Nigeria is the most populous country in Africa. As of 2020, Nigeria’s population is around 206 million. ABiQ predicts its population will grow by 22% and reach 251 million in the next 10 years.

Nigeria has the highest GDP in Africa as well. The GDP in 2019 touched $400 billion, or $2,222 per capita. It is the biggest oil producer in Africa and that makes up 70% of its earnings.

Infrastructure investment

In order to meet the basic needs of the growing population, the country will need an additional 1,400 megawatt of electricity generating capacity by 2030.

Access to clean water and sanitation is problematic. As a result, the government has been working on ways to improve it. We predict there will be an additional need for 3.2 billion cubic metres potable water over the next 10 years.

The retail industry has seen remarkable growth in recent years. A brand conscious population are changing with times and see retail visit and spend as a leisure activity. We believe the next decade will see an additional 5 million square metres of retail space.

By 2030, 22% of the population will be 10 years old and younger.  This young population means, when compared to 2020, there will be an additional 16 million children in school by 2030. Thus, a significant investment is required to build more schools and recruit more teachers.

The current COVID-19 pandemic aside, to maintain Nigeria’s normal level of healthcare for the growing population, the country will need an additional 310 hospitals by 2030. To support the infrastructure, 8,500 physicians will have to be trained.

You might also be interested to read West Africa must invest $768 billion in Education

If you want to know more, get in touch.

Nigeria
Population in 2020 206 million
Population by 2030 251 million
Population growth from 2020 to 2030 22 %
GDP 2019 $ 400 bn
Electricity Capacity required by 2030  1,400 MW
Additional Potable Water required per annum by 2030  3.215 bn m3
Additional retail by 2030 5 million m2
Additional Children in school by 2030 16 million
New Hospitals required by 2030 310
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