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  • Nigeria imported hair products such as wigs, false beards, eyebrows, eyelashes, and others worth $5.1 million in 2022, with 94.7% coming from China. Here are the countries from which Nigeria imported these products.

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    In 2023, the UK issued nearly 350k skilled health and care visas, representing 57% of the total work visas (616k) issued, with Indian and Nigerian nationals receiving a combined 50% of the visas issued. Nigeria received 82.8k, approximately 13% of the total work visas issued.

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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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  • Seychelles has the most powerful passport in Africa in 2023, with visa-free access to 155 countries and territories, followed by Mauritius (148). Nigerian passport holders have visa-free access to 46 countries, one of the lowest in Africa. Africa's most powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:

    Seychelles (155), Mauritius (148), South Africa (106), Botswana (89), Namibia (81), Lesotho (79), Eswatini (77), Kenya (76), Malawi (75), Tanzania (73).

    Africa's least powerful passports in 2023 by the number of travel destinations passport holders can travel to visa-free:
    Liberia (51), Djibouti (49), Ethiopia (47), Nigeria (46), South Sudan (46), DR Congo (45), Eritrea (44), Sudan (44), Libya (41), Somalia (35).

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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
 
  • 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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Share of total DMB credit to the Nigerian industrial sector (Jan-Sep 2024)
 
  • The Manufacturing industry received the lion’s share of DMB credit to the industrial sector, consistently surpassing 50% and peaking at 56.9% in September.
  • Despite being a crucial part of Nigeria’s economy, the Oil and Gas industry received 40–42.8% of the credit, which was less than the Manufacturing industry.
  • The Power and Energy industry received less than 5% of credit throughout the period, reflecting minimal support for the industry.
  • Manufacturing’s share increased from 52.4% in January to 56.9% in September, indicating growing prioritisation of this sector.
  • Approximately 0.2% of total credit was allocated to mining and quarrying, showcasing an almost complete neglect of this sector.
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Top 8 economies by real GDP growth (2024)
 
  • Guyana leads with a 43.8% GDP growth, driven by its oil boom and foreign investment.
  • Interestingly, the rest of the list comprises smaller economies, including Samoa, Palau, and Rwanda, each showing promising growth rates.
  • African countries like Niger and Rwanda take significant spots on the list.
  • Nigeria has a growth rate of 2.9%, putting the country in 104th position worldwide (out of 190 countries)
  • The list reflects diverse regional representation, from Africa (Rwanda, Niger) to Asia-Pacific (Macao, Samoa, and Palau) and Latin America (Guyana).
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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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Key Takeaways:
  • Seplat Energy recorded the highest EPS in 2024 at ₦385.61, up from ₦92.75 in 2023.
  • Aradel Holdings posted the strongest growth, with a 361% increase in EPS from ₦12.37 to ₦57.03.
  • Eterna PLC reversed its negative EPS in 2023, reporting ₦1.03 in 2024.
  • All listed companies reported positive earnings in 2024, compared to 2023.
  • Three companies grew their EPS by more than 200%.
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Key Takeaways:
  • SFS REIT reported the highest EPS in 2024 at ₦21.50, up from ₦14.50 in 2023.
  • UPDC Plc achieved the most significant growth, with EPS rising fivefold from ₦1.00 to ₦5.00.
  • Most companies posted improved EPS, reflecting stronger earnings and better shareholder returns.
  • Ronchess Global Resources reduced its loss per share by 68%, from -₦71.50 to -₦23.15.
  • Julius Berger and UPDC REIT recorded steady EPS growth of 23% year-on-year.
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Key Takeaways:
  • Meyer Plc recorded the highest EPS in 2024 at ₦59, up from ₦47.
  • Beta Glass had the largest year-on-year EPS growth, more than doubling from ₦10.74 to ₦22.71.
  • Among cement producers, Dangote Cement led with EPS rising to ₦29.74 from ₦26.47.
  • Notore Chemical Industries reduced its losses by 33%, improving EPS from -₦70.87 to -₦47.45.
  • Most listed firms recorded higher EPS, indicating improved profitability and operational efficiency.
  • Lafarge Africa, CAP Plc, and Berger Paints reported steady EPS growth.
  • Notore Chemical remained the only company with a negative EPS.
  • Austin Laz & Co maintained a flat EPS of zero for both years.
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  • MTN remains the market leader, growing from 26 million subscribers in 2013 to 75 million by early 2025.
  • MTN's market share was 53.10% in early 2025, with over 75 million active data subscribers.
  • Airtel saw consistent growth, rising from 8.2 million in 2013 to 48.7 million in 2025, now commanding over 34% market share.
  • Globacom’s data subscriber base peaked in 2023 at 43.7 million but fell sharply by 2025 to 15.8 million.
  • 9mobile's market share in 2025 dropped to just 1.29% from its 2016 peak of 16.31%.
  • Globacom’s market share dropped significantly from its peak of 29.27% in 2017 to 11.16% in 2025.
  • Airtel doubled its market share from 18% in 2013 to 34% in 2025.
  • 9mobile's data subscriber base crashed by 88% from its 2016 peak to less than 2 million in 2025.
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