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  • GTCO shatters records with ₦1.08t earnings in first three quarters of 2024 following historic Q1 profit.

    Guaranty Trust Holding Company (GTCO) sets a new milestone with ₦1.08t profit after tax in the first three quarters of 2024, following its record-breaking first quarter.

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    There is a rising concern about the shortage of COVID-19 vaccines in many African countries. Only about 1.3% of the continent's population has been vaccinated against COVID-19. Here are the countries with the highest share of fully vaccinated population as of July 11, 2021.

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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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    Africa's sanitation crisis is alarming, with 17 of the top 20 countries having the highest open defecation rates.

    Eritrea (67%), Niger (65%), and Chad (63%) lead, putting millions at risk of disease.

    Even Nigeria, the most populous African country, has 18% of its population practising it.

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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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    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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  • In 2023, South Africa led Africa's exports with a value of $110.7 billion, nearly double Nigeria's $60.7 billion. Key exports include gems, vehicles, and mineral fuels.

    The top 15 African exporters contribute 84% to the continent's trade, with South Africa, Nigeria, Algeria, Morocco, and Egypt leading with a combined 52%.

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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

Chickens and goats are Nigeria's most-reared livestock.

Per the National Bureau of Statistics' survey, of the estimated 40.2 million agricultural households in Nigeria, 41.5% rear chickens and 41.3% rear goats.

These numbers show that a significant portion of Nigeria's agricultural households focus on these two animals.

Here are the most-reared livestock in Nigeria's agricultural households.

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Nigeria's agricultural landscape is diverse, with households engaging in various farming activities.

Crop farming dominates, but livestock rearing and poultry farming are also significant. Each sector plays a crucial role in the economy, with crop farming driving food production and livestock providing protein.

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Team Nigeria made history with its largest Olympic squad ever at Paris 2024, featuring 88 athletes.

Despite the high participation, the team left without a medal, sparking discussions on the effectiveness of sports programmes and athlete support.

Peak performance was in 1996, but recent Games show a trend towards greater participation

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MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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Unity Bank's gross earnings nearly doubled between 2011 and 2017 before sharply declining in 2018. The bank never hit its 2017 gross earnings record of ₦57.1b after 2018.

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Since 2011, Unity Bank Plc has seen more losses than profits over a 12-year period. Despite a consistent growth in gross earnings from 2011 to 2017, profits were overshadowed by losses, exceeding profits by over ₦9 billion.
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top-15-african-countries-by-number-of-medical-doctors-per-10000-people-as-of-2022

As of 2022, only seven African countries met the WHO's recommended doctor-to-population ratio of 10 doctors per 10,000 people.

Cape Verde, Seychelles, Libya, Eswatini, Tunisia, Mauritius, and Algeria are leading the way in healthcare accessibility in Africa. However, the continent still averages only 2.6 doctors per 10,000 people.

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As of 2023, the global labour force has expanded to an estimated 3.63 billion, driven by population booms in key regions.

China and India lead with a combined 1.37 billion people 15+ active in the workforce.

Nigeria ranks 7th with 76 million, following the US, Indonesia, Brazil, and Pakistan.

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In 2023, South Africa led Africa's exports with a value of $110.7 billion, nearly double Nigeria's $60.7 billion. Key exports include gems, vehicles, and mineral fuels.

The top 15 African exporters contribute 84% to the continent's trade, with South Africa, Nigeria, Algeria, Morocco, and Egypt leading with a combined 52%.

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The cumulative number of asylum applications to the UK has exceeded one million, with Iran, Afghanistan, Iraq, Pakistan, and Albania being major contributors.

African countries such as Eritrea, Somalia, Zimbabwe, the DR Congo, and Nigeria have also been in the top ten.

These are the top ten nationalities in the past 23 years.

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The average price of cooking gas in Nigeria has increased significantly, from ₦370 per kg in early 2016 to ₦1,390 per kg in June 2024.

After prices peaked at nearly ₦1,500 in May 2024, they fell by 6.1% in June.

The contributing factors to the increase include global energy fluctuations, naira depreciation, supply chain disruptions, and changes in domestic policies.

