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  • Of the total VAT generated in Q1 2021, Non-Import (foreign) VAT recorded a 116% increase — the highest compared with the same period of 2020. Here is a breakdown of the VAT generated by sectors in Q1 2020 and Q1 2021.
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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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    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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  • 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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    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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  • 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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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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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

Did you know? From Hausa and Igbo to Yoruba and others, Nigeria boasts more than 500 spoken languages, making it one of the world's most linguistically diverse countries. Here are the top ten countries with the most living languages as of 2022.

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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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Singaporean passport holders can travel visa-free to 192 countries and territories, making the country first in Henley & Partners' Global Passport Ranking for 2023. Of the top 15 most powerful passports, 12 are European. Here are the most powerful passports in 2023.

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In the past 13 years, Africa's port activity has grown steadily from handling 22.8 million containers in 2010 to 35.8 million in 2022.

Asia's bustling ports outpaced the world, handling nearly 6 billion containers since 2010, and 561 million in 2022.

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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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Abdulsamad Rabiu’s wealth has consistently increased for 4 consecutive years since 2020. Aliko Dangote, on the other hand, experienced 3 consecutive years of wealth growth starting from 2021. Mike Adenuga's wealth recorded growth in 2021 and 2022, but it took a downturn in 2023.

Abdulsamad Rabiu's financial journey has been particularly noteworthy, with his wealth witnessing a substantial surge from $1.2b in 2014 to $8.2b in 2023. This growth has seen him surpass Mike Adenuga and become the country's second-wealthiest individual as of 2023.

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Nigeria produced 1.4 million tons of palm oil in 2022, 2% of the global production in the 2022/2023 market year, making the country the fifth largest producer of the commodity. Indonesia dominated global production with 59%, followed by Malaysia and Thailand.
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The oil refining industry experienced the highest industrial decline in 2022

Nigeria's GDP grew by 3.1% in 2022, with at least 17 of its industries recording less than 5% growth individually. The oil refining industry experienced the least growth, contributing ₦11.2 billion — 42% less than ₦19.3 billion in 2021.

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Over time, Nigerian workers under 50 have increasingly relied on pension savings during unemployment. This graph illustrates the upward trend with some fluctuations in both the total amount withdrawn — ₦26.9 billion in 2022, and the number of approved withdrawals. Individuals who can withdraw 25% of their retirement savings balance are those who disengaged/retired before the age of 50 years in accordance with the terms and conditions of their respective employment and stayed unemployed for at least six months.

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68% of Nigeria's capital imports in Q1 went to three sectors - banking, production, and IT services

Most of Nigeria's capital imports in the first quarter of 2023 were directed toward three sectors. The banking sector got the most investments with $304 million, accounting for 27%, and the production and IT services sectors followed, with 22% and 19%, respectively.

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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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In the past 10 years, Nigeria has received $131 billion in capital imports

Nigeria's capital importation has been on a decline after it hit a $24 billion peak in 2019. In the past 10 years, it received $131 billion, with the lowest recorded in 2016. Here are the country's capital imports since 2013.

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Local company income tax in Nigeria surged threefold quarter-on-quarter in Q2 2024, reaching ₦1.35t. Agriculture, Forestry, and Fishing led with a growth of 474.5%, while Household Employment and Own-Use Production experienced the steepest decline at -30.22%
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Total number of products registered with NAFDAC from 2020 to 2022
Food and packaged water dominate NAFDAC registration, as close to 50% of all products registered between 2020 and 2022 were either food or packaged water. This suggests a significant focus on ensuring the safety and quality of these essential commodities. Human drugs also make up a substantial portion of registered products, reflecting the importance of regulating medications to protect public health. Cosmetics and herbal drugs follow closely with 13.2% and 6.5%, respectively.
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Top & bottom ten states by number of dentists (2022)
Lagos State leads the dental healthcare workforce in Nigeria with an impressive 713 dentists, a figure over three times higher than any other state. This dominance shows Lagos' position as a hub for healthcare professionals. Trailing far behind are the FCT (Abuja) with 208 dentists and Oyo with 185. The gap becomes even more glaring when examining the bottom states like Taraba, with only eight dentists, and others such as Jigawa and Abia, with just nine each. These numbers paint a concerning picture for residents of these regions, who may face long travel distances or extended waiting times to access basic dental care. Interestingly, Borno State, which faces security challenges, has 53 dentists, surpassing several other states.
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Nigeria's import value increased by 8.7% quarter-on-quarter and 63% year-on-year, reaching ₦14.67 trillion in Q3 2024. China led as the top trading partner with imports valued at ₦3.57 trillion (24%), while Malta rounded out the top five with ₦767 billion (5%).
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Countries by Global Innovation Index 2024

The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement. In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap. Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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