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  • Of the total VAT generated in Q1 2021, Non-Import (foreign) VAT recorded a 116% increase — the highest compared with the same period of 2020. Here is a breakdown of the VAT generated by sectors in Q1 2020 and Q1 2021.
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    Spotify paid out more than $9 billion in music royalties in 2023.

    Artistes who received earnings ranged from 259,700 earning at least $1,000 to just 60 earning $10 million or more.

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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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  • Voice is still king for Airtel Africa, accounting for the largest share of its revenue between 2019 and 2023. However, the revenue from data and Airtel Money, its mobile money services have more than doubled within this period. Revenue from voice and others didn't record a sharp increase unlike data and Airtel Money.

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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
 

Between September 2022 to August 2023, 3 of Nigeria's mobile Internet providers saw a combined 8 million increase in their active mobile Internet subscribers, with MTN gaining the most, followed by Globacom and Airtel. 9mobile on the other hand, recorded almost 1 million decline.

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top rice producing countries for 2024
 
  • 1990-2000: In this decade, China and India accounted for over 50% of the world's total output, with other dominant rice producers being Indonesia, Vietnam, and Bangladesh, with production figures falling between 20 and 30 million metric tons.
  • 2001-2010: China and India remained the two top producers, with China producing 140 million metric tons annually and India 100 million metric tons annually. 
  • 2011-2020: China and India continue to lead at about 150 million and 105 million metric tons, respectively. 
  • 2021-2024: China and India continued to lead. China reached 144.62 million metric tons in 2023/2024, and India accounted for 137.83 million metric tons.
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With 68% of 80.7k inmates awaiting trial, Nigerian correctional centres have 23.4k (41%) more inmates than their 57.2k capacity. From October 2021 to November 2023, 10.6k inmates have been added to the country's prison population.
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Of the $157 million worth of human hair exported globally in 2022, India had the highest share, with almost 90%. The top four, which are Asian countries, accounted for 95%. Here are the world's top human hair exporting countries in 2022.
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Airtel Nigeria started 2023 with slight drops in revenue in Q1 and Q2. However, a significant decline was recorded in the third quarter, representing the biggest quarterly decline since Q3 2018. Here are Airtel Nigeria's revenues since Q2 2018.
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In Q2 2023, MTN Nigeria made 71% less profit than it did in Q1 2023, with PBT dropping from ₦156b to ₦45b. It then declined further by 28% to ₦32 billion in Q3. Here are the telco's profits before tax since Q1 2019.
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The US has disbursed $10b in foreign assistance to Nigeria in the past 22 years, with its highest in the period coming in 2022. The disbursements have increased from $51m in 2001 to $973m in 2022. Here are the US' foreign assistance disbursements to Nigeria since 2001.
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Per projections made by Goldman Sachs, China should lead the global economy in terms of GDP by the year 2075, closely followed by India and the US. Nigeria and Egypt are the only African countries expected to be in the top 15 by that time.

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In 2022, MTN Group spent ZAR 12.7b paying salaries and incurring other staff costs (an 8.1% increase from 2021), amounting to about 6.1% of its total revenue (ZAR 207b). After accounting for staff costs, they still pocketed ZAR 194b - 93.9% of the revenue for the year.
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Nigeria ranked 2nd after India in Chainalysis' 2023 Global Crypto Adoption Index. However, it ranked 1st in the peer-to-peer (P2P) exchange trade volume sub-index, which has 6 other African countries in the top 10. Here are the leading countries in P2P crypto trading volume.

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Nigerian states and the FCT generated ₦1.92 trillion in internal revenue in 2022, ₦29.8 billion (1.57%) more than in 2021, with Lagos State accounting for 34% of the IGR in 2022. Here are the revenues collected by Nigeria's states in 2022.
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The number of non-resident visitors to Nigeria fell sharply in 2020 to the lowest level in 25 years. This sudden downturn was a contrast to the years between 1995 and 2010 when Nigeria's tourism sector experienced an amazing upswing.
Nigeria saw a record high of 6.1 million non-resident visitors in 2010, highlighting the country's increasing appeal as a travel destination. A remarkable spike in arrivals of 5.24 million in 2007 made the year stand out.
The global pandemic in 2020, however, caused a significant decline, with just 1.21 million visitors — the lowest number since 1996.
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  • For every woman sentenced to a non-custodial measure, there are nearly 12 men (35:415), highlighting a strong gender disparity in non-custodial sentencing.
  • Men account for more than 9 out of every 10 non-custodial cases (92%), suggesting that crimes leading to these sentences are far more common among male offenders.
  • Women’s representation in non-custodial sentencing is much lower than their general crime conviction rates, indicating potential differences in crime type, judicial discretion, or rehabilitation approaches.
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Key takeaways:
  • Mozambique has the fewest individuals requiring support from the United Nations.
  • The UN plans to help 3.6 million of the 7.8 million people in Nigeria who require assistance.
  • Sudan is the only Northern African country recorded by the UN as having people in need.
  • In East and Southern Africa, the countries with the highest and lowest numbers of individuals in need are Ethiopia and Zimbabwe, respectively.
  • The Democratic Republic of Congo and Niger have the highest and lowest number of individuals needing assistance, respectively, in West and Central Africa.
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  • In February 2016, petrol was at its lowest price of ₦99.80 per litre, marking the last time fuel prices remained below ₦100.
  • By November 2024, petrol prices soared to an all-time high of ₦1,214.17 per litre, reflecting the compounded effects of inflation, currency depreciation, and global oil price volatility.
  • Over the nine-year period, the average petrol price stood at ₦272.65 per litre.
  • Between January 2016 and December 2024, petrol prices increased by ₦1,079.52, a staggering 984.96% rise, emphasising the long-term upward trajectory influenced by economic challenges, subsidy removals, and fluctuating exchange rates.
  • The most volatile period recorded a month-to-month price surge of over 129.23%.
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  • 66.6% of inmates (53,408) are awaiting trial, meaning 2 out of every 3 prisoners have not been convicted. This highlights major delays in the justice system, leading to prolonged detention without sentencing.
  • Male inmates dominate the prison population at 97.7%, with similar trends in both convicted (98.3%) and awaiting trial (97.4%) categories, highlighting a significant gender disparity in detention rates.
  • Only 33.4% of inmates (26,775) have been convicted, while the majority remain in legal limbo. This suggests that slow judicial processes are contributing to prison overcrowding and potential human rights concerns.
  • 75.4% of female inmates (1,399 out of 1,855) are awaiting trial, meaning only 1 in 4 female prisoners has been convicted
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  • The NGX premium board accommodates an elite list of companies that meet specific requirements
  • Six of the eight companies are audited by EY and KMPG, with each firm auditing three companies
  • PwC audits the remaining two companies on the premium board
  • Deloitte is the only big four firm that does not audit a premium board company
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  • Listed banking groups in Nigeria are all audited by the big four
  • KPMG is the top auditor for the industry, auditing five companies
  • Deloitte audits four companies, close behind KPMG
  • EY and PwC audit three of the five tier one banks
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