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  • E-commerce payments method in Nigeria (transaction value %), 2023 and 2027
    • Digital wallets are the fastest-growing e-commerce payment method in Nigeria, set to double from 11% in 2023 to 22% by 2027.
    • A2A transfers remain the dominant payment method, slightly increasing from 32% to 34%, showing continued reliance on direct bank-to-bank transfers.
    • Cash-on-delivery is becoming less relevant, dropping from 15% in 2023 to just 9% in 2027, signaling a shift away from cash-based transactions.
    • Both debit card and credit card payments are declining, with debit cards dropping from 19% to 16% and credit cards falling from 15% to 12%, suggesting a changing balance in card preferences.
    • Prepaid cards and buy now, pay later (BNPL) solutions remain relatively small players in the Nigerian e-commerce space, with minimal growth.
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    Nigeria’s population growth has outpaced its economic performance. From 1960 to 2023, the population increased from 44.9 million to an estimated 223.8 million, putting immense pressure on resources.

    The country's GDP peaked at $574.2 billion in 2014 but dropped to $362.8 billion in 2023.

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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 FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 2023.

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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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    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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  • Nigeria's export value increased by 16.8% quarter-on-quarter to ₦20.49 trillion in Q3 2024. Petroleum products (oils, liquefied natural gas, and other petroleum gases) made up 85.52% of its exports, valued at ₦17.53 trillion.

    This figure highlights Nigeria's heavy reliance on the oil and gas sector for revenue, emphasising the need for diversification to reduce dependence on a single industry.

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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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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.

    See more

Other Insights
Top & bottom ten states by number of dentists (2022)

Lagos State leads the dental healthcare workforce in Nigeria with an impressive 713 dentists, a figure over three times higher than any other state. This dominance shows Lagos' position as a hub for healthcare professionals. Trailing far behind are the FCT (Abuja) with 208 dentists and Oyo with 185.

The gap becomes even more glaring when examining the bottom states like Taraba, with only eight dentists, and others such as Jigawa and Abia, with just nine each. These numbers paint a concerning picture for residents of these regions, who may face long travel distances or extended waiting times to access basic dental care. Interestingly, Borno State, which faces security challenges, has 53 dentists, surpassing several other states.

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Nigeria's import value increased by 8.7% quarter-on-quarter and 63% year-on-year, reaching ₦14.67 trillion in Q3 2024. China led as the top trading partner with imports valued at ₦3.57 trillion (24%), while Malta rounded out the top five with ₦767 billion (5%).

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Countries by Global Innovation Index 2024

The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.

In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.

Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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Nigeria's national grid has collapsed 12 times in 2024

Nigeria's national grid has experienced 12 collapses so far in 2024, a troubling trend that reveals the fragility of the country's energy infrastructure. The timeline highlights intervals ranging from as short as one day to as long as 82 days between incidents. Notably, two consecutive collapses occurred on October 14 and October 15, while a total of 9 collapses occurred in the second half of the year.

Yesterday's collapse came 35 days after November 7, when the grid went down for the 11th time.

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In 2024, the top ten universities in Nigeria graduated 3,047 first-class students. Seventeen per cent of private university students in Nigeria earned first-class degrees, compared to 3% in federal/state universities.

The University of Benin convocated the most first-class students (385), while the Federal University of Agriculture, Abeokuta (FUNAAB) had the least, with 122.

Covenant University had the highest proportion, with one in five students graduating with a first class.

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Ogun State is the top location for private universities, with 16 universities, while the top eight states collectively account for 50% of Nigeria's 149 private universities. Bauchi and Yobe are the only states with no private universities.

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As of 2024, 149 private universities are accredited by the National Universities Commission. Southern Nigeria houses 62%, with the South West leading at 47 universities, while the North East has the fewest, with just 5 (3%).

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Bayelsa, Gombe, and Katsina States have the fewest accredited universities — five each — of the 274 in Nigeria in 2024. Ogun leads with 19, followed closely by Abuja (17) and Delta (15).

