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  • Nigerian students of Bini/Edo ethnicity had the highest tertiary institution completion rate as of 2013. Igbo, Ebira/Igbira, Ibibio, and Yoruba were notable ethnic groups in the top five. Which ethnic group do you think currently leads Nigeria's tertiary institution completion?
    As of 2013, for a programme lasting at least four years, 21% of students from the Bini/Edo aged 25 to 29 completed their studies; for students between 30 and 34, it was 17%.
    However, for those between 25 and 29 in a programme lasting at least two years, the Ebira/Igbira led with 41%, followed by Bini/Edo with 35%.
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    The Petroleum Industry Bill passed in July 2021 is expected to transform the oil and gas industry. Nigeria's oil production dropped from 2.1m barrels per day in 2019 to 1.798m barrels per day in 2020. Here's a representation of the country's oil production over the years:

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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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  • From 2006 to 2022, the Nigerian-born immigrant population in the US saw significant growth, increasing from 197.5k to 448.4k. This figure reflects almost a 1% share of the total foreign-born population in the US, which reached 46.2m in 2022.

    Notably, the most rapid increases occurred between 2014 and 2022, with the Nigerian immigrant population jumping from 264.4k to 448.4k.

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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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Other Insights
Nigeria's cocoa production has seen significant fluctuations between 1990 and 2022. While there have been periods of growth, such as the increase from 244k tonnes in 1990 to 485k tonnes in 2006, there have also been notable declines. Production hit a low of 203k tonnes in 1995 and faced other dips. Here is the quantity of cocoa produced in Nigeria since 1990.
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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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Nigeria's economy attracted $114 billion in the past decade from foreign investors. They invested $48 billion in shares, making up 42% of total capital imports. The Banking and Finance sectors followed with $21.6 billion and $15.7 billion, respectively, accounting for a combined 33%. Manufacturing, Telecommunications, and Servicing sectors collectively attracted $19.2 billion. Businesses related to Trading, Agriculture, and Oil and Gas each received 2%. This distribution underscores investors' confidence in Nigeria's financial services sector over others.
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Since 2005, nationals from China, India, Saudi Arabia, Russia, Pakistan, and Nigeria have ranked among the top three recipients of UK study visas. China led the list from 2010 to 2020. In 19 years, over 1.46 million Chinese nationals (22.9% of the total) received study visas. India followed with 926.9k and Nigeria — which first entered the top three in 2020 — with 436.9k.

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A country with strong infrastructure, affordable services, and high digital literacy, enabling everyone to use fast and reliable mobile internet will have a perfect score (100) on the GSMA's Mobile Connectivity Index 2023. South Africa leads in Africa with 69.53.
Globally, Singapore is first, with a score of 93.7, setting the benchmark for mobile internet adoption. Only four African countries — South Africa, Mauritius, Seychelles, and Egypt — surpassed the global average score.

Tunisia, Ghana, and Nigeria scored below the global average.
The Mobile Connectivity Index analysed measured 173 countries' mobile internet adoption from 2014-2023, normalising indicators to a 0-100 scale for consistency. The factors assessed include infrastructure, affordability, digital literacy, and policy frameworks.

 

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Nigeria's foreign portfolio investment surged by 570% in Q1 2024, hitting $2.1 billion and making up 61% of total capital imports. This boost ends a 15-quarter slump, surpassing Q4 2019‘s levels.

Overall capital imports for Q1 2024 reached $3.4 billion, with $119.2 million from foreign direct investments and $1.2 billion from other investments.

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Argentina, Egypt, and Ukraine were the IMF’s top three debtors as of June 26, 2024, accounting for $51 billion (46%) of the total debt. Egypt, Angola, and Kenya occupy the top three spots in Africa on the IMF’s debtors’ list.

As of December 2023, Kenya's public debt stood at Ksh11.14 trillion (approximately $76.8 billion). By June 2024, its debt to the IMF had increased by 245% from $744 million in August 2020.

This increase has coincided with protests in Kenya, where citizens opposed a proposed finance bill aiming to raise additional taxes to reduce the budget deficit and state borrowing.

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Surfshark's data reveals that 17.2b online accounts have been compromised globally since 2004, with African countries accounting for 250.7m (1.45%).

South Sudan has the highest number of breached online accounts in Africa, with over 89 million compromised accounts.
South Africa and Egypt follow with 0.2% and 0.13% of the global figure, respectively. Nigeria ranks fourth with 19.3 million breaches.
Although Africa's share of global breaches is relatively low, the potential harm is significant. Recently, unauthorised websites reportedly sold Nigerians' data, including NIN, BVN, and driver's licenses, for as little as ₦100.
These breaches pose serious privacy, financial security, and national safety risks, calling our attention to the urgent need for robust data protection measures.

