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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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    • 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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  • 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.

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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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    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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  • In 2023, 1.17 billion smartphones were shipped globally. Samsung and Apple maintained their stronghold on the smartphone market, collectively accounting for 38%, with each brand capturing 19%.

    Xiaomi maintained a 12% share after peaking at 14% in 2021. Apple's market share shows a gradual increase from 2020, reaching 19% in 2022 and 2023.

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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.

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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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Other Insights
 
  • 9mobile lost the most customers to porting in 2024, with 44.7k subscribers switching to other networks.
  • MTN, once the most affected by porting, now has the lowest losses at just 2.7k customers in 2024.
  • Airtel and Globacom had minimal losses in 2024, with 4.2k and 3.8k customers leaving respectively.
  • MTN previously saw massive porting losses, peaking at 125.5k in 2015, but has since improved drastically.
  • Porting losses have declined across all networks over time, except for 9mobile, which has seen a recent spike.
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Key takeaways:
  • The predominant share of sub-Saharan Africa's workforce is engaged in agriculture.
  • In 2022, over 50% of the workforce in sub-Saharan Africa was employed in the Agriculture sector.
  • Employment levels in the Industry sector were significantly lower compared to Agriculture and Services.
  • Approximately 37% of employees in sub-Saharan Africa were in the Service industry.
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  • Canada announced a reduction in international student approvals in 2024, citing housing and resource pressures.
  • Global approvals dropped nearly 31% from 681.5k in 2023.
  • Nigerian approvals dropped 36%, ranking among the highest declines. India (-39.7%) and Nepal (-48.8%) were also major declines.
  • Canada plans to issue 437,000 study permits in 2025, 10% lower than 2024’s cap.
  • The UK, US, and local universities may see more Nigerian applicants.
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  • Four of 2024's top-grossing movies in Nigeria were not among the top 15 globally, showing a local preference for some movies.
  • The world's highest-grossing 2024 movie, Inside Out 2, underperformed in Nigeria
  • Movie franchises and sequels dominated the list, as only two movies were neither a sequel nor part of a franchise.
  • The top 15 foreign titles at the Nigerian box office grossed ₦3.95 billion, more than the top local title's ₦3.37 trillion.
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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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  • Nigeria's box office is still dominated by foreign titles, with only four local titles in the top ten movies.
  • A local title, Everybody Loves Jenifa, was the highest-grossing movie, exceeding ₦1 billion.
  • The world's highest-grossing movie, Inside Out 2, did not make it to Nigeria's top ten movies.
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Key takeaways:
  • In 2024, there was a sharp drop in unrealised humanitarian funds from the amount received in 2023.
  • The rate at which the amount of unrealised humanitarian aid increased from 2022 to 2023 is approximately the same rate at which the unrealised amount dropped in 2024.
  • The lowest amount of unrealised funding was recorded in 2016.
  • The UN secured $632 million of the $1.08 billion needed for humanitarian assistance in Nigeria in 2020.
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Key takeaways:
  • The funding requirements for humanitarian assistance in Nigeria reached their highest in 2023 but significantly fell in 2024.
  • From 2016 to 2025, there has been an 89% rise in the United Nations' planned assistance.
  • The funding appeal peaked at $1.31 billion in 2023, representing a 16% increase compared to 2022.
  • During the global lockdown in 2020, the United Nations required a humanitarian funding target of $1.08 billion for Nigeria.
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Share of total DMB credit to Nigerian sectors (Jan-Sep 2024)
 
  • Despite being a key contributor to employment and food security, the Agricultural sector only gets an average of 4.4% of total DMB credit.
  • The Industrial sector consistently absorbs the largest loans, accounting for 42%–46% of total credit from January to September 2024.
  • The Services sector remains a top recipient of bank credit, with shares fluctuating between 37% and 41%.
  • The Government sector receives relatively low credit levels, averaging 4.9%, suggesting reliance on alternative funding sources rather than direct bank borrowing.
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Sectoral contribution to GDP by sectors (2012 -2024)
 
  • With an impressive 20.1% CAGR, the Industry (including construction) has experienced the fastest expansion, more than doubling its contribution to GDP over the period.
  • Services remains the largest contributor to GDP, but its growth at 14.6% CAGR is being outpaced by Industry, signalling an evolving economic structure.
  • Agriculture’s 11.2% CAGR shows steady growth, but its share of GDP is shrinking compared to the industrial and service sectors.
  • The rapid growth in Industry reflects Tanzania’s shift towards manufacturing, construction, and infrastructure development.
  • Unlike decades ago, when agriculture dominated, today’s GDP contributions are more balanced between Services, Industry, and Agriculture, reducing reliance on any single sector.
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Top 10 African nations with the highest inflation rates (2024)
 
