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  • Over the years, local companies have contributed more than foreign companies to Nigeria’s total company income tax revenue. In 2023, local CIT payments accounted for 51% of the total, with foreign payments at 49%.

    Local CIT payments saw the highest share in 2021 (65%), while foreign CIT's highest was in 2015 at 52%.

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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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  • 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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  • As of 2022, the US had 948,519 international students, 14,438 (1.5%) of whom were Nigerian. Nigeria was ranked tenth among contributing countries to the international student community in the US.
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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
 

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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top rice producing countries for 2024
 
  • 1990-2000: In this decade, China and India accounted for over 50% of the world's total output, with other dominant rice producers being Indonesia, Vietnam, and Bangladesh, with production figures falling between 20 and 30 million metric tons.
  • 2001-2010: China and India remained the two top producers, with China producing 140 million metric tons annually and India 100 million metric tons annually. 
  • 2011-2020: China and India continue to lead at about 150 million and 105 million metric tons, respectively. 
  • 2021-2024: China and India continued to lead. China reached 144.62 million metric tons in 2023/2024, and India accounted for 137.83 million metric tons.
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With 68% of 80.7k inmates awaiting trial, Nigerian correctional centres have 23.4k (41%) more inmates than their 57.2k capacity. From October 2021 to November 2023, 10.6k inmates have been added to the country's prison population.
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Of the $157 million worth of human hair exported globally in 2022, India had the highest share, with almost 90%. The top four, which are Asian countries, accounted for 95%. Here are the world's top human hair exporting countries in 2022.
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Airtel Nigeria started 2023 with slight drops in revenue in Q1 and Q2. However, a significant decline was recorded in the third quarter, representing the biggest quarterly decline since Q3 2018. Here are Airtel Nigeria's revenues since Q2 2018.
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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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The US has disbursed $10b in foreign assistance to Nigeria in the past 22 years, with its highest in the period coming in 2022. The disbursements have increased from $51m in 2001 to $973m in 2022. Here are the US' foreign assistance disbursements to Nigeria since 2001.
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Per projections made by Goldman Sachs, China should lead the global economy in terms of GDP by the year 2075, closely followed by India and the US. Nigeria and Egypt are the only African countries expected to be in the top 15 by that time.

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In 2022, MTN Group spent ZAR 12.7b paying salaries and incurring other staff costs (an 8.1% increase from 2021), amounting to about 6.1% of its total revenue (ZAR 207b). After accounting for staff costs, they still pocketed ZAR 194b - 93.9% of the revenue for the year.
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Nigeria ranked 2nd after India in Chainalysis' 2023 Global Crypto Adoption Index. However, it ranked 1st in the peer-to-peer (P2P) exchange trade volume sub-index, which has 6 other African countries in the top 10. Here are the leading countries in P2P crypto trading volume.

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Nigerian states and the FCT generated ₦1.92 trillion in internal revenue in 2022, ₦29.8 billion (1.57%) more than in 2021, with Lagos State accounting for 34% of the IGR in 2022. Here are the revenues collected by Nigeria's states in 2022.
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The number of non-resident visitors to Nigeria fell sharply in 2020 to the lowest level in 25 years. This sudden downturn was a contrast to the years between 1995 and 2010 when Nigeria's tourism sector experienced an amazing upswing.
Nigeria saw a record high of 6.1 million non-resident visitors in 2010, highlighting the country's increasing appeal as a travel destination. A remarkable spike in arrivals of 5.24 million in 2007 made the year stand out.
The global pandemic in 2020, however, caused a significant decline, with just 1.21 million visitors — the lowest number since 1996.
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Key takeaways:
  • The increase has been continuous and exponential, with no year experiencing a decline since 2012.
  • The pace of growth has intensified in recent years, particularly during the last four years (2020-2024), which witnessed especially sharp increases.
  • The most significant one-year increase in absolute figures took place between 2022 and 2023, adding over 800,000 new asylum applicants.
  • The figure for 2024, standing at 3.18 million, is three times more than what was recorded in 2020.
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Payment system by transaction value (Jan - Jun 2024)
  • Web payment amassed a total transaction value of ₦825.5 trillion, showcasing its dominance in both frequency and financial significance.
  • With a Constant Annual Growth Rate of 150.4% (in volume) and 208.9% (in value), Web Pay has been leading the Nigerian Payment System in both transaction volume and value since 2020.
  • Mobile payments contribute 15.8% of transaction volume and 10.9% of transaction value, indicating growing adoption among tech-savvy users.
  • NEFT transactions represent 21.5% of the total transaction value, reflecting their importance for transferring large sums.
  • The dominance of web payments reflects Nigeria's ongoing transition to a cashless economy and widespread digital adoption.
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Payment system by transaction volume (Jan - Jun 2024)
  • Web payment is the leading payment system in Nigeria, handling over half (52.7%) of transaction volume and 56.6% of transaction value in the first half of 2024.
  • With a Constant Annual Growth Rate of 150.4% (in volume) and 208.9% (in value), Web Pay has been leading the Nigerian Payment System in both transaction volume and value since 2020.
  • Point-of-sale (POS) terminals account for 29% of transaction volume, proving their continued relevance for in-person transactions.
  • Mobile payments contribute 15.8% of transaction volume and 10.9% of transaction value, indicating growing adoption among tech-savvy users.
  • The dominance of web payments reflects Nigeria's ongoing transition to a cashless economy and widespread digital adoption.
  • With 3.49 billion transactions, mobile payments are gaining traction for low-value, high-frequency activities like bills and purchases.
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Key takeaways:  
  • Most countries can only target 50-70% of their populations in need.
  • Sudan has the greatest humanitarian requirements, with 30.44 million people affected, and it is projected that only 69% will receive help, leaving 10 million individuals unsupported.
  • Myanmar exhibits the largest gap, with over 19.9 million people in need and only 5.5 million targeted for assistance.
  • The situation in Ukraine leaves nearly 7 million individuals without adequate assistance while targeting approximately 6 million individuals.
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Key takeaways:
  • The industry sector accounted for the smallest portion of global employment in 2022.
  • Around 50 percent of the worldwide workforce is involved in the service sector.
  • On a global scale, the disparity between the agriculture and industry sectors is slight.
  • The sector with the largest share of employment globally is the service sector.
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  • Number porting in Nigeria has dropped significantly, with only 55k customers switching networks in 2024, continuing a multi-year decline.
  • MTN gained the most new customers in 2024, outperforming other networks in porting gains.
  • 9mobile, once the dominant choice for ported customers, has lost its appeal, with far fewer subscribers switching to the network in recent years.
  • Overall porting activity has slowed, suggesting improved customer retention or fewer incentives to switch providers.
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