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  • Key takeaways:

    • Throughout the decade, Nigeria saw a consistent decline in education funding as a percentage of GDP.
    • The most substantial allocation occurred in 2012 at 0.55% of GDP.
    • The lowest allocation was noted in 2022 at 0.35% of GDP.
    • There was a brief recovery from 2017 to 2018 before the downward trend resumed in 2019.
    • Over the decade, the overall reduction in education spending relative to GDP was approximately 36.5%.
    • Nigeria's education spending as a percentage of GDP is significantly lower than the UNESCO recommendation of 4-6% for developing nations.
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    Figures as of December 2022 show that Nigeria's millionaires decreased by 30% between 2012 and 2022, indicating a significant shift in the dynamics of wealth. Mauritius saw a noteworthy increase of 69%, with Kenya recording a 30% growth.
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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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    The FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 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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    Countries by Global Innovation Index 2024

    The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.

    In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.

    Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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  • In 2022, the US hosted a diverse African immigrant community, totaling over 2.75 million. ​​ ​Nigerians make up the largest group at 448,405 (16.3%), followed by Ethiopians (10.6%), Egyptians (8.3%), and Ghanaians (7.8%).

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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.

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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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Other Insights
 

Local company income tax in Nigeria surged threefold quarter-on-quarter in Q2 2024, reaching ₦1.35t. Agriculture, Forestry, and Fishing led with a growth of 474.5%, while Household Employment and Own-Use Production experienced the steepest decline at -30.22%

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Total number of products registered with NAFDAC from 2020 to 2022

Food and packaged water dominate NAFDAC registration, as close to 50% of all products registered between 2020 and 2022 were either food or packaged water. This suggests a significant focus on ensuring the safety and quality of these essential commodities. Human drugs also make up a substantial portion of registered products, reflecting the importance of regulating medications to protect public health. Cosmetics and herbal drugs follow closely with 13.2% and 6.5%, respectively.

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Top & bottom ten states by number of dentists (2022)

Lagos State leads the dental healthcare workforce in Nigeria with an impressive 713 dentists, a figure over three times higher than any other state. This dominance shows Lagos' position as a hub for healthcare professionals. Trailing far behind are the FCT (Abuja) with 208 dentists and Oyo with 185.

The gap becomes even more glaring when examining the bottom states like Taraba, with only eight dentists, and others such as Jigawa and Abia, with just nine each. These numbers paint a concerning picture for residents of these regions, who may face long travel distances or extended waiting times to access basic dental care. Interestingly, Borno State, which faces security challenges, has 53 dentists, surpassing several other states.

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Nigeria's import value increased by 8.7% quarter-on-quarter and 63% year-on-year, reaching ₦14.67 trillion in Q3 2024. China led as the top trading partner with imports valued at ₦3.57 trillion (24%), while Malta rounded out the top five with ₦767 billion (5%).

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Countries by Global Innovation Index 2024

The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.

In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.

Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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Nigeria's national grid has collapsed 12 times in 2024

Nigeria's national grid has experienced 12 collapses so far in 2024, a troubling trend that reveals the fragility of the country's energy infrastructure. The timeline highlights intervals ranging from as short as one day to as long as 82 days between incidents. Notably, two consecutive collapses occurred on October 14 and October 15, while a total of 9 collapses occurred in the second half of the year.

Yesterday's collapse came 35 days after November 7, when the grid went down for the 11th time.

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In 2024, the top ten universities in Nigeria graduated 3,047 first-class students. Seventeen per cent of private university students in Nigeria earned first-class degrees, compared to 3% in federal/state universities.

The University of Benin convocated the most first-class students (385), while the Federal University of Agriculture, Abeokuta (FUNAAB) had the least, with 122.

Covenant University had the highest proportion, with one in five students graduating with a first class.

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Ogun State is the top location for private universities, with 16 universities, while the top eight states collectively account for 50% of Nigeria's 149 private universities. Bauchi and Yobe are the only states with no private universities.

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As of 2024, 149 private universities are accredited by the National Universities Commission. Southern Nigeria houses 62%, with the South West leading at 47 universities, while the North East has the fewest, with just 5 (3%).