  • With 57.50% inflation, Zimbabwe’s economy is experiencing an extreme price surge, making it the most inflation-affected country in Africa.
  • At 34.80%, Nigeria is battling one of its worst inflation crises in decades, severely impacting food prices, transportation, and living costs.
  • The fact that seven out of ten countries on this list have inflation rates that double or even quadruple the African average shows the depth of the inflation crisis.
  • While their inflation rates (between 16% and 24%), as seen in Ghana, Ethiopia, Zambia, and the Congo, are lower than the top three, they still exceed the sustainable threshold for economic stability.
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Federal Government expenditure on debt services (2010-2024)
 
  • Debt servicing costs have grown significantly over the years, from ₦400 billion in 2010 to an estimated ₦11.8 trillion in 2024 — a nearly 30-fold increase in just 15 years.
  • Between 2010 and 2024, Nigeria has spent ₦45.57 trillion on servicing its debt, demonstrating the enormity of its financial obligations.
  • The year 2024 stands out as the most expensive year yet, with ₦11.8 trillion spent on debt servicing — a jump of over 37% compared to 2023's ₦8.6 trillion.
  • While debt service expenditures grew gradually in the early 2010s, the most rapid increases occurred after 2019, with spending surging from ₦2.4 trillion in 2019 to ₦8.6 trillion in 2023.
  • From 2019 to 2024, debt servicing costs rose by almost 392%, showcasing how Nigeria’s debt burden has amplified in a short period.
  • This steep rise in debt servicing diverts resources from critical areas such as infrastructure, health, and education, hindering overall development.
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  • Kenya recorded $27.5B total FDI between 1990 and 2024, with most inflows occurring after 2007.
  • From 1990 to 2006, Kenya averaged just $0.04B annually, a sign of limited foreign investor confidence in early years.
  • A major turnaround began in 2007, with FDI jumping from $0.05B to $0.90B, and peaking at $2.23B in 2011.
  • Between 2007 and 2024, Kenya received over 92% of its total FDI, a sharp shift in its investment profile.
  • FDI has stayed above $1B annually since 2009, signalling consistent investor interest in Kenya’s growing economy.
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  • Rwanda attracted a total of $6.28 billion in foreign direct investment (FDI) over 35 years, from 1990 to 2024.
  • The highest annual inflow recorded was $820 million in 2024, making it the country’s strongest FDI year yet.
  • Between 2020 and 2024, Rwanda pulled in $2.70 billion, accounting for over 40 percent of its total investment since 1990.
  • From 1990 to 2004, annual FDI barely exceeded $100 million, with several years recording zero inflows.
  • Even during its best-performing years, Rwanda’s FDI never hit the $1 billion threshold.
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  • June 2025 PMI: 51.6, down from 52.7 in May — marking a three-month slowdown in growth.
  • The figure is 2.99% above June 2024 levels, when PMI was 50.1 — confirming year-on-year improvement.
  • The June dip reflects subdued demand and persistent inflation, echoing broader market sentiments.
  • A PMI above 50 signals expansion; Nigeria’s figure signals ongoing growth, though losing speed.
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  • Uganda and Mauritius offer the most affordable mobile data in Africa, with 1GB for just $0.02 over a 30-day period.
  • Comoros, Ghana, and South Africa also rank among the cheapest, each offering 1GB of data for $0.07 to $0.10.
  • Nigeria is among the top 10, with a relatively low cost of $0.13 per 1GB, placing it below the continental average.
  • Madagascar, at $0.32 per 1GB, closes out the top 20, which reflects the upper boundary of affordable data across African nations.
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  • Road accidents declined by 53% between Q3 2020 and Q3 2024.
  • Q4 2022 recorded the highest number of accidents, with 4,835 reported cases.
  • Q3 2024 had the lowest number, with just 1,945 accidents.
  • Speed violation remains the leading cause of road accidents in Nigeria.
  • Ogun, FCT, Kaduna, and Nasarawa consistently rank among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Imo, Rivers, and Akwa Ibom regularly report the lowest number of accidents each quarter.
  • Commercial vehicles are the most frequently involved vehicle category in accidents.
  • Cars account for the highest number of individual vehicle accidents.
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  • The Federal Capital territory (FCT) recorded the highest number of road accidents between Q3 2020 and Q3 2024, with a total of 8,133 accidents, accounting for 12.42% of total accidents.
  • FCT, Ogun, Nasarawa, and Kaduna consistently ranked among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Akwa Ibom, Rivers, and Imo were among the states with the lowest number of recorded accidents each quarter.
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