Nigeria’s public debt decreased in dollar terms between June 2023 and June 2024. However, when converted to naira, it jumped to ₦134.3 trillion, largely due to currency devaluation. This sharp increase in debt could lead to tighter budgets, potentially affecting public services and everyday costs for Nigerians.
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.
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.
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.
Since its inception, Binance has demonstrated remarkable growth, ending its first year with 1.5 million users and increasing its user base nearly eightfold the following year. Over six years, it has established itself as the largest cryptocurrency exchange in the world, reaching 150 million users by 2023. This growth highlights Binance's significant impact on the global crypto market and its commitment to expanding access to digital assets.
Tanzania's Internet subscriptions surged from 9.31 million in 2013 to 39.3 million as of June 2024, reflecting an average annual growth of 2.72 million. Apart from slower growth in 2018 and 2020, with 148,000 and 284,000 new subscriptions, respectively, the East African nation has consistently expanded its digital reach.
Notably, mobile wireless subscriptions accounted for a staggering 99.75% of all Internet subscriptions in Tanzania.
The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.
Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.
A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.
According to 2022 and 2023 data for 40 African countries, Egypt leads in the value of manufacturing output reaching $59.6 billion in 2023 despite a 21% drop from 2022.
Nigeria follows with $55.7 billion, while South Africa comes third with $48.8 billion.
Safaricom has maintained the largest share of telecom subscribers in the Kenya over the years. From 2008 to 2024, it has expanded its subscriber base from 10.2 million to 44.7 million, reflecting an average annual growth of 2.2 million subscribers. This consistent growth underscores Safaricom's strong market position and effective business strategy in Kenya's telecom sector.
When Olusegun Obasanjo took office in 1999, the exchange rate was ₦97 to $1; it was ₦128 under Yar'Adua in 2007. During Jonathan's tenure in 2010 it was ₦151 while it was ₦199 when Buhari was in office.
Despite efforts to let market forces decide the rate, the naira continues to weaken. Will the current administration turn things around soon?
Nigeria's manufacturing sector contributed 9.2% (₦3.37 trillion) to the total GDP in H1 2024, mainly driven by food, clothing, and cement, which make up a combined 79.5% of the sector's GDP.
Smaller sectors like Non-Metallic Products, Wood & Wood Products, and Motor Vehicles & Assembly could expand with targeted investments. The minimal impact of Oil Refining and Electrical & Electronics underscores the need for diversification.
President Tinubu's government recently added a new aircraft to the presidential fleet, sparking concerns over rising maintenance costs.
From 2017 to 2024, the cost of maintaining Nigeria's presidential air fleet has increased by 366%, jumping from ₦4.4 billion to ₦20.5 billion.
The Presidency argues that the new jet will save millions in maintenance and fuel costs.
Nigeria, Egypt, and Morocco have consistently led Africa's diaspora remittance, contributing 67% of the continent's total inflows since 2000.
In 2023, African nations received $94.78 billion, with Egypt, Nigeria, and Morocco leading.
Here are the top ten countries since 2000.
