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.
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.
South Africa is rising on the global stage, showcasing its growing influence as it secures its spot as the only African country among the world's top 23 superpowers.
The United States leads with a strength index of 0.89, followed closely by China at 0.80. While traditional powers like Germany and Japan hold their ground, South Africa proudly stands among the top 23 superpowers with a strength index of 0.1. This is the only African country that made the top 23, coming 22nd on the list.
The ranking is based on analysis from Ray Dalio's Great Powers Index 2024. Dalio assessed each nation's strength based on a wide range of metrics, including education, innovation and technology, cost competitiveness, economic output, and military strength.
Note: The Eurozone, ranked third on the list, was removed as it cannot be considered a single country.
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.
In May 2023, 4G made up 25% of Nigeria's telecoms market; by March 2024, its share had increased to 32.7%. 2G's share of the market went from 58% to 57%, with 3G dropping from 16.5% to 9%. 5G has maintained steady growth from 0.12% to 1.24%.
In 1994, the IBM Simon Personal Communicator, paved the way for a digital revolution. Fast forward to 2017, when smartphone shipments peaked at 1.57 billion units. However, the subsequent six-year period witnessed a 25% decline in shipments.
MTN Nigeria recorded its first loss in 2023 because of a loss of forex. The naira recorded a massive loss to the US dollar in the second half of 2023, with a 95% drop. The company's revenue jumped from ₦1.04 trillion in 2018 to ₦2.47 trillion. While its profit after tax grew alongside the revenue from 2018 to 2022, it dropped from ₦349b to a ₦137b loss in 2023.
In addition to having one of the lowest populations on the continent, Mauritius boasts the greatest broadband penetration rate — 147.39% as of 2022 — of any country in Africa. The eastern African nation's broadband Internet subscribers surpassed its population in 2019.
As of March 2024, there were 219m subscribers in Nigeria's GSM market which is dominated by three players each with over 20% market share. More than 40 mobile virtual network operators (MVNOs) have been licensed to date, all of whom will rely on the infrastructure of the country's four mobile network operators to offer their services.
Voice is still king for Airtel Africa, accounting for the largest share of its revenue between 2019 and 2023. However, the revenue from data and Airtel Money, its mobile money services have more than doubled within this period. Revenue from voice and others didn't record a sharp increase unlike data and Airtel Money.
MultiChoice, owners of DStv and Showmax, among others, has been in acquisition talks with Canal+. Canal+ bought a 6.5% stake in the South African media giant four years ago, which, as of April 2024, had been increased to 40.01%. A look at MultiChoice's revenue over the years shows that it's increasing at an average rate of 4%.
Revenue from voice is still the largest contributor to Airtel Africa's revenue between 2019 and 2023 however its share of the revenue has been on a steady decline. Voice went from accounting for 60.97% of the total revenue in 2018, to 46.16% in 2023. The share of revenue from data and Airtel Mobile have been on a steady rise since 2020.
