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  • African countries dominated the list of top diamond producers, with 11 of them among the top 14 in 2022. Russia tops the list with a production of 41.9 million carats, followed by Botswana, which produced 24.5 million carats. Here are the top diamond-producing countries in 2022.
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    Jumia's orders for Q3 2021 increased by 11.8% from 7.6 million in Q2 to 8.5 million in Q3, an all-time quarterly high. This increase is reflected in a 4.3% growth in its active customers from the previous quarter.

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  • Top ten African countries by estimated number of films produced annually

    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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    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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  • 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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    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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  • Cocoa beans are a vital commodity for many countries, driving their economies and supporting livelihoods. Over the years, cocoa production has seen significant fluctuations across different countries.

    The world's cocoa-producing countries produced 104.2 million tonnes of cocoa beans between 2000 and 2022, enough to fill about 2.084 billion 50kg bags. Côte d'Ivoire maintains its dominance, accounting for 35.3% of global production in the 23 years under review, with Ghana (16.5%), Indonesia (15.4%), and Nigeria (7.7%) completing the top four.

    These are the top ten countries in the period.

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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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  • Top ten African countries by estimated number of films produced annually

    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
India has been the World Bank's largest debtor for over 50 years, with a debt of $38.3 billion as of 2022. Five Asian nations — India, Indonesia, Bangladesh, Pakistan, and China — owe a combined $111.2 billion, or 27% of the World Bank’s total debt. Nigeria, Africa's largest World Bank debtor, ranks 10th, with nearly #14 billion in debt.
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Nigeria's debt to the World Bank grew from $182 million in 1970 to nearly $15 billion by 2023 – an 8,100% increase. Between 2005 and 2023, it rose by 705%, highlighting Nigeria's reliance on World Bank financing for development. As of Q1 2024, Nigeria owed $15.59 billion, 37% of its external debt.
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Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase. Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.
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In 2023, Nigeria saw a 17% reduction in petrol supply as imports fell by nearly 14% from 23.5 billion litres in 2022 to 20.3 billion litres. The removal of the fuel subsidy in May 2023 led to higher prices and lower demand, especially in the second half of the year. The Dangote refinery’s rising output could shape future supply.
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Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources. The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.
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Airfares in Nigeria have surged by 26% just one month after the Nigerian Airspace Management Agency proposed an 800% increase in navigational charges — the largest spike in 32 months. From an average of ₦38,200 in January 2022 to ₦123,700 in August 2024, costs have more than tripled. Further price hikes could raise concerns about air travel affordability nationwide.
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