The United States government has said that by the year 2050, the Nigerian middle class would have taken the West African country as far as becoming a global economic power and population. Given the current situation of things, that might sound unfeasible. However there just may be some sense and truth in this assertion.
Nigeria’s middle class is estimated to a number of 50 million people. Believe it or not, these 50 million people are more important than the few billionaires in our midst. The world is run by the middle class citizens. And did you know that Africa’s fastest growing middle class is the Nigerian middle class?
As the Nigerian people and indeed most Africans turn to entrepreneurship, there is bound to be a lift in the economy of African nations as time goes by. In the bid to make ends meet people of all economic status are scouting and searching for business ideas. The economy is not favourable for Nigerians at the moment. But the good news is that the private sector belongs to every citizen. More so, the immediate past administration made possible the rise of many private enterprises in Nigeria.
There has particularly been growth in the business technology in Nigeria. Industrialization is gradually gaining its grounds. Sectors like banking, telecommunications and services have grown more than it used to be. All thanks to the empowerment of the middle class. We could equally observe the purchasing power of the middle class over the internet and the recent vast presence of shopping malls and plazas.
If the middle class is not there, the disparity between the upper and lower class will be humongous. There will be a great dysfunctionality in the system. The Nigerian middle class consist largely of young people. As such there is a natural vibrancy that goes with the quest and search to earn a living.
So empowering the Nigerian youth is synonymous to empowering the middle class. In a huge way, the middle class boost is seen in Nigerian entertainment and the internet/social media. Over 70 million Nigerians have access to the internet. In 2015, Nigeria ranked 8th in the world for internet users.
There are worries however about the provision of conducive economic policies in the country to encourage the people. As Nigeria seeks to improve her economy via thorough management of the internal national and natural resources, it is expected that the government should henceforth make such supportive policies a basic economic priority. Else, there will be a heightened state of hopelessness in the country.
The minute Nigeria succeeds in diversifying her economy and steps up her industries, there is the tendency of having a job revolution. Thus the need to encourage development in our farms and factories. Those are the best bets of economically equipping the Nigerian middle class at the moment.
With the current Nigerian population, unemployment is clearly evident in the country. Imagine what will become of Nigeria by 2050 if the government do not make empowering the Nigerian middle class a priority. Fixing up the epileptic power supply in the nation will go a long way too.
In attempts to diversify the economy, the government must also try to encourage local businesses and financial institutions. Once these set of people are patronized, then they are equipped and given relevance to be considered by small scale businesses and budding entrepreneurs.
The middle class is a national resource that Nigeria as a nation cannot do without. According to the United States’ government, the Nigerian middle class can transform the face of Nigeria’s economy. As a matter of fact the Nigerian middle class is currently an economic attraction for international investments. In other words, Nigeria has the potential to surpass the United States in both economy and population by 2050.