Nigeria: Reforming for a bright future
Nigeria, “The Giant of Africa”, is the most populous country and the biggest economy of Africa. Currently the sixth most populous country in the world, it is forecast to become the second most populous by 2100. Nigeria also has a large youth population, with a median age of 17 (vs world median age of 30).
Advances in technology, medicine and self-awareness means Nigerians are living longer, with life expectancy now at 56 years and expected to grow to above 70 in the next 30 years. According to Ipsos Global Trends, 97% of Nigerians feel they “need to do more to look after myself physically”. Additionally, 94% of Nigerians also agree that they “need to do more to look after my mental well-being”. According to WHO statistics released in January 2022, over 20 million Nigerians are currently suffering from various degrees of mental illness or disorder without psychiatric health care, with poverty and unemployment having been identified as major contributors to mental health imbalance.
Following the 2023 Presidential elections, the new government inherited significant challenges – high unemployment, increasing poverty levels and sky rocketing inflation rates, leading to immense pressure across segments of the population. The new government also has a challenge of controlling brain drain, known as "japa," which consists of the middle class relocating to other countries causing huge resource and talent scarcity in the country. According to Ipsos Global Trends, 91% of the Nigerians agree with the statement “I would like to experience living in different parts of the world” – much higher than global and African average score.
The new government introduced certain reforms to bring the Nigerian economy back to the forefront of growth, however it comes with added pressure to the population in the short-term, especially with the removal of fuel subsidies and currency devaluation. Consequently, this shift has triggered rapid inflation across various sectors, directly impacting the daily disposable income of consumers. However, despite the increasing cost of living, Nigerian’s love international brands. 76% of Nigerians think “global brands make better products than brands that are local to my country” and they are “generally willing to spend extra for a brand with an image that appeals to them”.
To revive hope and generate new opportunities for the populace over the next four years the government has made bold economic reforms and concerted efforts to build infrastructure and agriculture, improve education, security, and healthcare, and reduce poverty.
Nigeria has announced its presence on the global map, evident by its attendance of the recent G20 Summit. The new government acknowledges its challenges and is making some tough unpopular decisions which may have negative short-term impacts but are visionary for a better future in the long term. Nigeria is a land with a large youth population, striving for opportunities and growth with big dreams and hope. Despite ongoing challenges, with the right leadership it is expected only to grow upwards.
Himanshu Verma
Country Manager, Ipsos in Nigeria