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  • The population of Nigerian-born immigrants in the US has more than doubled in nearly two decades, growing at an average rate of 4.8% per year.

    By 2023, the number reached 476k, up from just under 200k in 2006 — a 141% growth.

    Nigeria has been leading Africa in immigrant numbers in the US, ranking 22nd globally.

    Rising immigrant numbers could strengthen remittance flows back to Nigeria.

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    With a population of over 200M people, 7.7 million were in need of humanitarian aid as of 2020. This figure has since increased, requiring the sum of $1.01bn to meet their needs. Here’s the trend of Nigerians in need of humanitarian aid over the last 5 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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  • Nigeria has added ₦23.9 trillion to the debt it owes creditors within the country as of Q2 2023. As of June 2023, the country's domestic debt had risen from ₦30.2 trillion in March to ₦54.1 trillion, a 79% increase.

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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
Seven Nigerian commercial banks have international authorisation. Per the new capital requirements, these banks must raise their shareholders' funds to ₦500 billion by April 2026, up from ₦50 billion, to retain their licences. All seven banks have footprints in the UK, where FCMB and Fidelity Bank operate, underutilising their licence. Ghana and Sierra Leone are the only countries where all the big five have a presence. While UBA is present in more countries than any other bank, Access is catching up quickly and poised to overtake it. In the past two years, it has expanded into over five countries, with plans to grow its presence to nearly 30 countries by 2027.
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Number of monthly road traffic crashes (2022)
Road traffic crashes in Nigeria remain a significant concern, with an average casualty rate of approximately 50% throughout 2022. This means half of the people involved in crashes either sustained injuries or lost their lives. While the remaining half walked away unharmed, February and November had the highest casualty rates at 53%, though with just a slight increase from other months. A closer look at the data reveals that injuries far outweigh fatalities across all months. This pattern shows the heavy burden on hospitals and emergency services, which often struggle to manage the influx of victims. December, a festive season marked by increased travel, saw a casualty rate of 52%, with deaths accounting for 6.4% and injuries rising to 45.7%. This reaffirms the need for extra caution during peak travel when road congestion and reckless driving are heightened.
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With the top ten states receiving 40% of the ₦82b shared in EMTL, Lagos led with ₦7.68b, followed by Kano with ₦3.46b. Oyo, Rivers, and Kaduna rounded out the top five, each securing over ₦2b. These states are driving the lion’s share of the revenue. In stark contrast, the bottom ten states, including Bayelsa and Ebonyi, saw much smaller allocations, with each receiving less than ₦2b.
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Total number of traffic crashes by year
Data from the Federal Road Safety Corps (FRSC) highlights a worrying rise in traffic crashes in Nigeria between 2020 and 2022. Fatal crashes and crashes resulting in serious injuries have increased consistently, emphasising a growing public safety challenge on the nation’s roads. In 2020, Nigeria recorded 11,935 crashes with 2,961 fatalities and 7,627 serious injuries. By 2022, the numbers climbed further to 13,656 total crashes, with 3,309 fatal incidents (a 12% rise) and 8,953 serious injuries (a 17% increase).
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On December 1, 2024, fintech companies including OPay, PalmPay, and Moniepoint announced plans to begin implementing the Electronic Money Transfer Levy (EMTL), a ₦50 charge applied to electronic transfers of ₦10,000 and above. The announcement sparked widespread reactions from Nigerians who expressed concerns about the rising cost of living. Since January 2024, however, Nigerian states (excluding FCT) have shared ₦82b in EMTL revenue. The South West received the highest allocation of ₦19b, while the South East received the lowest, at ₦11b.
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Causes of road accidents in 2022
In 2022, approximately 36% of road accidents in Nigeria were caused by speeding violations, accounting for 6,578 cases. This reveals the need for drivers to prioritise safety over the rush to reach their destinations. Loss of control closely follows as another significant cause, contributing to 19.9% of accidents. While speeding dominates, other seemingly smaller actions like wrongful overtaking (5.6%), dangerous driving (5.7%), and sign/light violations (8.0%) still add up to the dangers.
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