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Participants of the National Open Apprenticeship Scheme by gender (2021 - 2023)

Participation in Nigeria’s National Open Apprenticeship Scheme has dropped by over 50% since 2021, with male and female enrolments declining significantly; over the years, there have been more female participants. The declining participation rates raise questions about awareness, funding, and programme efficiency.

For many Nigerian youths, apprenticeship programmes are a gateway to self-reliance and stable income. The National Open Apprenticeship Scheme is a National Directorate of Employment (NDE) programme that upskills unskilled and unemployed people and equips them with relevant demand-driven skills.

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Nomadic primary school enrolment in Nigeria by regions

Nomadic primary school enrolment in Nigeria remains most prevalent in the North West, with over 503,000 children enroled in 2021, significantly higher than any other region. Enrolment numbers have shown gradual improvement across most regions.

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Nearly one in two accredited universities in Nigeria is located in the South West or North Central. The South West has the highest number of private and federal universities, with a total of 71 universities, while the North East has the fewest, with 21 universities.

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  • Over six MPC meetings from February to November 2024, the MPR rose cumulatively by 875 basis points, ending the year at 27.5%.
  • The pace of increases slowed after March: from 200 bps (Feb–Mar) to just 25 bps (Sept–Nov), reflecting a tapering hike strategy.
  • Since November 2024, the CBN has maintained the rate at 27.5% across four consecutive MPC meetings into July 2025.
  • The 2024 cycle was dominated by aggressive rate hikes aimed at stabilising inflation and exchange rate volatility.
  • The CBN’s interest rate strategy appears more restrained in 2025, indicating a possible pause phase in the monetary policy cycle.
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  • Anambra’s IGR grew sevenfold in 16 years, reaching ₦42 billion in 2024.
  • A ₦26B to ₦42B jump in just six years (2018–2024) indicates accelerating growth.
  • The most dramatic jumps occurred post-2018, pointing to possibly new fiscal reforms or policies.
  • Between 2014 and 2024, revenue grew by over 300%, from ₦10B to ₦42B.
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  • Gabon leads with 18.7% of its population being immigrants, the highest in Africa.
  • Equatorial Guinea follows with 16.4%, also driven by oil-related labor demand.
  • Djibouti (12.1%) and Libya (12.0%) round out the top four with migrant shares over 10%.
  • South Africa has the highest immigrant population in Southern Africa at 4.8%.
  • Most African nations still record under 5% immigrant share, indicating modest migration levels continent-wide.
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  1. The United Arab Emirates tops the list with immigrants making up 88% of its total population.
  2. Qatar follows closely with 87% of its residents being immigrants.
  3. Kuwait (73%) and Bahrain (55%) also feature prominently, showing a regional trend where nationals are a minority and foreign workers form the economic backbone
  4. Middle Eastern dominance in the top rankings highlights how the Gulf region’s economic model is heavily dependent on imported labor and expatriate populations.
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  • Nigeria leads Africa in pay TV subscribers, with 9.69 million, followed closely by South Africa, which has 9.28 million.
  • Together, both countries account for nearly 40% of the continent’s total pay TV subscribers.
  • Kenya holds third place with 2.89 million subscribers.
  • Central African Congo (2.04M) and East African Uganda (1.77M) are becoming key pay TV growth zones.
  • Tanzania’s 2.27 million subscribers underscore the country's growing media consumption, particularly in urban centres.
  • Côte d’Ivoire and Angola, with 1.38 million and 1.06 million, respectively, demonstrate growing demand even in relatively smaller economies.
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  • DStv is expected to remain the market leader by 2028, with a 28.26% share, despite a decline from 36.27% in 2019.
  • StarTimes’ share is projected to remain relatively stable, around 24.9% by 2028, underscoring consistent consumer demand.
  • Canal Plus is growing, increasing from 16.2% in 2019 to 19.76% by 2028, showing its expanding influence in Africa.
  • Smaller players, such as StarSat and Easy TV, will continue to hold marginal but stable positions across the continent.
  • The overall pay TV market in Africa is fragmenting, with top platforms losing dominance as competition intensifies.
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