Insights Archive - Page 70 of 79

Economy Inflation
The cost of cooking gas nationwide increased from an average of ₦10.3k in March 2023 to nearly ₦16k in March 2024.

However, the northern regions had the most affordable prices. The North East had the lowest average price of ₦14.9k for a 12.5kg cylinder.

In Katsina, the average price for 12.5kg of cooking gas was ₦12,400 as of March 2024, the lowest in the country.

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Gender

With a score of 0.802, Namibia ranks 8th globally and 1st in Africa's Gender Gap Index. Rwanda, 2nd in Africa, occupies the 12th position globally, with a score of 0.794. The score ranges from 0 to 1, with 0 denoting a significant gender gap and 1, gender parity.

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Cinema
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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Population

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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Economy
Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

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Wealth

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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Economy
In Q1 2023, eight Nigerian states and the Federal Capital Territory (FCT) received $1.13 billion in capital imports. Lagos State secured $705 million (62%) and the FCT attracted $410 million (36%), adding up to 98%.

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Education

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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Cinema
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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Other Insights

In 2008, only 0.5% of people in Liberia had Internet access. By 2022, that number grew to 30.1%, marking significant progress over 15 years.

Electricity

Nigeria has made strides in metering electricity customers, but progress is slow, with nearly 7.1 million unmetered customers as of June 2024. Despite customer numbers doubling from 6.5m to 13m (June 2015-2024) and a 95.4% rise in metered customers, the percentage of unmetered customers increased to 54.4%. Metering must outpace customer growth to end estimated billing.

Manufacturing

In 2023, global vehicle production surged, led by China with over 30 million vehicles — a 12% increase from 2022. The US and Japan followed, holding 11% and 10% shares, respectively. Global output rose 10%, reaching 93.55 million vehicles, up from 85.02 million in 2022. Only two African countries — South Africa and Morocco — made the top 25, highlighting the continent's developing automotive sector.

Education

Nigeria: The best WAEC results in the last nine years were recorded between 2021 and 2023, with many students getting at least five credits, including in mathematics and English. However, 2024 saw a decline, with 72.1% following 79.8% in 2023.

People

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.

eCommerce

Over the past seven years, West Africa has consistently been Jumia Group's top market, contributing at least 43% of the company's total revenue. In contrast, regions like East and South Africa have not exceeded a 21% revenue contribution in any single year within this period.

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