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With over ten million registered Retirement Savings Accounts as of Dec 2023, Nigerian workers' pension contributions have grown steadily, despite fluctuations in recent years, to reach ₦1.32t in 2023.

In 2023 alone, 13.3% of the total savings since inception was contributed.

Total contributions since 2004 reached ₦9.9 trillion by 2023, with 52% coming from the public sector. The public sector grows at an average annual rate of 15.8%, while the private sector averages 16.2% yearly growth.

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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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The number of study and work visa applications from Nigeria to the UK has significantly increased, particularly following the COVID-19 pandemic. Although study visa applications dropped by 24% in 2023, they peaked at 124.8k in 2022.

Work visa applications reached a high of 92.7k in 2023, increasing three consecutive years from 2021.

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In 2023, Nigeria emerged as the second-largest source of UK work visa applications, with 92.7k applications, trailing only India (171.8k). This places Nigeria ahead of other countries like the Philippines (29.5k), Ghana (36.2k), Pakistan (48.4k), and Zimbabwe (50.3k).

Nigeria, Zimbabwe, and Ghana were the top African countries seeking work in the UK in 2023.

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Key takeaways:
  • The most significant growth was observed in 2024, with operating profit reaching a record high of ₦174.97 billion in Q4.
  • Despite experiencing some fluctuations each quarter, the company displayed resilience and a strong capacity for scaling.
  • BUA Foods showed consistent improvement in operating profits year over year.
  • Quarterly operating profits ranged from around ₦20 billion in 2021 to nearly ₦175 billion in Q4 2024.
  • A major breakthrough occurred in 2024, with quarterly operating profits consistently exceeding ₦99 billion.
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Key takeaways:
  • BUA Foods Plc's turnover rose from ₦70.2 billion in Q1 2021 to ₦437.4 billion in Q4 2024.
  • The organisation experienced steady quarterly increases throughout all periods.
  • A notable spike was observed in 2024, with quarterly turnover consistently above ₦315 billion.
  • The fourth quarter of 2024 marked a peak turnover of ₦437.4 billion.
  • In terms of quarterly growth, Q1 2024 recorded the highest rate at 75%.
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Eurobond issuance by African countries (2024)
  • South Africa issued $3.5 billion, making up over a quarter (25.6%) of all issuances on the continent.
  • South Africa, Côte d’Ivoire, and Nigeria issued $8.3 billion, accounting for 61% of Africa’s total Eurobond issuance in 2024.
  • Despite economic uncertainties, Nigeria remains an active player in international markets, issuing $2.2 billion in Eurobonds.
  • Francophone West Africa has a strong presence as Côte d’Ivoire, Senegal, and Benin collectively issued $4.4 billion, highlighting their growing role in Africa’s debt markets.
  • At $0.75 billion and $0.55 billion, respectively, Benin and Cameroon still secured external financing, but at significantly lower levels than their larger counterparts.
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Key takeaways:
  • The third quarter of 2023 displayed an unusually low tax payment of ₦104.9 million.
  • Tax contributions stabilised once again in Q4 2023 and maintained a robust presence in 2024, especially in Q1 and Q3.
  • Beginning at ₦1.99 billion in Q1 2021, BUA Foods’ income tax payments displayed fluctuations up until 2024.
  • Tax payments for BUA Foods remained relatively stable between 2021 and 2022.
  • The peak tax payments occurred in Q2 2023 at ₦7.09 billion and Q1 2024 at ₦6.54 billion.
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Key takeaways:
  • The tax-to-GDP ratio reached its peak in 2022/23 at 24.9%, signifying enhanced efficiency in tax collection.
  • Throughout the past two decades, the percentage of tax revenue relative to GDP has exhibited significant stability.
  • The tax revenue as a proportion of GDP has fluctuated between 21% and 25% over the last twenty years.
  • Notable declines occurred during global economic downturns, such as the financial crisis of 2008-2009 and the COVID-19 pandemic.
  • The recent years (2021-2024) reflect a robust recovery, with tax revenue percentages approaching peak levels.
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  • Shoprite leads in geographical presence, with stores in 13 Nigerian states, followed by Marketsquare with 11 states.
  • Everyday Supermarket is the only other chain with a presence in at least five states, while the majority of other brands are in just four or fewer states.
  • Most retail chains in Nigeria remain regionally concentrated, with only a few achieving significant national coverage.
  • The presence of only a few nationwide chains may present an opportunity for expansion by emerging retailers.
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