Will Nigeria Overtake China in Population Size?
Will Nigeria Overtake China in Population Size?
Nigeria is the most populous country in Africa. It has a population of more than 200 million people, and it's expected to overtake China as the world’s most populous nation by 2050. There are many things that make Nigeria an attractive place for investment, one of them being its young demographic. More than 50% of Nigerians are under 25 years old which means they will be entering the workforce in the next few decades; this is also good news for entrepreneurs who want to tap into this market with new products or services! What makes it even better is that older generations still have plenty to offer too - like their experience and knowledge - so there's never been a better time to do business in Nigeria.
Section 1: Nigeria’s Largest Demographic
One of the biggest challenges with growing businesses in developing countries is that people typically aren’t invested in your vision or your company. We find that the best way to combat this is to focus on the most important person in the room: the customer. All other things being equal, a customer will choose to do business with you because they like or need your product or service more than anyone else’s. The customers are always right, so the key is to ensure you're addressing the needs of your customers. Here are some reasons why Nigeria is a fertile ground for entrepreneurs:
The population of Nigeria is young and growing. By 2050, it’s expected that Nigerian’s will account for about half of the world's population growth.
The World's Largest Demographic?
Nigeria, together with the Democratic Republic of the Congo, are currently considered to be the world's two most populous nations. China is ranked third. But where is Nigeria on the list? Being the biggest nation in Africa is enough, but then Nigeria also has the biggest population on the continent.
When is Nigeria's Population Growing?
According to the United Nations, Nigeria is expected to overtake China as the world’s most populous nation by 2050. This means that China will have to step up its game in terms of health care and education if it wants to hold on to its status. An interesting thing to point out is that China and Nigeria are about the same size in population, but that's not the only thing that sets them apart.
When Will Nigeria Overtake China?
According to a new study by The Africa Report Magazine, Nigerian women will surpass Chinese women in terms of population size by 2037. If that's not enough to give you a reason to visit, here are more:
There are 1.5 billion people on this planet.
Nigeria has a population of about 198 million people
China has a population of about 1.38 billion
5,936,000 women are pregnant right now in China
11,249,00 children were born in China in 2017
10,900,000 Chinese people are under the age of 20 (2,200,000 below the age of 15)
Why Nigeria is a 'Cornerstone' of South-East Asian Markets?
South East Asia is a massive region, which can be seen as a stepping stone into the ASEAN (Association of Southeast Asian Nations) market. Nigeria is already well established in this region.
Why Invest in Nigeria?
Nigeria has amazing potential for investment as it's still a young economy that can be built upon for years to come. As a middle income country, it has a very youthful population and is expected to reach the wealth status of a high-income country in the coming years. Despite its potential, the country has yet to see the big players come in - similar to China - and commit to large-scale investments. This is why I believe that is is important for small-scale investors to take the plunge and invest in a new country that has a rapidly growing population.
The Chinese experience in this area is extremely inspiring and a great source of inspiration for aspiring entrepreneurs to look to. China has always been known as the land of economic miracle.
What Can Entrepreneurs Do to Tap Into Nigeria’s Young Demographic?
Well, if you are thinking about entering this market, there are a number of things you can do to stand out from the rest of the competition.
Create An Appeal Through Experience
Customers in this market are looking for products or services that are different and special. This means that you need to offer something that's not easily found in other countries, and this will create a strong appeal among your customers. So, the next time you are thinking about starting up, you should look into ways to add a unique, or even custom touch to your products and services. In doing so, you are giving your customers an incentive to stick with your brand and possibly switch to a competitor in the future.
Improving your results in 2018 is all about being more flexible and creative with how you approach your business. You need to ask: What if…? Don’t get overwhelmed by the day-to-day rigours of the business. Instead, have the confidence to try new things and spend less time on getting the business back on track. Remember that the biggest success stories in the history of the world have come from things that have not worked before - look at Mark Zuckerberg, Bill Gates and Steve Jobs - they’ve all triumphed despite struggling at some point along their journey.
Remember, it’s a marathon, not a sprint!