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.
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.
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.
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.
As of December 2023, more than 36,000 Nigerians — 2% of the global holders — had Canadian work permits. This number represented a 118% rise from December 2022.
Nigeria's share of the total peaked in December 2018 at 2.4%.
N.B. The number of global holders of the Canadian work permit increased by 60% in 2023.
In Q4 2023, Spectranet maintained its top position as Nigeria's biggest internet service provider with nearly 114k active subscribers, holding 43% of the market share. FiberOne followed with 10% of the market.
Starlink increased its subscriber base by 113% to claim the 3rd position with 9% of the market.
Here are Nigeria's top internet service providers by active subscribers in Q4 2023.
In 2023, businesses in Nigeria's finance and insurance sector paid ₦458.8 billion as taxes to the government, 119.6% more than in 2022.
Those in the manufacturing sector also increased their payments and remain the top tax-paying sector in the country.
Here are the top five sectors where businesses paid the most tax in 2023.
According to recent data, there were approximately 96,487 tonnes of gold jewellery in the world in Dec. 2023, accounting for 45% of the total estimated amount of gold (212,582 tonnes) mined throughout history. Here is an estimated distribution of gold holdings as of Dec. 2023.
Jumia Group has recorded $1b in losses since listing on the New York Stock Exchange in 2019. The eCommerce giant also recorded its highest yearly loss in 2019. In recent years, Jumia Group has shut down some of its businesses across Africa, thus recording its lowest loss over seven years in 2023.
The cost of cooking gas nationwide increased from an average of ₦10.3k in March 2023 to nearly ₦16k in March 2024.
However, the northern regions had the most affordable prices. The North East had the lowest average price of ₦14.9k for a 12.5kg cylinder.
In Katsina, the average price for 12.5kg of cooking gas was ₦12,400 as of March 2024, the lowest in the country.
Over the years, merchants on agency banking platforms have played an important role in bringing the banking system closer to people. They also played a key role during Nigeria's cash crunch in Q1 2023. Despite their importance, there have been reports of people using them to commit fraud, prompting the government's recent decision to have all POS agents registered with the Corporate Affairs Commission. As of March 2024, 2.69 million POS terminals had been deployed, including those used as payment options.
In 2023, 1.17 billion smartphones were shipped globally. Samsung and Apple maintained their stronghold on the smartphone market, collectively accounting for 38%, with each brand capturing 19%.
Xiaomi maintained a 12% share after peaking at 14% in 2021. Apple's market share shows a gradual increase from 2020, reaching 19% in 2022 and 2023.
