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  • 21% of the ₦17.67 billion lost to fraud in 2023 was recorded in October totaling ₦3.76 billion

    Fraud data submitted to the Nigeria Inter-Bank Settlement System by financial institutions in 2023 reveals that customers lost ₦17.67 billion across 95,630 cases, with the highest loss of ₦3.76 billion occurring in October 2023

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    With Chinese platforms like Alibaba and AliExpress serving customers across the globe, China's eCommerce sales in 2021 ($2.78 trillion) are larger than the sales in the USA, the UK, and other countries of the top 10 eCommerce markets globally combined.
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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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    Africa's sanitation crisis is alarming, with 17 of the top 20 countries having the highest open defecation rates.

    Eritrea (67%), Niger (65%), and Chad (63%) lead, putting millions at risk of disease.

    Even Nigeria, the most populous African country, has 18% of its population practising it.

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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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    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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    • The highest-grossing Nollywood movie has grown from a modest ₦30 million in 2009 to over ₦1 billion in 2023.
    • Since 2016, Nollywood's highest-grossing movie at the local box office has stayed above ₦250 million.
    • Four of Nollywood's highest-grossing movies in the past five years have been produced by Funke Akindele.
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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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  • 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.

    See more
Other Insights
         

Key takeaways:

  • African countries have the lowest life expectancy.
  • Most of the countries with the highest life expectancy are in Europe and Asia
  • The countries with the highest life expectancy are mostly developed nations.
  • Thirteen countries were observed to have a life expectancy above 84 years, while 11 countries have a life expectancy below 61 years.
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Key takeaways:

  • Asia contributes more than 50% to global emission
  • CO2 contributes to the rise of climate disaster
  • Africa's vulnerability to climate change can be attributed to its limited adaptive capacity and high exposure to severe climate risks.
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  • The top 15 Nollywood movies grossed ₦3.4 trillion combined.
  • The top Nollywood movie in 2024, Everybody Loves Jenifa, accounted for 33.3% of the ₦3.4 trillion.
  • 13 Nollywood movies crossed ₦100 million in earnings.
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  • While all states increased their budgets in 2025, only ten increased their budgets by less than 50%.
  • Akwa Ibom is the only state with a year-on-year budget increase below 20%.
  • Lagos has the country's biggest budget and the highest increase in the group, at nearly 50%.
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  • Some organisations project that Nigeria's 2025 inflation rate will be lower than 2024's 33.2%.
  • Projections for 2025 range from the AfDB's optimistic 20.7% to Meristem's bearish 33.99%, reflecting variations in the expected average annual inflation rate.
  • International organisations have more optimistic projections on Nigeria's average inflation rate in 2025 compared to local organisations.
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Top 10 African economies by real GDP growth (2024)
 
  • Niger’s 9.9% GDP growth in 2024 was the highest among African nations
  • At 7.0%, Rwanda remained one of Africa’s most consistent high-growth economies.
  • Despite being Africa’s largest economy, Nigeria’s 2.9% GDP growth is modest compared to smaller, more agile economies, signalling potential challenges in leveraging its vast resources.
  • The contrast between Niger’s 9.9% growth and Nigeria’s 2.9% highlights how smaller nations can outperform larger ones.
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  • Techstars three-month accelerators happen in different locations across the world.
  • The ARM Labs Lagos Techstars Accelerator admitted ten startups between 2022 and 2023.
  • 2022 and 2023 account for 69% of all Nigerian startups admitted into a Techstars accelerator.
  • Techstars Toronto Accelerator admitted more Nigerian startups than any other location.
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  • The share of 2G has fallen from 60% to 42% in one year.
  • 4G has seen the largest increase among all mobile generations, making it the market leader.
  • 3G has shrunk by 0.5% points while 5G grew by 1.4% over the same period.
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  • 60 Nigerian startups have featured annually in the prestigious Y Combinator startup accelerator programme since 2016.
  • Y Combinator admitted a record 23 Nigerian startups into its accelerator in 2022.
  • There has been a significant decline in Nigerian startups accepted into the programme after the peak in 2022.
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  • No candidate scored above 300 until 2015, with just 40 high scorers that year out of over 1.46 million candidates.
  • 2025 marked the highest ever with 17,025 candidates scoring above 300, nearly double the count in 2024 and more than triple 2023.
  • From 2022 to 2025, above-300 scorers consistently remained over 5,000 each year, showing a steady rise in top scores.
  • Despite the growth in numbers of JAMB candidates, high scorers still make up less than 1% annually.
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  • Burkina Faso tops the 2025 GTI ranking with a score of 8.581, the highest globally.
  • African nations make up 6 of the 10 most terrorism-impacted countries in 2025.
  • Pakistan (8.374) and Syria (8.006) are the top-ranking Asian countries on the list.
  • Nigeria ranks 6th globally with a GTI score of 7.658, just behind Niger (7.776)
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  • Europe leads with 12 clubs, including giants like Real Madrid, Manchester City, and Bayern Munich, solidifying its global dominance.
  • South America contributes 6 teams, such as Palmeiras, Flamengo, and River Plate, reflecting its strong continental performance.
  • Africa's 4 clubs, Al Ahly (Egypt), Wydad AC (Morocco), Espérance Sportive de Tunis (Tunisia), and Mamelodi Sundowns (South Africa), represent CAF’s top tier.
  • Asia also fields 4 clubs, including Al Hilal (Saudi Arabia), Urawa Red Diamonds (Japan), Al Ain (UAE), and Ulsan HD (South Korea).
  • Oceania and North America are modestly represented with one club from New Zealand and four from the CONCACAF region, including Inter Miami as host.
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  • Morocco leads Africa in FIFA rankings with 1694.24 points, placing 12th globally, signalling its sustained excellence on the international stage.
  • Senegal (1630.32 pts) and Egypt (1518.79 pts) are the next top African teams, ranked 19th and 32nd globally, respectively.
  • The point gap between top teams is significant: Morocco leads Nigeria (1481.35 pts) by over 210 points, reflecting performance consistency.
  • Five of Africa’s top 10 teams are from North Africa, showcasing the region’s dominance in tactical strength and international success.
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Key Takeaways:
  • Aradel Holdings led with ₦247.79 billion in PAT, marking a 361% year-on-year growth.
  • Oando and Seplat Energy followed with ₦220.12 billion and ₦214.25 billion in PAT, respectively.
  • Eterna Plc recorded a significant turnaround with 114% year-on-year growth, recovering from a loss in 2023.
  • The sector experienced widespread profitability gains, reflecting stronger market dynamics and operational improvements.
  • Profit after tax growth across the sector ranged from 15% to 361%.
  • Nigeria's oil & gas sector delivered a combined profit totalled ₦730 billion in 2024.
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Key Takeaways:
  • The sector’s total PAT rose by 28% from ₦31.68 billion in 2023 to ₦40.49 billion in 2024.
  • Chapel Hill Denham Nigeria Infrastructure Debt Fund remained the top earner with ₦19.59 billion, despite a modest 4% year-on-year decline.
  • Julius Berger and UPDC REIT also posted strong profits, contributing significantly to the overall performance.
  • UPDC Plc recorded the strongest profit growth, surging by nearly 278% from ₦221.5 million in 2023 to ₦836.9 million in 2024.
  • Ronchess Global Resources Plc significantly narrowed its losses by over 64%, though it remained in negative territory.
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