OPINION: Nigeria’s population is a market

Written by Tife Owolabi

Major economies and corporations utilise population data extensively to project income by analysing demographic trends, consumer behaviour and market potential. This data helps them to identify target demographics, assess purchasing power and tailor products and services accordingly. Factors such as age distribution, income levels, urbanisation rates and cultural preferences are crucial in shaping market strategies and investment decisions.

Nigeria’s large and diverse population presents significant opportunities for economic turnaround through leveraging population data. With over 200 million people representing various ethnicities, languages and cultural backgrounds, Nigeria possesses a vast consumer market with diverse needs and preferences. By harnessing population data, policymakers and businesses can identify untapped market segments, develop tailored products and services, and implement targeted marketing campaigns.

Understanding demographic trends can inform strategic investments in key sectors, such as infrastructure, healthcare, education and technology, which are essential for sustainable economic growth and development. Nigeria’s youthful population, in particular, presents a demographic dividend that, if properly harnessed through education, skill development and job creation, can drive innovation, entrepreneurship and productivity gains across various industries.

So, embracing the country’s cultural diversity can foster creativity, innovation, and cross-cultural exchanges, leading to the development of unique products and services that appeal to both domestic and international markets. Overall, by harnessing population data and embracing its diversity, Nigeria can unlock its economic potential and achieve long-term prosperity.

For sustained economic growth, Nigeria needs new technologies and new ways of doing things. More often than not, they will come from newcomers.

But for us as a country, the replacement of a new regime seems to be the continuation of extractive institutions that only profit but few, hence, the tales of woe and economic decline bites harder on the citizens. Our population and diversity which ought to be a cog have turned into clout in the wheel.

Nigeria can leverage its youthful population to combat insecurity and drive economic growth by harnessing the power of technology, following the examples set by Japan, South Korea, and China. Purposeful leadership can instill a sense of innovation, entrepreneurship and national pride among Nigerian youth, encouraging them to contribute positively to society. Investing in education, particularly STEM (Science, Technology, Engineering and Mathematics) fields, can equip young Nigerians with the skills needed to participate in the digital economy.

By fostering a conducive environment for technology startups and providing access to funding and mentorship, Nigeria can nurture a thriving tech ecosystem similar to those in Japan, South Korea and China. Embracing technology-driven solutions can enhance security through innovations in surveillance, cybersecurity, and communication systems while simultaneously driving economic growth by creating jobs, boosting productivity and attracting investment. By empowering its youth and embracing technological advancements, Nigeria can pave the way for a brighter and more secure future.