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  • Since Nigeria's first attendance at the Olympic games, the country has won a total of 27 medals; 3 gold, 11 silver and 13 bronze medals. Following the just concluded Tokyo 2021 Olympic Games, we look at the African countries by Olympic medals won in the 2021 Tokyo Olympic games.

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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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  • 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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  • 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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    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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  • As of the end of September 2023, Starlink Nigeria had amassed a customer base of 11,207 active subscribers, growing 66% from 6,756 in June. It placed 4th in the market after Spectranet (113,747), Tizeti Network (19,126), and ipNX Nigeria (14,871).

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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 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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Other Insights
 
  • 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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POS payments method in Nigeria (transaction value %), 2023 and 2027
 
  • Digital wallets are the fastest-growing POS payment method in Nigeria, projected to rise from 18% in 2023 to 37% in 2027.
  • Cash transactions, though still dominant, are steadily declining from 55% to 42%, reflecting a gradual shift towards digital payments.
  • Debit card usage is decreasing from 12% to 8%, possibly due to the convenience of digital wallets and A2A transfers.
  • Prepaid and credit cards remain stable, each holding a minor share of Nigeria’s POS transactions.
  • POS financing remains a niche payment method, with no significant growth expected between 2023 and 2027.
  • Nigerian consumers are prioritizing speed, convenience, and security in their transactions, pushing digital payments to the forefront.
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E-commerce payments method in Nigeria (transaction value %), 2023 and 2027
 
  • Digital wallets are the fastest-growing e-commerce payment method in Nigeria, set to double from 11% in 2023 to 22% by 2027.
  • A2A transfers remain the dominant payment method, slightly increasing from 32% to 34%, showing continued reliance on direct bank-to-bank transfers.
  • Cash-on-delivery is becoming less relevant, dropping from 15% in 2023 to just 9% in 2027, signaling a shift away from cash-based transactions.
  • Both debit card and credit card payments are declining, with debit cards dropping from 19% to 16% and credit cards falling from 15% to 12%, suggesting a changing balance in card preferences.
  • Prepaid cards and buy now, pay later (BNPL) solutions remain relatively small players in the Nigerian e-commerce space, with minimal growth.
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Nigeria's Value Added Tax collections by sector (Q1-Q2 2024)
 
  • Three sectors, Manufacturing, ICT, and Mining & Quarrying, accounted for 58.8% of total VAT revenue in the first half of 2024.
  • Manufacturing alone contributed 24.8% of VAT, making it the highest-paying sector.
  • Nigeria’s digital economy is thriving, with ICT generating 17.6% of VAT revenue, signaling the growth of telecom, data services, and digital platforms.
  • The extractive industry remains vital, with Mining & Quarrying contributing 16.4% of total VAT collection.
  • Finance & Insurance (10.2%) and Public Administration & Defence (9.7%) also made significant contributions to Nigeria’s VAT revenue.
  • Despite contributions from 21 sectors, VAT revenue is still heavily reliant on a few key industries, highlighting the need for a broader tax base.
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  • Zambia recorded its highest-ever FDI inflow in 2013 at $2.10 billion.
  • After dipping to a negative inflow of -$0.07 billion in 2022, Zambia recovered to $1.24 billion in 2024.
  • The country experienced its first billion-dollar inflow in 2007, marking a turning point in foreign investment.
  • FDI inflow was consistently below $0.5 billion throughout the 1990s, indicating limited investor confidence during that period.
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  • Algeria leads Africa with 41 active oil rigs, making up nearly 29% of the continent's total count.
  • Nigeria follows with 31 rigs, confirming its strong position in West Africa’s upstream oil activity.
  • Egypt ranks third with 23 rigs, while Libya maintains 18 rigs despite its fluctuating political climate.
  • The top seven countries host 122 of Africa’s 144 rigs, showing drilling operations are concentrated in just a handful of nations.
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  • July 2025 saw the ASI rise by 8.6%, the largest monthly jump in over a year.
  • The index grew steadily for four straight months from April to July 2025.
  • ASI climbed from 99.5K in June 2024 to 126.7K in July 2025, a 27.3% increase overall.
  • August 2024 recorded the sharpest monthly drop at -2.9%.
  • December 2024 and January 2025 posted back-to-back strong gains of 2.5% and 3.8% respectively.
  • May and June 2025 saw healthy gains of 4.2% and 6.6%, paving the way for July’s surge.
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  • Manufacturing hit a record $64.90b in 2022, after steady growth from 2016.
  • Output fell 55% to $25.36b in 2024, the worst one-year drop since 1999.
  • Military-era lows: Slumped from $33.33b (1981) to $8.08b (1989).
  • Democratic rebounds: Output grew from $9.62b (1999) to $55.33b (2014), and from $35.12b (2016) to $64.90b (2022).
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  • Ronaldo leads the UEFA Champions League scoring chart with 141 goals, ahead of Messi's 129.
  • Salah and Drogba are the only two African players in the top 20 scorers list.
  • Just 8 goals separate the 10th and 20th-ranked scorers, showing how tight competition is outside the top ranks.
  • Haaland and Mbappé are the only two players under 30 in the top 15.
  • Legendary players like Neymar and Ibrahimović never broke into the top 10 despite long careers at top clubs.
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  • Starlink is cheaper than traditional ISPs in five out of the twelve African countries analysed.
  • Zimbabwe has the widest price gap, with traditional ISPs costing over 21 times more than Starlink.
  • Nigeria currently offers the cheapest traditional ISP plan at $9.59, undercutting Starlink’s price by a wide margin.
  • In Ghana and Kenya, Starlink’s monthly subscription is less than half the cost of the leading ISPs.
  • Only slight differences exist between Starlink and traditional ISP prices in Zambia and Botswana, indicating near-parity.
  • Mozambique and Cape Verde have moderate Starlink price advantages, suggesting potential for market competition.
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