Insights Archive - Page 84 of 86

Telecommunications

In the past seven years, 9mobile has experienced a consistent decline in its Internet subscriber base, with an average loss of 134k subscribers monthly since June 2016. This decline began after it reached 17.2 million subscribers — its highest ever — in April 2016. As of July 2023, 9mobile's Internet subscriber count was 3.9m. MTN had the largest share (68.1m) of Nigeria's 159m Internet subscribers as of July 2023. Glo and Airtel had almost equal shares, with 43.9m and 42.9m subscribers, respectively.

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People
With a population of over 200M people, 7.7 million were in need of humanitarian aid as of 2020. This figure has since increased, requiring the sum of $1.01bn to meet their needs. Here’s the trend of Nigerians in need of humanitarian aid over the last 5 years.

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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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Funding

In the past five years, Nigerian Fintech startups have received the most funding in the startup space, with over $1.01b raised in 2021, the highest in 14 years. Funding for the sector has since reduced following the raise in 2021.

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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

Between 2000 and 2023, Africa received $182 billion in Chinese loans, primarily for energy and transportation development. Angola, with 25%, was the largest recipient; Ethiopia, Egypt, Nigeria, and Kenya followed. While 49 countries benefited, experts warn of increasing debt risks.

Electricity

Over the years, Nigeria has seen significant increases in electricity revenue. Revenue surged from ₦129 billion in 2015 to ₦683 billion in H1 2024, while the number of customers has doubled from 6.5 million to 13 million. This 428% increase in revenue highlights rising consumption and tariff hikes.

Telecommunications

In 2017, MTN Uganda recorded a 58% increase in profit with only a 9% revenue increase. On average, the telco had an 18.2% yearly increase in profit between 2016 and 2023, while revenue growth was at 9.2% yearly.

Immigration

The population of Nigerian-born immigrants in the US has more than doubled in nearly two decades, growing at an average rate of 4.8% per year. By 2023, the number reached 476k, up from just under 200k in 2006 — a 141% growth. Nigeria has been leading Africa in immigrant numbers in the US, ranking 22nd globally. Rising immigrant numbers could strengthen remittance flows back to Nigeria.

Immigration

In 2023, the US immigrant (foreign-born) population reached an estimated 47.83 million, a 3.6% increase from 46.18 million in 2022, with Mexico leading as the top country of birth for immigrants, contributing nearly 23% of the total. India, China, and the Philippines follow, with significant communities from El Salvador, Cuba, and Guatemala.

Banking

Ten states in Nigeria account for 67% of all commercial bank branches. Lagos has over 1,000 branches, while no other state has more than 350. Thirteen states have less than 50 branches each, and Yobe, Ebonyi, and Taraba each have less than 25.

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