Insights Archive - Page 82 of 86

People
In the world's top 1,000 scrabble players' ranking, Nigerians occupy 156 positions, marking the highest representation from any country. According to ratings by the World English-language Scrabble Players' Association (WESPA), the top 1,000 players are from 43 countries.

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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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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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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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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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Economy
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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Smartphone
In 1994, the IBM Simon Personal Communicator, paved the way for a digital revolution. Fast forward to 2017, when smartphone shipments peaked at 1.57 billion units. However, the subsequent six-year period witnessed a 25% decline in shipments.

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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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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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Other Insights

In 2023, Libya led Africa in labour productivity, generating $29.7 per hour worked. Gabon and Mauritius followed at $25.6 and $25.5. Meanwhile, Nigeria's workers generated $6.8 per hour, and Burundi recorded the lowest at $0.8. Globally, Luxembourg and Ireland topped the list with $146 and $143 per hour, showcasing the efficiency and quality of human capital in these economies.

Capital Importation

In H1 2024, the UK accounted for nearly half (48.9%) of Nigeria’s capital investments, totalling $2.93 billion, followed by South Africa (14%) and the Netherlands (11%). This highlights the UK's long-standing economic ties with Nigeria, having invested over $47.5 billion over the past ten years. The UK remains Nigeria's top capital import source.

People

Only a small share of workers under 30 spend more than three years with a company. This trend changes with an increase in age range and explains why employees in Nigeria above 40 are more likely to remain with a company for extended periods than younger workers.

Governance

Oyo State, the sixth most populous in Nigeria, contributed 3.2% of the total internally generated revenue (IGR) in 2022. Notably, its population represented 3.2% of the nation's total, according to a 2023 estimate.

Telecommunications

In 2008, only 0.5% of people in Liberia had Internet access. By 2022, that number grew to 30.1%, marking significant progress over 15 years.

Electricity

Nigeria has made strides in metering electricity customers, but progress is slow, with nearly 7.1 million unmetered customers as of June 2024. Despite customer numbers doubling from 6.5m to 13m (June 2015-2024) and a 95.4% rise in metered customers, the percentage of unmetered customers increased to 54.4%. Metering must outpace customer growth to end estimated billing.

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