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  • Crude oil exports, which made up 81% of Nigeria's export value in 2023 have increased in three consecutive years since 2021. After a 36% decline in 2020, exports increased by 53% in 2021, 46% in 2022, and 37% in 2023 to reach ₦29 trillion.

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    Over the past ten years, there has been a rising trend of fraud and forgery cases in Nigerian banks. Although there was an 88% increase in reported cases in 2021, there was a 27% decrease in 2022, resulting in a 221% increase in financial losses of ₦9.5 billion.
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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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    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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  • 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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  • Countries by Global Innovation Index 2024

    The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.

    In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.

    Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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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.

    See more
Other Insights
 
  • Estimated visitor visa fee spending reached $193 million between FY 2018 and FY 2025.
  • Applicants paid the fee whether their visas were approved or refused.
  • Estimated spending peaked at $49.8 million in FY 2018.
  • Spending recovered to $25.1 million in FY 2024 before falling to $23.2 million in FY 2025.
  • The estimates exclude transport, documents, agents, accommodation and other related costs.
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  • Thirteen of Nigeria’s 21 sectors recorded year-on-year declines in CIT collections.
  • Extraterritorial organisations recorded the steepest fall at 53.9%.
  • Construction collections fell by 52.4%, the second-largest decline.
  • Mining and agriculture declined by 39.4% and 40.8%, respectively.
  • Manufacturing still generated ₦74.5 billion despite a 31.0% decline.
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  • U.S. nonimmigrant visa issuances to Africans fell by 23.6% to 413,259.
  • Twenty-five visa categories still recorded increases despite the overall decline.
  • C3 visas posted the largest numerical increase, rising by 949.
  • H2A agricultural worker visas increased by 820 to 15,623.
  • B1/B2 visitor visas recorded the biggest decline, falling by 109,653.
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  • Africa’s merchandise exports reached $689.2 billion in 2025.
  • Exports grew by 9.7%, the fastest rate outside Asia.
  • Africa accounted for just 2.6% of global merchandise exports.
  • South Africa led with $116.4 billion, followed by Nigeria and Egypt.
  • The top 15 economies generated 79.3% of Africa’s exports.
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  • Nigeria recorded a ₦21.03 trillion trade surplus in 2025, the highest in the period shown.
  • The trade surplus remained strong at ₦7.55 trillion in Q1 2026.
  • The latest performance marks a sharp recovery from the deficits recorded in 2020 and 2021.
  • Nigeria’s trade balance moved from near zero in 2023 to large surpluses in 2024 and 2025.
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  • Nigeria has remained in the World Bank’s lower-middle-income category for 17 consecutive years.
  • Eswatini and Morocco have spent at least 38 consecutive years in the category, the longest among African countries.
  • Africa has 23 lower-middle-income economies in the World Bank’s Fiscal Year 2026 classification.
  • Tunisia, Angola, and Namibia entered the category after falling from upper-middle-income status.
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  • African teams have made 49 World Cup appearances, but only 11 campaigns progressed beyond the opening stage.
  • Nigeria leads Africa with three group-stage escapes, despite missing the 2026 tournament.
  • Cameroon, Senegal, Ghana, and Morocco are Africa’s only World Cup quarter-finalists.
  • Morocco remains Africa’s only semi-finalist, while no African team has reached the final.
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  • A 12.5kg refill is now over 6x costlier than in 2016.
  • The April 2026 price reached ₦22.4k, up from ₦3.7k in January 2016.
  • Prices stayed fairly stable until 2021, then surged sharply.
  • Fresh reports suggest gas prices kept rising after April 2026.
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  • South Africa holds 82.9% of global PGM reserves.
  • DRC holds half of global cobalt reserves.
  • South Africa also leads in manganese and chromium.
