Eighty-six (86%) of the money involved in these cases was recovered thanks to banks' internal control techniques and assistance from relevant government agencies; ₦45 billion remains unrecovered.
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.
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.
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.
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.
Bitcoin has experienced a remarkable surge, with an increase close to $20,000 in just ten days to reach an all-time high (ATH) of $89.6K on November 11, 2024. This rapid rise depicts the potential of cryptocurrency markets, with Bitcoin leading the charge as the world's most recognised digital asset. The recent price movement shows a growing interest in Bitcoin as an investment asset.
Nigeria’s 13% oil derivation fund is primarily allocated to four states — Delta, Akwa Ibom, Bayelsa, and Rivers — which collectively receive over 90% of the fund annually. This funding is crucial for developing these oil-producing states, with Delta State consistently receiving the largest share in recent years. Other states, including Abia, Anambra, Edo, Imo, Lagos, and Ondo, receive smaller portions.
The 13% derivation fund is part of Nigeria’s revenue-sharing formula aimed at compensating oil-producing states for oil extraction's environmental and infrastructural impacts.
Note: Small allocations to Soku and Gbetiokun are also included in "others".
Nigeria's tax-to-GDP ratio remains significantly lower than regional averages, showing a gap in revenue mobilisation. While OECD countries reached a tax-to-GDP ratio of 34.2% in 2021, and even the African regional average stood at 18.8%, Nigeria's tax revenue represented only 6.7% of its GDP. This disparity emphasises the need for strategic tax policy reforms to strengthen Nigeria’s fiscal capacity.
In 2020, OPEC's oil prices dropped by 35% as global demand collapsed due to the COVID-19 pandemic. Two years of economic recovery followed before Russia, one of the world's largest oil producers and importers, invaded Ukraine in 2022. This invasion triggered global economic instability, resulting in a 21% decline in oil prices the following year.
Despite various cash assistance programmes, including the Conditional Cash Transfer (CCT) Program, and extensive macroeconomic reforms such as the unification of the exchange rate and the removal of fuel subsidies, poverty in Nigeria rose to 38.9% in 2023, leaving 87 million Nigerians in poverty.
Nigeria's tax revenue structure relies heavily on corporate income tax, which constitutes 35% of the total revenue, surpassing personal income tax and social security contributions. In contrast, the rest of Africa and OECD countries demonstrate a more balanced tax composition, with significant shares from personal income tax, VAT, and other tax categories.
This heavy reliance on corporate income tax highlights the unique fiscal structure in Nigeria, where other forms of tax contributions are less prominent. For those who wish to understand such fiscal models in depth or need support in presenting complex academic topics, services like hausarbeit schreiben lassen can offer professional guidance and structured academic writing tailored to economic subjects.
Nigeria’s national grid has experienced a record ten collapses/disturbances impacting power supply nationwide. From February to November, frequent disruptions have pointed out the grid’s vulnerability and the need for sustainable solutions to Nigeria’s energy crisis. These grid issues reoccur every 31 days on average, affecting households, businesses, and industries.
Madagascar, Burundi, and Mozambique lead Africa in female workforce participation, with rates above the global average of 48%.
The 2024 estimate ranks Nigeria 30th in Africa, with a female labour force participation rate of 52%.
At least 80% of adults in Madagascar, Tanzania, and Ethiopia who can work are employed or actively seeking jobs.
Across Africa, 63% of working-age people are engaged in the workforce. However, in Algeria, Morocco, and Djibouti, participation is below 45%.
