.45%).

South Sudan has the highest number of breached online accounts in Africa, with over 89 million compromised accounts.
South Africa and Egypt follow with 0.2% and 0.13% of the global figure, respectively. Nigeria ranks fourth with 19.3 million breaches.
Although Africa's share of global breaches is relatively low, the potential harm is significant. Recently, unauthorised websites reportedly sold Nigerians' data, including NIN, BVN, and driver's licenses, for as little as ₦100.
These breaches pose serious privacy, financial security, and national safety risks, calling our attention to the urgent need for robust data protection measures.

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With over ten million registered Retirement Savings Accounts as of Dec 2023, Nigerian workers' pension contributions have grown steadily, despite fluctuations in recent years, to reach ₦1.32t in 2023.

In 2023 alone, 13.3% of the total savings since inception was contributed.

Total contributions since 2004 reached ₦9.9 trillion by 2023, with 52% coming from the public sector. The public sector grows at an average annual rate of 15.8%, while the private sector averages 16.2% yearly growth.

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In 2023, the UK issued nearly 350k skilled health and care visas, representing 57% of the total work visas (616k) issued, with Indian and Nigerian nationals receiving a combined 50% of the visas issued. Nigeria received 82.8k, approximately 13% of the total work visas issued.

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The number of study and work visa applications from Nigeria to the UK has significantly increased, particularly following the COVID-19 pandemic. Although study visa applications dropped by 24% in 2023, they peaked at 124.8k in 2022.

Work visa applications reached a high of 92.7k in 2023, increasing three consecutive years from 2021.

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In 2023, Nigeria emerged as the second-largest source of UK work visa applications, with 92.7k applications, trailing only India (171.8k). This places Nigeria ahead of other countries like the Philippines (29.5k), Ghana (36.2k), Pakistan (48.4k), and Zimbabwe (50.3k).

Nigeria, Zimbabwe, and Ghana were the top African countries seeking work in the UK in 2023.

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Number of countries anticipated to either have sufficient or shortage of primary school teachers by region (2030)
  • Sub-Saharan Africa has the highest number of countries (37) expected to face a teacher shortage at the [primary levels.
  • In Latin America & the Caribbean, 18 countries are expected to have enough primary teachers.
  • Europe & Northern America is one of the best-performing after Latin America & the Caribbean, with 17 countries expected to meet primary teachers' demand.
  • If this trend continues, millions of children will struggle to access quality primary education, reinforcing cycles of poverty and limited economic mobility.
  • A lack of teachers doesn’t just mean fewer classrooms; it also means overburdened educators, lower student engagement, and declining educational outcomes.
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Key Takeaways:
  • Nigeria's total revenue decreased from 17.73% of GDP in 2011 to 9.09% in 2022.
  • The lowest point for the country’s revenue occurred in 2016, at only 5.12% of GDP.
  • Although there has been some recovery since 2016, revenue still falls well below the levels seen before 2015.
  • The sharpest decline took place between 2011 and 2016, with revenue dropping by over 12 percentage points.
  • In 2020, during the COVID-19 pandemic, there was a significant drop to 6.52%, followed by a period of recovery.
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Key takeaways:
  • Amidst the overall upward rise in inflation since May 2023, Nigeria experienced a brief relief with slight declines between June and September 2024.
  • The inflation rate in May 2024 was 11.54% points higher than that of June 2023.
  • The inflation rate in Nigeria increased by approximately 55% from May 2023 to December 2024.
  • In December 2024, the inflation rate increased by about 4.9% points when compared to January 2024.
  • Between December 2024 and January 2025, the inflation rate dropped by 10.32%.
  • The National Bureau of Statistics rebased the Consumer Price Index from 2009 to 2024 in January 2025.
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Key takeaways:
  • Polaris Bank traces its roots back to the establishment of Prudent Bank Plc in 1989.
  • Prudent Merchant Bank Limited merged with Bond Bank Limited, EIB International Bank Plc, Reliance Bank Limited, and Co-operative Bank Plc to create Skye Bank Plc.
  • In 2014, Skye Bank Plc acquired Mainstreet Bank Limited.
  • The Central Bank of Nigeria revoked Skye Bank's operating license in 2018, and Polaris Bank Limited subsequently took over its assets and liabilities.
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Key takeaways:
  • In 2015, Wema Bank transitioned from being a regional bank to achieving national bank status.
  • To promote innovation and cooperation within the tech community, Wema Bank organised its inaugural hackathon, "Hackaholics", in 2019.
  • The bank has continually prioritised innovation, particularly with the introduction of ALAT, Nigeria's pioneer fully digital banking service.
  • Wema Bank holds the distinction of being Nigeria's oldest indigenous bank still in operation.
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  • Nigeria recorded its highest-ever Chinese FDI inflow of $390.4 million in 2007
  • The second-highest inflow of $333.1 million was recorded in 2012
  • FDI from China to Nigeria fluctuated significantly over the years, with major peaks in 2007, 2012, and 2020
  • 2022 saw a decline in Chinese FDI to Nigeria, falling to $119.6 million from $308.9 million in 2020
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