Insights Archive - Page 71 of 79

Immigration
After growing from 1.5% in 2015 and peaking at 5.1% in 2022, Nigeria's share of Canadian permanent residency status issuances dropped to 3.7% in 2023.

This is Nigeria's share of Canadian permanent residency status issuances since 2015.

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People

With 68% of 80.7k inmates awaiting trial, Nigerian correctional centres have 23.4k (41%) more inmates than their 57.2k capacity. From October 2021 to November 2023, 10.6k inmates have been added to the country's prison population.

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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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Immigration Travel
From 2006 to 2022, the Nigerian-born immigrant population in the US saw significant growth, increasing from 197.5k to 448.4k. This figure reflects almost a 1% share of the total foreign-born population in the US, which reached 46.2m in 2022.

Notably, the most rapid increases occurred between 2014 and 2022, with the Nigerian immigrant population jumping from 264.4k to 448.4k.

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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

countries-with-the-highest-inflation-rates-top-ten

Argentina's inflation rate dropped to 209% in September 2024 from 237% in August, slightly easing costs. Despite this, the South American country still has the highest inflation rate of the 184 countries and territories ranked. Nigeria's inflation rate stands at 32.7%, ranking 9th globally and 4th in Africa after South Sudan, Zimbabwe, and Malawi.

Education

Private institutions represent the largest share of Nigeria’s higher education sector, accounting for half of the universities and polytechnics in the country.

Debt

Between 2000 and 2023, Africa received $182 billion in Chinese loans, primarily for energy and transportation development. Angola, with 25%, was the largest recipient; Ethiopia, Egypt, Nigeria, and Kenya followed. While 49 countries benefited, experts warn of increasing debt risks.

Electricity

Over the years, Nigeria has seen significant increases in electricity revenue. Revenue surged from ₦129 billion in 2015 to ₦683 billion in H1 2024, while the number of customers has doubled from 6.5 million to 13 million. This 428% increase in revenue highlights rising consumption and tariff hikes.

Telecommunications

In 2017, MTN Uganda recorded a 58% increase in profit with only a 9% revenue increase. On average, the telco had an 18.2% yearly increase in profit between 2016 and 2023, while revenue growth was at 9.2% yearly.

Immigration

The population of Nigerian-born immigrants in the US has more than doubled in nearly two decades, growing at an average rate of 4.8% per year. By 2023, the number reached 476k, up from just under 200k in 2006 — a 141% growth. Nigeria has been leading Africa in immigrant numbers in the US, ranking 22nd globally. Rising immigrant numbers could strengthen remittance flows back to Nigeria.

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