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.
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.
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.