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Bayelsa, Gombe, and Katsina States have the fewest accredited universities — five each — of the 274 in Nigeria in 2024. Ogun leads with 19, followed closely by Abuja (17) and Delta (15).

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Participants of the National Open Apprenticeship Scheme by gender (2021 - 2023)

Participation in Nigeria’s National Open Apprenticeship Scheme has dropped by over 50% since 2021, with male and female enrolments declining significantly; over the years, there have been more female participants. The declining participation rates raise questions about awareness, funding, and programme efficiency.

For many Nigerian youths, apprenticeship programmes are a gateway to self-reliance and stable income. The National Open Apprenticeship Scheme is a National Directorate of Employment (NDE) programme that upskills unskilled and unemployed people and equips them with relevant demand-driven skills.

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  • Rwanda attracted a total of $6.28 billion in foreign direct investment (FDI) over 35 years, from 1990 to 2024.
  • The highest annual inflow recorded was $820 million in 2024, making it the country’s strongest FDI year yet.
  • Between 2020 and 2024, Rwanda pulled in $2.70 billion, accounting for over 40 percent of its total investment since 1990.
  • From 1990 to 2004, annual FDI barely exceeded $100 million, with several years recording zero inflows.
  • Even during its best-performing years, Rwanda’s FDI never hit the $1 billion threshold.
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  • June 2025 PMI: 51.6, down from 52.7 in May — marking a three-month slowdown in growth.
  • The figure is 2.99% above June 2024 levels, when PMI was 50.1 — confirming year-on-year improvement.
  • The June dip reflects subdued demand and persistent inflation, echoing broader market sentiments.
  • A PMI above 50 signals expansion; Nigeria’s figure signals ongoing growth, though losing speed.
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  • Uganda and Mauritius offer the most affordable mobile data in Africa, with 1GB for just $0.02 over a 30-day period.
  • Comoros, Ghana, and South Africa also rank among the cheapest, each offering 1GB of data for $0.07 to $0.10.
  • Nigeria is among the top 10, with a relatively low cost of $0.13 per 1GB, placing it below the continental average.
  • Madagascar, at $0.32 per 1GB, closes out the top 20, which reflects the upper boundary of affordable data across African nations.
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  • Road accidents declined by 53% between Q3 2020 and Q3 2024.
  • Q4 2022 recorded the highest number of accidents, with 4,835 reported cases.
  • Q3 2024 had the lowest number, with just 1,945 accidents.
  • Speed violation remains the leading cause of road accidents in Nigeria.
  • Ogun, FCT, Kaduna, and Nasarawa consistently rank among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Imo, Rivers, and Akwa Ibom regularly report the lowest number of accidents each quarter.
  • Commercial vehicles are the most frequently involved vehicle category in accidents.
  • Cars account for the highest number of individual vehicle accidents.
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  • The Federal Capital territory (FCT) recorded the highest number of road accidents between Q3 2020 and Q3 2024, with a total of 8,133 accidents, accounting for 12.42% of total accidents.
  • FCT, Ogun, Nasarawa, and Kaduna consistently ranked among the top four states with the highest accident occurrences.
  • Bayelsa, Borno, Akwa Ibom, Rivers, and Imo were among the states with the lowest number of recorded accidents each quarter.
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  • Tesla remains the EV manufacturer with the highest revenue, generating approximately $19 billion in Q1 2025.
  • Among companies that exclusively produce EVs, Tesla was the only one to report a year-over-year revenue decline between Q1 2024 and Q1 2025.
  • Tesla's decline has been partially attributed to public backlash against CEO Elon Musk’s controversial political involvement.
  • VinFast not only achieved a 300% increase in vehicle deliveries but also recorded the highest revenue growth, up 149.81% year-over-year.
  • VinFast’s strong performance was largely driven by robust sales in Vietnam, its largest market.
  • Despite a 38.46% drop in EV deliveries, Rivian posted a 2.99% year-over-year revenue increase between Q1 2024 and Q1 2025.
  • Tesla, Rivian, and Lucid are U.S.-based EV manufacturers; NIO is Chinese, VinFast is Vietnamese, and Polestar is Swedish.
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