Harnessing Nigeria’s Population For Economic Development

Nigeria, the most populous nation in Africa and the sixth globally, stands at a demographic crossroads. With a population estimated at over 222 million—70% under 30 and a median age of just 18.1 years—Nigeria is uniquely positioned to leverage its human capital for economic growth.

However, as history has shown, a large population can either be a catalyst for prosperity or a burden on limited resources.

Recent data from the United Nations underscores this duality. In 2024 alone, Nigeria’s population grew by nearly five million, with projections suggesting it could reach 237.5 million by 2025.

Urbanisation is also accelerating, with over half of Nigerians living in cities like Lagos, Kano, and Abuja. This presents opportunities for industrialisation and innovation but also magnifies the challenges of unemployment, poverty, and inadequate infrastructure.

The U.S. Census Bureau estimates indicate that the world population increased by more than 71 million people in 2024, a slight slowdown from the 75 million increase recorded in 2023.

According to the new data, the world population is projected to reach 8.09 billion people by January 1, 2025.

READ ALSO: Report Predicts Nigeria’s Population To Hit 237m By 2025

A large population inherently presents both challenges and opportunities that affect the overall quality of life. There are high levels of poverty, unemployment, and insecurity – of food, lives, and property. Nearly 12% of the world’s population living in extreme poverty (defined by a threshold of US$1.90 per day) resides in Nigeria.

The social and economic situation makes migration attractive to young people – a phenomenon termed the “Japa syndrome” (from the Yoruba word for “escape”). In 2015, the United Nations Department of Economic and Social Affairs estimated that the number of Nigerian international emigrants was 1,256,114. This number grew to 1,438,331 in 2019.

According to the International Migration Organisation, emigration more than doubled between 1990 and 2013 – from 465,932 to 1,030,322.

As a newspaper, we recognise that high population growth without socioeconomic and infrastructural support puts immense pressure on the country’s limited resources, the consequences of which are reflected in various forms of social disturbances and challenges.

It is instructive that throughout history, the world has seen rapid population growth, which has enabled a rich diversity of culture, technology, and improved living standards.

A massive population is not necessarily detrimental, as countries that have harnessed their demographic potential have become powerful nations. The United States of America and China have used various policies and strategies to harness their large populations for development, becoming world superpowers.

A larger population influences a country’s economy, which in turn affects its power on a global scale. An examination of the three most populous countries in the world – the United States of America, China, and India – clearly shows a correlation between large, powerful governments with prosperous economies and their emergence as major world powers.

It is our considered opinion that governments at all levels must take their roles seriously as drivers of economic development and implement programs and policies that can foster development in their states.

President Bola Tinubu has emphasised the critical role of state governors in driving Nigeria’s development and prosperity, noting that their leadership at the subnational level is central to achieving food security, economic prosperity, and rapid national growth.

In his New Year message, Tinubu expressed his commitment to local government development and autonomy, emphasising its importance for grassroots development and its role as the crucial link to Nigeria’s prosperity.

The past 200 years have shown exponential growth in technical development and innovation. The world’s growing population means we have a larger pool of human capital, increasing the potential for cutting-edge discoveries.

Many Western economies are now experiencing declining populations, resulting in demographics skewed toward elderly, retired people.

In our view, the size and youthfulness of Nigeria’s population offer great potential to expand its capacity as a regional economic hub of Africa and globally. A young, large population could be an economic asset because population growth and urbanisation are interconnected, and economic development closely correlates with urbanisation.

Without accurate data, it becomes almost impossible to align the complex interactions among individual, community, and societal needs for government planning.

However, the 2023–24 Nigeria Demographic and Health Survey (NDHS) reports that Nigeria’s fertility rate has declined in recent years, showing women now bear an average of 4.8 children, down from 6.3 in 2008.

No doubt, Nigeria’s demographic trajectory offers immense potential, but realising this promise requires urgent, coordinated action. Investments in education, healthcare, and infrastructure must align with policies that encourage innovation and economic diversification.

Public-private partnerships can play a critical role in bridging resource gaps, while regional cooperation could position Nigeria as a leading economic hub in Africa.

The stakes could not be higher. As Western economies grapple with aging populations and declining workforces, Nigeria’s youthful and growing population represents a unique asset on the global stage. By harnessing this potential strategically, Nigeria can transform itself into a beacon of prosperity and a model for other developing nations.