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.
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.
The Federation Account Allocation Committee (FAAC) has distributed a total of ₦593 billion as derivation funds to nine oil-producing states in Nigeria. These funds are part of the statutory allocation intended to support states with significant contributions to the country's oil revenue. Delta State emerged as the largest beneficiary, receiving ₦193 billion, which constitutes 32.5% of the total allocation.
When Aigboje Aig-Imoukhuede and Herbert Wigwe acquired Access Bank in 2002, it ranked 65th in Nigeria. Today, it is the largest bank in Nigeria by asset size, with a vision to be Africa's most respected bank.
While its expansion across Africa has been aggressive, it has not been smooth sailing. Access Bank divested its holdings in Access Bank Côte d'Ivoire and Finbank Burundi, two of its earliest attempts at expansion. In Gambia, the Central Bank nationalised the bank in 2014. The nationalisation was short-lived as investors recapitalised the bank to meet the regulator's requirements for the takeover.
With rolling five-year corporate plans since 2003, Access is in its fifth strategic cycle. Access' strategy cycle (2023-2027) indicates a plan to continue its expansion drive, invest in its subsidiaries, and acquire growth banks in strategic markets before consolidating and optimising its operations to drive capital growth.
