Insights Archive - Page 75 of 79

Immigration Travel
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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GDP Population
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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Cinema
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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Population

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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Economy
Every Nigerian president since 1999 left office with a higher dollar to naira exchange rate than when they took office. Will President Tinubu's tenure be the exception?

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Wealth

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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Funding

In the past five years, Nigerian Fintech startups have received the most funding in the startup space, with over $1.01b raised in 2021, the highest in 14 years. Funding for the sector has since reduced following the raise in 2021.

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Education

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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Cinema
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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Other Insights

In 2023, an estimated 132.1 million newborns were welcomed worldwide, averaging 361.9 thousand births per day. India, China, and Nigeria accounted for nearly 30% of daily births; India had the highest contribution with 63,600.

Resources

In 2023, Egypt, South Africa, Algeria, and Morocco dominated Africa's steel industry, accounting for 88% of the continent's production. Egypt led the charge, contributing 43% of Africa's total steel output. Despite this, Africa's 23.92 million tonnes only make up 1.26% of global production.

Tax

Kenya's Revenue Authority has doubled its revenue, growing from KSh 1.1 trillion in the 2014/15 financial year to KSh 2.2 trillion in 2022/23. The most significant annual growth occurred in 2021/22, with a 21.7% increase. Over nine years, tax revenue grew by an average of 9.4%, demonstrating consistent progress in Kenya's fiscal management.

Tax

In 2022, employees in Lagos, Rivers, and the FCT contributed ₦558.7 billion in PAYE tax, representing over half of the nation's total. Lagos State alone accounted for ₦360.9 billion. These figures underscore the tax contributions from Nigeria's key economic regions.

Tax

Lagos State led Nigeria’s 2022 PAYE tax collections, surpassing the total of 32 other states combined. PAYE, a tax on employees’ income, saw Lagos contributing 36%, far ahead of Rivers State (11%) and the FCT (∼9%). This highlights the economic disparity across states.

Remittance

Malawi's remittance inflow increased from $747k in 2000 to $263.4 million in 2023, with the highest year-on-year growth rate recorded in 2003. However, the biggest gain in value occurred in 2018, when it increased by $102.2 million over 2017.

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