A report by The Economist Intelligence Unit (The EIU) has revealed that households in three Nigerian cities – Lagos, Ibadan, Port Harcourt– earn over $5,000 per annum, and this number is projected to double by 2030.
3,875,000 households in Lagos – the commercial and business capital of Nigeria – earn $5,000 per annum, and these households are projected to increase to 6,972,000 million by 2030.
Similarly, 766,000 households in Ibadan, Oyo state also estimated to earn $5,000 per annum as at 2017, and this number would increase to 1,420,000 by 2030.
608,000 households in Port Harcourt, Rivers – Nigeria’s oil-rich region – currently earn $5,000 per annum, but this number is projected to increase to 1,214,000 households in 2030.
The EIU, which releases regular survey reports on various global issues, in a bid to help economic planners and investors across the world, says the continent’s workforce will almost triple by 2050.
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The London based researchers say specifically in the report, that Nigeria will have up to 161 million fit workers, up from over 56 million it has today, with Kenya, Angola, Algeria and Egypt among the top countries to witness the continent’s highest population growth.
Meanwhile, Lagos, commercial and business capital of Nigeria, Africa’s most populous country and biggest economy by gross domestic product, has been predicted by the United Nations to see its population increase by an astonishing 77 people every hour between 2010 and 2030.
With a GDP of $91 billion, and IGR of N302.4 billion (more than 31 states combined), the state is currently home to 65 percent of Nigeria’s businesses, with a presence of over 2,000 manufacturing companies, 200 financial institutions and the largest collection of small and medium enterprises in Africa.
Likewise, Ibadan is the third largest metropolitan city in Nigeria, and the commercial hub of South west Nigeria, with a population of around 3.4 million people, and a population growth rate of about 2.5% (NPC Census, 2006). The city has the presence of many federal government institutions – most concentrated, and multinationals such as British-American Tobacco Company, Saro Agro-Allied Limited, among others, that contribute to the market size of the city.
Port Harcourt, an elite city in Nigeria’s south-south region, has the presence of the largest comity of oil multi-nationals, and is a home to major oil and gas workers. The city has diversified the income household pattern of the community to include middle-income earners who are employees of manufacturing industries and educational institutions operating in the city.
The Fraym Urban Market Index 2017 also showed Lagos, Ibadan and Port Harcourt as the Nigerian cities where retail business and fast moving consumers goods will attract at least one million consumers based on their economic power and market size.