Here are the average prices of cooking gas in Nigeria since 2016.

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Prices of food items like tomatoes, yams, Irish potatoes, and brown beans have witnessed more than a 250% increase over the past 12 months in Nigeria. The country's headline inflation rate went from 24.08% in July 2023 to 34.19% in June 2024.

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Key Takeaways:
  • From 2014 to 2023, China’s imports from Nigeria fluctuated significantly, ranging between $907 million and over $3 billion.
  • A sharp 53% drop was recorded between 2014 and 2015, followed by a further decline to a decade-low in 2016.
  • China reached its highest import value in 2021, when it imported over $3 billion from Nigeria.
  • Imports fell by 47% in 2022 but recovered by 48% in 2023, reaching $2.37 billion.
  • The volatility in trade reflects the influence of global commodity prices, especially oil, and evolving bilateral trade dynamics.
  • Mineral fuels, oils, and distillation products accounted for more than 50% of China's imports from Nigeria during the period of study.
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Key takeaways:
  • China led global gold production with 378.16 tonnes, representing approximately 10.4% of global output.
  • The top five producers (China, Russia, Australia, Canada, and the United States) collectively produced 37% of the world’s gold.
  • African nations showed remarkable strength, with four countries in the top 15 (Ghana, Mali, South Africa, and Burkina Faso).
  • Ghana led Africa in gold production and ranked 6th globally, producing 135.11 tonnes in 2023.
  • China, Australia, and Russia together produced nearly 1,000 tonnes of gold, accounting for 27.3% of total world production.
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Francophone Africa startup deals by sectors (2024)
  • Mobility led 2024’s startup funding in Francophone Africa with two deals at a value of $20.5M.
  • Fintech had the highest number of deals at 7, but with a lower total value than Mobility.
  • Cloud Services, Communications, and eCommerce each attracted over $3M from just one deal.
  • Agritech recorded the lowest funding at only $0.2M, despite being a vital sector.
  • Logistics, Healthtech, and HR/Payroll sectors saw two deals each, but with moderate funding.
  • Electric Motorcycle and Eyewear startups each secured $2M–$3M in one-off deals, showing niche interest.
  • Digital Health drew limited attention in both deal count and funding, signalling untapped or underdeveloped potential.
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Nigeria’s official exchange rate (Nigerian naira per US$), 2015 - 2024
  • The Nigerian naira depreciated by a record-breaking 129.23% in 2024, the highest drop in the last decade.
  • From 2015 to 2022, the naira's depreciation was relatively controlled, rarely exceeding 20% year-on-year.
  • The exchange rate remained nearly flat from 2017 to 2019, showing signs of stability.
  • In 2023, the naira lost over half its value (51.46%), marking the beginning of the current volatility wave.
  • The exchange rate crossed the ₦1,000/$ threshold in 2024 for the first time in history.
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Key Takeaways:
  • Electrical and electronic equipment was China’s top export to Nigeria, valued at $2.88 billion.
  • The top five export categories (electrical equipment, machinery, vehicles, plastics, and iron/steel products) together accounted for over $8.78 billion, representing around 44% of total exports.
  • Industrial goods such as machinery and steel, along with manufactured consumer goods, dominate China’s export portfolio.
  • Products like apparel, synthetic materials, and household items featured strongly among the top export categories.
  • In total, China exported goods worth $20.18 billion to Nigeria in 2023.
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Key Takeaways:
  • In 2023, China imported $1.41 billion worth of mineral fuels and oils from Nigeria, making it the leading import category.
  • The top three import categories (mineral fuels, ores, and salt/earth materials) together made up nearly 89% of the total import value.
  • Nigeria’s exports to China are largely raw materials and natural resources, with minimal contribution from manufactured goods.
  • The top ten product categories accounted for almost 99% of China’s total imports from Nigeria.
  • Agricultural and animal products such as oil seeds, raw hides, and spices also formed part of Nigeria’s export portfolio.
  • China’s total imports from Nigeria were valued at $2.37 billion in 2023.
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