Insights Archive - Page 79 of 94

Economy Fashion Resources
According to recent data, there were approximately 96,487 tonnes of gold jewellery in the world in Dec. 2023, accounting for 45% of the total estimated amount of gold (212,582 tonnes) mined throughout history. Here is an estimated distribution of gold holdings as of Dec. 2023.

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GDP
Nigeria's GDP in H1 2024 is driven by 22% from Agriculture, 19% from Information & Communication, and 16% from Trade, collectively accounting for 57% of the economy.

Total GDP grew by 3.08% during this period.

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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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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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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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Internet
Between September 2022 to August 2023, 3 of Nigeria's mobile Internet providers saw a combined 8 million increase in their active mobile Internet subscribers, with MTN gaining the most, followed by Globacom and Airtel. 9mobile on the other hand, recorded almost 1 million decline.

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Telecommunications
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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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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Other Insights

As of 2024, 149 private universities are accredited by the National Universities Commission. Southern Nigeria houses 62%, with the South West leading at 47 universities, while the North East has the fewest, with just 5 (3%).

Education

Bayelsa, Gombe, and Katsina States have the fewest accredited universities — five each — of the 274 in Nigeria in 2024. Ogun leads with 19, followed closely by Abuja (17) and Delta (15).

Participants of the National Open Apprenticeship Scheme by gender (2021 - 2023)

Labour productivity

Participation in Nigeria’s National Open Apprenticeship Scheme has dropped by over 50% since 2021, with male and female enrolments declining significantly; over the years, there have been more female participants. The declining participation rates raise questions about awareness, funding, and programme efficiency. For many Nigerian youths, apprenticeship programmes are a gateway to self-reliance and stable income. The National Open Apprenticeship Scheme is a National Directorate of Employment (NDE) programme that upskills unskilled and unemployed people and equips them with relevant demand-driven skills.

Nomadic primary school enrolment in Nigeria by regions

Education

Nomadic primary school enrolment in Nigeria remains most prevalent in the North West, with over 503,000 children enroled in 2021, significantly higher than any other region. Enrolment numbers have shown gradual improvement across most regions.

Education

Nearly one in two accredited universities in Nigeria is located in the South West or North Central. The South West has the highest number of private and federal universities, with a total of 71 universities, while the North East has the fewest, with 21 universities.