Insights Archive - Page 86 of 86

GDP

In Q2 2023, the hospitality sector, which includes accommodation and food services, on the other hand, experienced a slowdown and saw its GDP share decrease. Other sectors include the arts, entertainment, and recreation, as well as education.

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GDP
In the third quarter of 2023, Nigeria collected a record ₦948 billion in Value Added Tax, the biggest in any quarter recorded from 2013. This data, spanning from Q1 2013 to Q3 2023, shows a consistent upward trajectory in VAT collections over the 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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Travel
Seychelles, Mauritius, and South Africa lead other African countries in the number of visa-free countries their citizens can visit globally. Here are the most powerful passports in Africa by the number of visa-free countries citizens can visit 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

Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase. Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.

Petroleum

In 2023, Nigeria saw a 17% reduction in petrol supply as imports fell by nearly 14% from 23.5 billion litres in 2022 to 20.3 billion litres. The removal of the fuel subsidy in May 2023 led to higher prices and lower demand, especially in the second half of the year. The Dangote refinery’s rising output could shape future supply.

GDP Population

Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources. The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.

Travel

Airfares in Nigeria have surged by 26% just one month after the Nigerian Airspace Management Agency proposed an 800% increase in navigational charges — the largest spike in 32 months. From an average of ₦38,200 in January 2022 to ₦123,700 in August 2024, costs have more than tripled. Further price hikes could raise concerns about air travel affordability nationwide.

Health

On #WorldContraceptionDay, it's vital to highlight that in 2023, many women and girls aged 15 to 49 globally still have unmet contraceptive needs. Samoa (28%), Angola (27%), and Liberia (25%) are among the top 10 countries. Notably, seven of the top 10 are African, underscoring the urgent need for better reproductive health services.

Agriculture

In 2022, Nigeria led global production of root crops like yam, cassava, and taro, alongside nuts such as kola and karite, as well as grains like sorghum, with 61.2 million tonnes of yam and 60.8 million tonnes of cassava.

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