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  • 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.

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    • The 2025 approved budget is nearly ₦55 trillion, marking a dramatic increase compared to previous years.
    • From 2020 onwards, the budget has seen a rapid upward trend.
    • Nigeria's national budget has consistently grown over the years, with notable jumps in 2016, 2021, and 2025.
    • The most significant year-on-year increase occurred from 2024 to 2025, with a 91% rise.
    • Since 2010, the budget has only decreased in four years (2012, 2014, 2015, and 2019), highlighting a generally upward trend in government spending
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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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  • Since 2004, Nigerian employees have saved a cumulative ₦8.4 trillion for their retirement. Employees in the public sector have saved ₦4.4 trillion, while those in the private sector have put ₦4 trillion aside.

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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
 

Jigawa State had the least IGR among the North-Western states, generating one of the lowest IGRs of the 36 states and the FCT. Kano received the highest share of the Federation Account Allocation in the region.

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The average IGR by the North-Eastern states was ₦9.5 billion. The region generated the least revenue, with Yobe recording the nation’s least IGR. Here is a breakdown of the Federation Account Allocation and Internally Generated Revenue by North-Eastern states in 2020.

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Apart from Lagos, the FCT's share of the Federation Account Allocation was also significantly lower than its contribution to the Federation Accounts. 
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Nigeria was ranked 146 among 163 nations and territories in the 2021 Global Peace Index. With rising conflicts in the country, we consider the total reported deaths by geopolitical zone caused by social, political, and economic grievances between May 2011 and July 2021.

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VAT in Nigeria was increased to 7.5% from 5%, effective from January 13, 2020. Though the increase didn’t affect Q1 2020’s figures that much, figures from Q1 2021 exceed Q1 2020’s by 53%. Here’s the total VAT generated for Q1 of the past ten years.

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Of the total VAT generated in Q1 2021, Non-Import (foreign) VAT recorded a 116% increase — the highest compared with the same period of 2020. Here is a breakdown of the VAT generated by sectors in Q1 2020 and Q1 2021.
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According to Google Trends data, people in Ebonyi State have shown the most interest in NFTs in Nigeria. Below is a graph showing the top 10 states in Nigeria most interested in NFTs by their Google Trend Index.
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More Nigerians have taken an interest in non-fungible tokens (NFTs) in 2021, as shown by the subject's Google Trends Index of 100, an all-time high for the country.  Here is a trend showing how NFT popularity has grown in Nigeria since January 2021.
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Miss Universe - Top countries by the number of wins since 1952
 
  • 2000–2005: Of the titles, two went to Venezuela and one to India and Puerto Rico. India's win in 2000 marked its first Miss Universe title.
  • 2006–2010: Mexico, Venezuela, and Puerto Rico each managed to win a single contest. Mexico's win in 2010 was particularly historic, given that it was the first time the country won the title of Miss Universe.
  • 2011–2015: While the Philippines and Venezuela each won two titles, Colombia took one.
  • 2016–2020: Mexico and South Africa managed one victory each; South Africa had consecutive victories in 2017 and 2019.
  • 2021–2024: India, Mexico, South Africa, and Denmark each secured one win. This win for India in 2021 is the third Miss Universe title in the country.
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Jumia's orders for Q3 2021 increased by 11.8% from 7.6 million in Q2 to 8.5 million in Q3, an all-time quarterly high. This increase is reflected in a 4.3% growth in its active customers from the previous quarter.

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Jumia's highest increase in its total sales value in five quarters between Q3 2020 and Q3 2021 occurred in Q4 2020 with a 23.4% increase. The online marketplace company saw a steady increase in its Gross Merchandise Value (GMV) from Q1 2021 to Q3 2021.
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Africa's debt-to-GDP ratio (2024 vs 2028)
  • Unlike other regions, Southern Africa’s debt-to-GDP ratio is expected to increase by 5.8 percentage points, reaching 77.4% by 2028.
  • Northern Africa is set to achieve the largest debt-to-GDP decline of 14.7 percentage points, from 84.2% to 69.5%, indicating significant fiscal adjustments.
  • Central Africa is expected to see a 12 percentage point drop, reducing its debt-to-GDP ratio from 45.8% to 33.8%.
  • West Africa’s debt-to-GDP ratio is projected to fall by 4.3 percentage points, while Eastern Africa is expected to drop by 5.2 percentage points, both showing signs of improved debt management.
  • Even with the projected declines, some regions like Northern Africa (69.5%) and Southern Africa (77.4%) will still have high debt burdens compared to others like Central Africa (33.8%).
  • The declining debt-to-GDP ratios in most regions suggest either economic expansion or strategic debt control, but Southern Africa’s increase indicates potential fiscal stress.
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  • Nigeria's largest cement manufacturers each recorded over 50% revenue growth in 2024
  • BUA Cement recorded the largest revenue growth in 2024 (90.5%), nearly doubling its revenue from ₦460 billion in 2023
  • Dangote Cement's revenue exceeded the combined revenue of BUA Cement and Lafarge Africa in both 2023 and 2024
  • Lafarge Africa earned ₦696.8 billion in revenue, the lowest revenue of the three cement majors
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Key takeaways:
  • Tecno (23.55%) and Infinix (21.73%) lead the Nigerian mobile market, making up a combined 45.28% of the market share.
  • Samsung (12.36%) is the leading non-Chinese brand, with Apple (9.43%) following closely behind.
  • Xiaomi (7.15%) and Huawei (4.34%) are emerging as significant players in Nigeria's mobile sector.
  • Premium brands such as Samsung (12.36%) and Apple (9.43%) have considerable but smaller market shares compared to their Chinese counterparts.
  • Chinese manufacturers collectively dominate over 60% of the mobile market in Nigeria.
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Key takeaways:
  • In February 2025, Samsung and Apple dominate the mobile market in Africa.
  • Samsung leads with a 29.80% share of the continent's mobile market based on usage.
  • Apple ranks second with a 13.27% share, demonstrating resilience in markets sensitive to pricing.
  • Collectively, Chinese manufacturers hold more than 45% of the mobile market in Africa.
  • Brands under Transsion Holdings (Tecno, Infinix, Itel) together represent nearly 25% of the total market share based on usage.
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Key Takeaways:
  • In 2023, Kiribati spent the largest % of its GDP on education, amounting to 16.39%.
  • Kiribati, Tuvalu, and Vanuatu each allocated over 10% of their GDP to education.
  • Bolivia and the Solomon Islands each directed around 8.3% of their GDP spending towards education.
  • The top ten countries dedicated approximately 6.6% to 16.4% of their GDP to education.
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  • Lagos carried the South-West VAT burden, remitting ₦305.52B (89.6% of the region's total) but receiving only ₦62.59B (20.5% return), making it the highest net contributor in Nigeria.
  • Osun had the most disproportionate gain, remitting a mere ₦590M but receiving ₦7.73B, an astronomical 1,211% return—the highest redistribution gain in the South-West.
  • The entire South-West remitted ₦341.18B but received only ₦106.85B, meaning it got back just ₦0.31 for every ₦1 contributed, highlighting a severe VAT allocation imbalance.
  • Ondo and Ogun remitted only ₦3.3B but received ₦16B combined, far exceeding their generated VAT, while Lagos alone subsidised most of the allocations across the country.
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