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  • VAT in Nigeria was increased to 7.5% from 5%, effective from January 13, 2020. Though the increase didn’t affect Q1 2020’s figures that much, figures from Q1 2021 exceed Q1 2020’s by 53%. Here’s the total VAT generated for Q1 of the past ten years.

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    In Q2 2023, MTN Nigeria made 71% less profit than it did in Q1 2023, with PBT dropping from ₦156b to ₦45b. It then declined further by 28% to ₦32 billion in Q3. Here are the telco's profits before tax since Q1 2019.
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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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    Inflation rate in Nigeria increased to 31.7% in February 2024. Nigeria has the 13th highest inflation rate out of 186 countries and territories as of February 2024.

    The data showcases Argentina leading with 276%, followed by Lebanon and Syria. Seven of the top fifteen are African.

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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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    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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  • Lagos and the FCT attracted 98% of Nigeria’s capital imports in Q1 2023

    In Q1 2023, eight Nigerian states and the Federal Capital Territory (FCT) received $1.13 billion in capital imports. Lagos State secured $705 million (62%) and the FCT attracted $410 million (36%), adding up to 98%.

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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
 

The pump price of petrol in Nigeria increased from ₦189 to ₦617 between May 29, 2023 and July 18, 2023, a 226% increase within two months. The announcement of the removal of petrol subsidy led to a sharp increase in its pump price.

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Spectranet had the highest Internet subscribers among the Internet Service Operators (ISOs) in Nigeria as of Q3 2022, accounting for 56.19%. No other operator has up to 10% of the total number of subscribers on ISOs in the country.

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As of February 2023, Airtel had the fastest Internet speed of all mobile operators in Nigeria at 22.42Mbps, followed by MTN with 21.71Mbps, and Glo with 8.70Mbps. 9mobile comes last with a speed of 8.32Mbps. Airtel's speed of 22.42Mbps was about 26% of Starlink's speed.

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Of the total amount raised by Millionaire West African Startups (MWAS) between 2010 and 2019, startups with all male founders raised $1.4b, accounting for 79.9% and MWAS with at least a female co-founder on the team accounted for 20.1% of the total amount raised.
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Mobile App transfers increased by 174% to ₦53.21 trillion 20 2021, it also increased by 108% to ₦111.12 trillion in 2022. There was also a charge increase in the volume of funds transfers done on mobile apps. The Central Bank of Nigeria, in its figures, separated Mobile App transfers from those of Mobile Money Operators (MMOs).

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The value of transactions conducted over Unstructured Supplementary Service Data (USSD) in Nigeria in 2021 was ₦5.2 trillion, 73% higher than 2020 figures. The total transaction value dropped by ₦685 billion in 2022, a 13.3% decline. The transaction volume also witnessed a 6% decline.

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As of 2021, 6 in every 10 males aged 15 and above in sub-Saharan Africa had an account with a financial institution, compared to almost half of all females of the same age in the region. Check out the share of sub-Saharan Africans with bank/mobile money accounts.
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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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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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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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Since launching in 2007, the iPhone has been a key part of Apple's revenue stream. Apple's 2021 annual report shows that net sales for iPhones accounted for over half of the company's total net sales for the year.

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Apple recorded $191b in net sales from iPhones in 2021, a 39% increase from its 2020 figures. Apple attributed the increase to new iPhone models launched in Q1 and Q4 2021 and a favourable mix of iPhone sales. Here are Apple's iPhone net sales over the years:
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  • 66.6% of inmates (53,408) are awaiting trial, meaning 2 out of every 3 prisoners have not been convicted. This highlights major delays in the justice system, leading to prolonged detention without sentencing.
  • Male inmates dominate the prison population at 97.7%, with similar trends in both convicted (98.3%) and awaiting trial (97.4%) categories, highlighting a significant gender disparity in detention rates.
  • Only 33.4% of inmates (26,775) have been convicted, while the majority remain in legal limbo. This suggests that slow judicial processes are contributing to prison overcrowding and potential human rights concerns.
  • 75.4% of female inmates (1,399 out of 1,855) are awaiting trial, meaning only 1 in 4 female prisoners has been convicted
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  • The NGX premium board accommodates an elite list of companies that meet specific requirements
  • Six of the eight companies are audited by EY and KMPG, with each firm auditing three companies
  • PwC audits the remaining two companies on the premium board
  • Deloitte is the only big four firm that does not audit a premium board company
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  • Listed banking groups in Nigeria are all audited by the big four
  • KPMG is the top auditor for the industry, auditing five companies
  • Deloitte audits four companies, close behind KPMG
  • EY and PwC audit three of the five tier one banks
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Nigeria's gross external reserves (2005 - 2024)
  • External reserves hit a peak of $53 billion, a level that hasn’t been reached since.
  • Reserves have moved between $27 billion and $43 billion in the last decade.
  • At $27 billion, 2016 was the most challenging period, coinciding with an economic recession and foreign exchange crises.
  • Reserves rebounded after 2016, reaching as high as $42.6 billion in 2019.
  • With $39.3 billion in reserves as of September 2024, Nigeria is in a stronger position than in some past years but still below historical highs.
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  • The Gambia, Guinea-Bissau, Niger, Sierra Leone, and Guinea had the most stable electricity supply from 2000 to 2021.
  • Cape Verde experienced the highest electricity fluctuations, with values ranging from 2981.5 kWh/person to 7692.9 kWh/person.
  • Nigeria, Ghana, Benin, Mali, and Cape Verde had the most unstable electricity supply, with significant year-to-year variations.
  • Nigeria’s electricity supply averaged 2161.7 kWh/person but remained highly inconsistent, fluctuating between 1250.4 and 2707.9 kWh/person.
  • Mali had the lowest electricity availability among unstable nations, averaging 757.4 kWh/person, with a drop as low as 350.7 kWh/person.
  • Countries with stable electricity had lower fluctuations, with The Gambia leading at 957.8 kWh/person and Guinea reaching 1110.8 kWh/person.
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  • Ghana's under-5 mortality rate at 42.3 deaths per 1,000 live births, still higher than the SDG target of 25 deaths per 1,000 live births.
  • Cape Verde achieved the most dramatic reduction in under-5 mortality rates, cutting its rate by over 93%, from 174.8 in 1960 to 12.3 in 2022, the lowest in West Africa.
  • Sierra Leone had the highest under-5 mortality rate in 1960, at 390.1 deaths per 1,000 live births, marking it as one of the most challenging places for child survival in the region at the time.
  • Liberia experienced a troubling increase in under-5 mortality rates during the 1980s, peaking at 263.8 in 1990, a period marked by civil war and economic instability.
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