  • Madagascar holds 8.7% of global graphite reserves.
  • African mineral holders are pushing for more value.
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  • Portfolio investment into Nigeria reached $9.86 billion in Q1 2026, the highest quarterly level in 51 quarters.
  • The Q1 2026 portfolio inflow was higher than the previous peak of $7.11 billion recorded in Q1 2019.
  • Portfolio investment accounted for 95% of Nigeria’s total capital importation in Q1 2026.
  • Foreign Direct Investment remained low at $135 million, far below portfolio inflows.
  • Other Investment stood at $374 million, making it the second-largest inflow category in Q1 2026.
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  • Sudan is projected to have Africa’s highest debt-to-GDP ratio in 2026, at 169.1%.
  • Only three African countries are projected to owe more than the size of their economies in 2026.
  • Senegal and Mozambique join Sudan among countries with debt-to-GDP ratios above 100%.
  • Africa’s average government debt-to-GDP ratio is projected at 60.7% in 2026.
  • Nigeria’s projected debt-to-GDP ratio of 32.3% is far below the African average.
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  • Every comparable food item tracked is now at least twice as expensive as it was in May 2023.
  • Nearly half of the selected food items have more than tripled in price since the month before fuel subsidy removal.
  • Unripe plantain recorded the steepest increase, rising by 469% between May 2023 and April 2026.
  • Ripe plantain, yam tuber, and fresh tilapia also saw extreme increases of more than 300%.
  • Even the slowest-rising staples, including frozen chicken, beans, gari, and maize, still more than doubled in price.
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  • Nigeria leads Africa in five of six goat categories, but its largest share is just 18.2% of continental production.
  • Nigeria has 91 million goats, 17.0% of Africa’s total, nearly twice Ethiopia’s 54 million.
  • Nigeria produced 292,000 tonnes of goat meat, making it Africa’s largest producer but only the world’s 5th largest.
  • Chad produced 166,000 tonnes of goat meat, making it Nigeria’s closest African rival.
  • Goat milk is the exception: FAOSTAT records no Nigerian production, while Sudan accounts for 24.8% of Africa’s total.
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  • 1.5 million TB was consumed in May 2026, the highest monthly level on record.
  • 7 million TB was consumed in Jan–May 2026, up 42.1% from the same period in 2025.
  • Jan–May 2026 usage was 88.4% higher than in 2024 and 156.3% higher than in 2023.
  • May’s monthly usage was nearly 2.6× the level recorded three years earlier.
  • The surge points to rapidly growing demand for internet-based services, content and digital activity in Nigeria.
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  • 3G's share of Nigeria's mobile market fell from 16.5% to 5.1% between May 2023 and May 2026.
  • 4G became the dominant network, with its market share rising from 25.1% to 54.3% over the same period.
  • 2G's share declined from 58.4% to 36.1% but still accounted for more than one-third of all mobile connections.
  • 5G expanded nearly 37-fold, growing from less than 0.1% to 4.5% of mobile subscriptions.
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  • Nigeria's 36 states received a combined ₦4.14 trillion in FAAC allocations in Jan-May 2026, up ₦735.4 billion (21.6%) from a year earlier.
  • Thirty-five states received higher allocations than a year earlier, while Rivers was the only state to record a decline (₦7.15 billion).
  • Lagos recorded the largest increase in FAAC allocations (₦119.5 billion), more than three times the increase recorded by Oyo (₦38.3 billion).
  • Oyo, Kano, Borno, and Jigawa rounded out the top five states with the largest increases in FAAC allocations.
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  • OPay and Chipper Cash became Africa's fastest unicorns, reaching $1 billion in just 3 years.
  • Interswitch took 17 years to become a unicorn, the longest journey on the list.
  • Moove became Africa's 10th unicorn, reaching the milestone 6 years after it was founded.
  • Half of Africa's unicorns reached a $1 billion valuation within 6 years.
  • Eight of the 10 African unicorns primarily operate in the fintech sector.
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  • Nigeria's insurance industry generated ₦2.3 trillion in gross premium written in 2025.
  • Gross premium written increased 47.3% from ₦1.56 trillion in 2024.
  • Premiums have grown by 273% since 2021, from ₦616.6 billion.
  • Gross premium written has increased every year since 2021.
  • Premium growth does not necessarily mean higher insurance coverage or profitability.
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