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  • Rivers State generated the highest revenue among the South-Southern states in 2020, making it the second top contributor among all states. Delta State received the highest allocation from the FAAC in the region.

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    Food prices have continued to increase as Nigeria's headline inflation hit 34.19% in June 2024, one of the highest globally.

    NBS's monthly survey for the average prices of selected food items in Nigeria as of June 2024 shows that tomatoes have gone up by 321%, yam by 296%, and staples — beans, rice, and plantain — have also seen significant increases. These are the top ten food items most hit by inflation in Nigeria in the past twelve months.
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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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  • 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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  • 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.

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Other Insights
 
With about 24.8m people in Nigeria facing acute food insecurity, the country is first on the World Food Programme's list of hunger hotspots in 2023. 11 of the 20 countries on the list are African.
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Impact of flood in Nigeria People displaced and killed in 2022
 
Flood incidents affected 4.47 million people in Nigeria in 2022, displacing 2.4 million people and resulting in 665 deaths. Though Bayelsa was worst hit with 1.2 million displacements, Jigawa recorded 103 deaths from 68k+ displacements.
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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 Q3 2023, Nigeria's GDP soared, with almost every sector recording year-on-year growth. Noteworthy growth includes Information and Communication, which increased by 40% compared to Q3 2022. Check out the chart for a quick overview.

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Between 2013 and 2022, Nigeria exported crude oil worth ₦123 trillion, with yearly figures ranging from ₦6.8 trillion to ₦21.1 trillion, and the highest (₦21.1 trillion) recorded in 2022. This chart shows the annual values.

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Out of the 57.5k African students enrolled in US higher institutions for the 2022/23 academic year, nearly one-third — 17.6k (30.7%) — are from Nigeria. The numbers have steadily risen from 3.8k in the 2000/01 academic year.

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With a trade surplus of ₦1.88 trillion in Q3 2023, Nigeria marked a 55% increase in foreign trade — the most significant leap in 38 quarters. This chart, spanning from Q1 2014 to Q3 2023, illustrates this progress.

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In 2022, Africa accounted for only 3.9% (1.4b tonnes) of the world's CO2 emissions from fossil fuels, with Asia being the primary contributor at 19.1b tonnes. This chart shows the variations in regional contributions to global Carbon (CO2) emissions over the past ten years.

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The top ten most populous countries as of 2022 emitted a total of 23b tonnes of CO2 from fossil fuels, with China accounting for 49%, and the US, 22%. Pakistan, Nigeria, and Bangladesh each contributed less than 1% of the total.

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Although Nigeria had the third highest number of learners on Coursera enroled in courses related to science, technology, engineering, and mathematics (STEM) as of March 2023, the country had the highest year-on-year increase — almost double.

Five African countries were in the top ten increasing STEM learners on the e-learning platform.

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What fields were Nigerian students in the US enroled in during the 2022/2023 academic year?

Science, Technology, Engineering, and Mathematics (STEM) fields took centre stage, collectively constituting a substantial 61% of the Nigerian student body.

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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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  • Crude oil prices peaked at $93.12 in April, marking the highest point of the year before experiencing fluctuations in the following months.
  • A steady decline in the last quarter saw prices drop to $74.72 in December, the lowest recorded price of 2024.
  • The decline in prices from September onward raised concerns about potential revenue shortfalls, impacting government budgets and foreign exchange earnings.
  • Oil prices remained unstable throughout the year, with significant fluctuations driven by geopolitical factors, global demand shifts, and production adjustments.
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Key takeaways:  
  • Nigeria’s internet data usage increased from 721,522 TB in January to 973,455.35 TB in December, reflecting a 35% growth over the year.
  • The peak in consumption occurred in December 2024, while January 2024 recorded the lowest usage.
  • Despite a consistent upward trend during the year, a decline in internet usage was observed in February (694,804.54 TB) and September (850,249.09 TB).
  • The most significant jump in Nigeria's internet consumption was observed between November and December, with an increase of approximately 95,000 TB.
  • Throughout 2024, Nigeria experienced an average monthly increase of about 23,000 TB.
  • Nigeria's total internet data consumption reached 9.76 million terabytes (TB) in 2024, representing a 34% increase compared to 2023.
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Key takeaways:
  • Nigeria's life expectancy increased by 17.02% in 24 years, from 47 years in 2000 to 55 years in 2024.
  • Women had a higher life expectancy than men during the period.
  • Nigeria's life expectancy is expected to reach 56 years by 2030, based on past growth rates.
  • In 2024, women's life expectancy matched the overall life expectancy for that year.
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  • Nigeria's Central Bank has adjusted the minimum capital requirement for commercial banks three times in two decades.
  • The newest capital requirements will see an over 300% increase in capital requirement across all commercial banking licences.
  • Banks with international licences will see the biggest jump in capital requirement, needing 900% more capital under the new rules.
  • Banks have undertaken rights issuance, public offers and private placements to meet the 2026 deadline.
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Debt Stock to GDP Ratio (%), 2020 - 2025
  • External debt is set to surpass domestic debt by 2025, reaching a peak of 28.3% of GDP, which indicates a major shift in Ethiopia’s debt strategy.
  • Ethiopia’s external debt-to-GDP ratio dropped consistently from 26.8% in 2020 to 13.7% in 2024, but a sharp increase is projected for 2025.
  • Domestic debt peaked at 27.1% in 2021 before declining steadily to 18.7% in 2024, with a further decline expected in 2025 (14.5%).
  • The sharp rise in external debt in 2025 suggests a major policy shift, possibly driven by the need for foreign capital or declining domestic financing options.
  • The decline in domestic debt may indicate reduced government borrowing from local sources, which could have implications for local financial markets and inflation.
  • Foreign debt reliance increases exposure to currency risks and external economic conditions, which could affect Ethiopia’s financial stability in the long run.
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  • Spotify’s expansion into Nigeria in 2021 opened the market to global streaming, contributing to the rapid rise of Nigerian artistes on the platform.
  • Nigerian artistes saw significant revenue growth, earning over ₦11 billion in 2022 and exceeding ₦25 billion in streaming royalties by 2023.
  • Rema’s "Calm Down" became the first African song to surpass one billion streams, with the milestone first reached in 2023.
  • Spotify’s influence on Afrobeats has been reinforced through curated campaigns like "Afrobeats: Journey of a Billion Streams" and multiple industry events.
  • Nigerian music continues to dominate local streaming, with Asake ranked as the country’s most-streamed artist on Spotify in 2024.
  • Spotify has increased its investment in Nigeria’s creative industry by hosting major events, such as the annual Wrapped Party and the two-day Afrobeats Celebration Event in 2023.
  • Spotify’s partnership with United Masters in 2025 signals continued support for emerging Nigerian artistes, strengthening global opportunities for independent talent.
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