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  • In 2022, Africa accounted for only 3.9% (1.4b tonnes) of the world's CO2 emissions from fossil fuels, with Asia being the primary contributor at 19.1b tonnes. This chart shows the variations in regional contributions to global Carbon (CO2) emissions over the past ten years.

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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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  • 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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  • Poverty rate: 87 million Nigerians raise rate to 38.9% in 2023

    Despite various cash assistance programmes, including the Conditional Cash Transfer (CCT) Program, and extensive macroeconomic reforms such as the unification of the exchange rate and the removal of fuel subsidies, poverty in Nigeria rose to 38.9% in 2023, leaving 87 million Nigerians in poverty.

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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

Newzoo, a provider of video game and gamer data, reported that in 2023, Nigerian mobile gamers spent approximately $229.7m — the highest expenditure in Africa — boasting a sizable 14.7m spenders.

Egypt's gamers spent an estimated $212.6m and occupied second place in Africa's mobile gaming expenditure ranking.

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Spotify paid out more than $9 billion in music royalties in 2023.

Artistes who received earnings ranged from 259,700 earning at least $1,000 to just 60 earning $10 million or more.

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How much more debt did Nigerian states add to their existing domestic debt in 2023?

Nigerian states' domestic debt increased by 9.8% in 2023, with 20 states and the FCT contributing to this increase. Lagos State recorded the biggest jump in domestic debt with ₦241.5b added.

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Nigeria’s happiness scores range from 4.552 to 5.268, fluctuating from year to year.

There was a slight upward trend from 2016 to 2019, with the highest recorded in 2015. Here are Nigeria's happiness scores from 2012.

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At the end of every year from 2017 to 2023, Nigeria added between $800m and $7.5b to its external debt. After repaying $3.5 billion of its external debt in 2023, the country's external debt only increased by $800m as of December, marking the lowest increase in the past 7 years.

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Moove Africa's total disclosed funding as of March 19, 2024, comprises 41.6% debt financing, 22.5% Series B, 19.8% Series A, 14.9% private equity, and 1.2% Seed round.

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In its second funding disclosure in 2024, Moove Africa has raised $100 million in a Series B round. The startup has disclosed funding at least twice yearly since 2021 and six times in 2022. The total disclosed funding now totals $444M.

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Nigeria collected nearly ₦5 trillion income tax from companies in 2023. The amount collected in 2023 is 3.5x the collections in 2015 and 73% more than in 2022. Here are Nigeria's company income tax collections since 2015.

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happiness-2024-65fdcc8a1f311

Nigeria has ranked the 102nd happiest country of 143 countries surveyed globally as of 2024; it ranked 11th of 40 African countries.​
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​Libya ranked 66th globally and 1st in Africa, followed by Mauritius and South Africa in 70th and 83rd positions, respectively.

The World Happiness Report ranks happiness based on GDP per capita, life expectancy, generosity, social support, freedom, and corruption.

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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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In 2023, Nigeria experienced an overall decrease of 24% in road accidents compared to the previous year. All vehicle categories contributed to this decline except Luxury Bus, which recorded 13 cases more than in 2022, and Bicycle, which recorded 4 more than in 2022. Commercial vehicles recorded 68% of the total road accidents in the country, followed by private vehicles with 31%; 194 government vehicles and 4 diplomat vehicles were involved in road accidents in the year.
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Crude oil exports, which made up 81% of Nigeria's export value in 2023 have increased in three consecutive years since 2021. After a 36% decline in 2020, exports increased by 53% in 2021, 46% in 2022, and 37% in 2023 to reach ₦29 trillion.

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  • Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
  • In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
  • Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
  • In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
  • The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and  securing a $50 million private placement as part of its recapitalisation
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  • FirstBank has undergone multiple transformations since its establishment in 1894, adapting to industry shifts and regulatory changes.
  • The bank transitioned from foreign ownership to local incorporation in 1969, aligning with Nigeria’s indigenisation policy.
  • Structural and branding changes continued, including its rebranding to First Bank of Nigeria in 1979 and restructuring into a holding company in 2012.
  • Recent developments include FBN Holdings’ name change to FirstHoldCo and the bank’s planned relocation of its headquarters to Eko Atlantic City in 2025.
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  • UAC Nigeria's ₦17 billion naira profit in 2024 is the highest since 2014
  • The company recorded losses in 2018, 2019 and 2022, with ₦9.5 billion, ₦9.2 billion and ₦4 billion losses, respectively
  • Profit recovery started in 2020 and improved significantly in 2023 and 2024
  • 2024’s unaudited profit is almost double the ₦8.9 billion recorded in 2023
  • Profitability has been volatile over the past decade, with major losses and strong rebounds
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  • UAC Nigeria's revenue has consistently grown since 2018, reaching ₦197.6 billion in 2024
  • 2024 saw the highest year-on-year revenue growth of 64%
  • The company recorded steady revenue increases from 2019 to 2023, growing by 14.5% annually on average
  • 2024's unaudited revenue figure marks a new milestone for UAC Nigeria
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Key takeaways:
  • The inflation rate experienced a growth rate of 60.5% from May 2023 to December 2024.
  • The May 2024 food inflation rate grew by 15.84% points higher than May 2023 levels.
  • The most significant monthly increase occurred in February 2024, when food inflation rose by 2.51% from January 2024.
  • Brief periods of relief were observed in July, August, and December 2024, when the rates showed slight declines.
  • The food inflation rate dropped by 13.76% between December 2024 and January 2025 due to CPI rebasing to 2024 from 2009.
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  • South-West drives Nigeria’s VAT but gets little back. The region remitted ₦341.38B (53%) but received only ₦99.85B (29% return).
  • South-South remitted ₦121.84B but got ₦52.49B (43% return); Rivers alone gave ₦90.21B but got just ₦11.01B.
  • The North enjoyed the highest VAT gains, remitting ₦66.18B and receiving ₦161.11B (240% return); the North-West got ₦66.75B from ₦28.31B (235% return).
  • South-East and North-East got the biggest VAT boost. South-East: ₦10.94B remitted, ₦39.13B received (357.6% return); North-East: ₦14.94B remitted, ₦46.68B received (312.5% return).
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