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  • In Q2 2024, Nigeria’s Company Income Tax (CIT) collections reached ₦2.47 trillion, a record-high figure that could cover about 9% of the nation’s ₦28.78 trillion budget.

    The surge may be due to improved corporate profitability, better tax compliance, and stricter enforcement. The higher exchange rate probably played a role too.

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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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  • 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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  • India has been the World Bank's largest debtor for over 50 years, with a debt of $38.3 billion as of 2022.

    Five Asian nations — India, Indonesia, Bangladesh, Pakistan, and China — owe a combined $111.2 billion, or 27% of the World Bank’s total debt.

    Nigeria, Africa's largest World Bank debtor, ranks 10th, with nearly #14 billion in debt.

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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
 

More Nigerians have been issued Canadian Study Permits than any other African citizen in the first half of 2021. Here are the top 10 African countries by citizens issued Canadian Study Permits in H1 2021.

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Lagos State has recorded 296 building collapses — 65% of all such incidents in Nigeria since October 1974. On Monday, November 1, 2021, a 21-storey building collapsed in Ikoyi, Lagos. Here are the top 20 recorded building collapse incidents by state in Nigeria since October 1974.
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States and the FCT accounted for ₦4.12 trillion — 19.98% of Nigeria's Total Domestic Debt and 12.45% of the Total Public Debt, with Lagos having the most outstanding debt of ₦507.4 billion — 12.3% of the Total Debt Stock by states and the FCT.
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According to Chainalysis, over $520 million worth of cryptocurrency was stolen from services and individuals through hacks and non-technical attacks like social engineering and phishing efforts in 2020.

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According to UNCTAD, most developing countries move more than 80% of their internationally-traded goods by sea. In Africa, Nigeria had the most maritime merchandise trade in 2020.
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As of 2021, only 10 African countries have enacted a Freedom of Information (FOI) Act with three of these countries enacting theirs in 2011. South Africa was the first country on the continent to enact a FOI act in 2001.

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In October 2021, the average price of 12.5kg cooking gas in Nigeria increased by 62.76% in October 2021 compared to October 2020. Between August 2021 and October 2021, the price increased by 47%.

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INEC has started its continuous voter registration against the 2023 general election. In 2019, 21% of Nigeria’s voting-age population did not register to vote.

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Despite a 13% year-over-year increase in orders, Jumia recorded a significant loss in Q2 2021. Though not the highest ever recorded, it's a whopping 105% increase from Q1 2021. Here are Jumia's losses and EBITDA for each quarter since 2019.

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According to UNICEF, Nigeria currently has more than 10 million out-of-school children, most of them in the North. On Tuesday, October 26, 2021, President Muhammadu Buhari said the fear and trauma of abduction are forcing children out of school. Here is the reported number of abducted school children in Nigeria by state since 2014.
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The number of people from sub-Saharan Africa studying in the US was highest in 2020 — 41,697. Here is the trend of sub-Saharan African, West African, and Nigerian students in the US from 2001 to 2020.

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3,930 Nigerians have been issued Canadian Study Permits in H1 2021, 67% of the total figures for 2020. Between 2015 and 2020, more Nigerians were issued this Permit in 2019. Here is a representation of the number of Nigerians issued the Canadian Study Permit from 2015 to H1 2021.

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Eurobond issuance by African countries (2024)
  • South Africa issued $3.5 billion, making up over a quarter (25.6%) of all issuances on the continent.
  • South Africa, Côte d’Ivoire, and Nigeria issued $8.3 billion, accounting for 61% of Africa’s total Eurobond issuance in 2024.
  • Despite economic uncertainties, Nigeria remains an active player in international markets, issuing $2.2 billion in Eurobonds.
  • Francophone West Africa has a strong presence as Côte d’Ivoire, Senegal, and Benin collectively issued $4.4 billion, highlighting their growing role in Africa’s debt markets.
  • At $0.75 billion and $0.55 billion, respectively, Benin and Cameroon still secured external financing, but at significantly lower levels than their larger counterparts.
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Key takeaways:
  • The third quarter of 2023 displayed an unusually low tax payment of ₦104.9 million.
  • Tax contributions stabilised once again in Q4 2023 and maintained a robust presence in 2024, especially in Q1 and Q3.
  • Beginning at ₦1.99 billion in Q1 2021, BUA Foods’ income tax payments displayed fluctuations up until 2024.
  • Tax payments for BUA Foods remained relatively stable between 2021 and 2022.
  • The peak tax payments occurred in Q2 2023 at ₦7.09 billion and Q1 2024 at ₦6.54 billion.
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Key takeaways:
  • The tax-to-GDP ratio reached its peak in 2022/23 at 24.9%, signifying enhanced efficiency in tax collection.
  • Throughout the past two decades, the percentage of tax revenue relative to GDP has exhibited significant stability.
  • The tax revenue as a proportion of GDP has fluctuated between 21% and 25% over the last twenty years.
  • Notable declines occurred during global economic downturns, such as the financial crisis of 2008-2009 and the COVID-19 pandemic.
  • The recent years (2021-2024) reflect a robust recovery, with tax revenue percentages approaching peak levels.
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  • Shoprite leads in geographical presence, with stores in 13 Nigerian states, followed by Marketsquare with 11 states.
  • Everyday Supermarket is the only other chain with a presence in at least five states, while the majority of other brands are in just four or fewer states.
  • Most retail chains in Nigeria remain regionally concentrated, with only a few achieving significant national coverage.
  • The presence of only a few nationwide chains may present an opportunity for expansion by emerging retailers.
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  • Bokku! Mart dominates the retail landscape with 123 locations, nearly three times the count of the second-largest chain, Addide, which has 44 stores
  • Marketsquare, Justrite, and Shoprite round out the top five with 36, 31, and 23 stores, respectively, indicating a competitive yet fragmented retail sector
  • Most retail chains have fewer than 25 stores, with 13 out of the 18 listed having fewer than 15 stores
  • Traditional supermarket names like Shoprite and Game face competition from local brands
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  • 2G remains the dominant network, covering 94.14% of Nigeria’s population, ensuring basic connectivity across the country.
  • 3G has strong penetration at 89.42%, serving as a bridge between legacy and modern networks.
  • 4G coverage reaches 84.19%, reflecting growing adoption but still lagging behind older technologies.
  • 5G penetration is extremely low at just 11.80%, indicating that its rollout is still in its infancy and mostly limited to urban areas.
  • The high coverage of older networks suggests continued reliance on legacy infrastructure, particularly in rural and underserved areas.
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