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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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    WhatsApp Business generated an estimated $39.5 million from Africa in 2023, representing 10.3% of its global revenue.

    Estimates from Statista show that Asia was the leading contributor to WhatsApp Business' revenue, with $155.2 million.

    Here is a breakdown of WhatsApp Business' revenue by region in 2023.

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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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  • Rising fuel costs are impacting transportation prices of goods and services, straining household budgets and contributing to inflation. The average cost of petrol in Nigeria has increased by 25% since July 2023. Diesel prices have seen an even sharper increase of 85%, rising from a national average of ₦794 in July 2023 to ₦1,462 in June 2024.

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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

In 2020, there were an estimated 37.6 million people infected with HIV globally, and 27.4 million people living with HIV receiving treatment. Since the peak in 2004, as of 2020, the number of AIDS-related deaths globally has declined by 65.5%.

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According to the AfrAsia Bank Africa Wealth Report 2021, the total private wealth —  assets held by individuals — in Africa as of December 2020 had decreased by approximately 9% from 2019. Here is the total private wealth held by individuals in Africa from 2010 to 2020.
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According to data from the National Bureau of Statistics, Oyo State has the highest cost of 12.5kg of cooking gas as of October 2021.

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Top ten cocoa-producing countries in the world in 2020

In 2020, 5.2 million metric tons of cocoa were produced globally, with four African countries — Ivory Coast, Ghana, Nigeria, and Cameroon — accounting for 68% of the produce.

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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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Between 2017 and 2020, Nigeria’s announced Foreign Direct Investment figures were highest in 2018. However, there have been significant differences between investment announcements and FDI inflow over the years. Here are the FDI announcements and FDI inflow from 2017 to 2020. A destination analysis shows that Bayelsa State leads investment destinations with 36% of the total investments.

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Jumia's $603 million Series C before the company's IPO remains the biggest funding round in the African tech space as of September 2021, followed by OPay's $400 million Series C.

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Top African countries by number of citizens studying in the US in 2020
  • Nigeria remained the top African country for students in the U.S., with 20,029 students enrolled in the 2023/2024 academic year, marking a 13.5% increase from the previous year.
  • Ghana saw the highest growth rate among African nations, with a 45% increase in students, totaling 9,394 in the U.S. during the 2023/2024 academic year.
  • These countries collectively contributed significantly, with 4,507 (Kenya), 3,078 (Ethiopia), and 2,814 (South Africa) students studying in the U.S. during 2023/2024.
  • Sub-Saharan Africa was the fastest-growing region for international student mobility to the U.S., experiencing a 13% overall increase in the 2023/2024 academic year.
  • In the 2020/2021 academic year, Nigeria had 12,900 students, Ghana had 4,200, and Kenya had 3,500 students enrolled in U.S. institutions.
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Since Nigeria's first attendance at the Olympic games, the country has won a total of 27 medals; 3 gold, 11 silver and 13 bronze medals. Following the just concluded Tokyo 2021 Olympic Games, we look at the African countries by Olympic medals won in the 2021 Tokyo Olympic games.

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The United States of America dominated the 2020 Olympic Games, winning a total of 113 medals followed by China with 88. No African country is in the top ten by the number of medals won.

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  • Nigeria has received $9.4 billion dollars in Chinese loans across different sectors since 2002
  • The highest loan inflow was in 2017, with $2.8 billion, mainly for transportation and energy
  • Transportation projects received the most funding, with notable amounts in 2017 ($2 billion) and 2019 ($1 billion)
  • Loan inflows dropped significantly after 2017, with no borrowings between 2020 and 2022, and $973 million in 2023
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Key Takeaways:
  • The North East had the highest average cooking gas prices of ₦7.4k and ₦18.2k for 5kg and 12.5kg cylinders respectively
  • The average price of 5kg and 12.5kg cooking gas rose by 44.62% and 50.08% from December 2023
  • The North East had the highest average price for 5kg gas, followed by the North Central, South West, North East, South East, and then the South South, which had the lowest average price
  • The North East had the highest average price for 12.5kg gas, followed by the South West, South-South, South East, North East, and then the North Central, which had the lowest average price
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Key Takeaways:
  • The average price for 12.5kg cooking gas varies between ₦15,000 and ₦20,300
  • The average price difference of cooking gas among Nigerian states is 28.97%
  • Four out of the six states in the Southwest region are among the top 20 Nigerian states with the highest average cooking gas prices
  • Nine out of Nigeria's 36 states plus Abuja have an average price for 12.5kg cooking gas that exceeds ₦18,000
  • Taraba State stands out as the only state in Nigeria with an average cooking gas price surpassing ₦20,000
  • The national average price of 12.5kg cooking gas in Nigeria is ₦17,274.16
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Key takeaways:
  • The average kerosene price increased by approximately 70.5%, rising from ₦1,206.1 in May 2023 to ₦2,056.4 in December 2024.
  • Prices witnessed a moderate growth rate of 13% from May to December 2023, while the rate of increase escalated sharply in 2024, with a rise of 50.9% from January to December 2024.
  • A notable acceleration in prices began in July 2024, when the price per litre first surpassed ₦1,700.
  • The average price in December 2024 (₦2,056.4) was 51% greater than the average price in December 2023 (₦1,362.3).
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Key Takeaways: 
  • The northern regions of Nigeria experienced higher prices than the southern regions, except for the North East.
  • The North Central region had the highest average kerosene cost, while the South East reported the lowest.
  • There is a significant price difference of about ₦483.7 between the region with the highest price (North Central) and the region with the lowest (South East).
  • Households in the North Central region will likely spend a larger portion of their budget on kerosene than those in the South East region.
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  • Transportation received $6.2 billion dollars, which accounts for 65% of all Chinese loans to Nigeria
  • Energy projects received $1.2 billion, highlighting China’s role in Nigeria’s power infrastructure
  • Industry and trade/services had the least funding at $368.2 million dollars, reflecting lower Chinese loan priorities in these areas
  • China’s loans to Nigeria between 2000 and 2023 have largely focused on infrastructure development, particularly in transportation and energy
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