In the newly published eBook “Restructuring or Acculturing of Nigeria 1”; chapter 2 is loaded with a ton of data for entrepreneurs, budding entrepreneurs and patriotic creative problem solvers. Actually the book is written with a solution context, and as such, some may find it difficult reading this piece of data on page 17.
0 – 14 years old: 42.79%
15 – 24 years old: 19.48%
25 – 54 years old: 30.65%
55 – 64 years old: 3.12%
Consider this piece of demographic data which is really depicting that the life expectancy for the typical Nigerian is about 54 years. This is shocking to take in for the 55 and over; until when you really consider how many of their primary school mates they knew in school are still alive today.
But WHY! do you ask?
Due to the listed weaknesses below, and our inability to seize our long-term opportunities and turn them into strength’s, lest they become threats. All of these are listed below:
SWOT ANALYSIS OF THE 15 – 54 YEAR OLD NIGERIAN’S
S – Strengths
- This piece of data shows that the promise of Nigeria is in the future because almost half of the population are still babies or children. Right now, they are learning, soaking up knowledge, both good and bad to impact the world space they will occupy once they become adults.
For those who do not appreciate the power of this piece of data, compare it with countries like Japan, which has an aging and much more comparative older population to support.
2. Bouyant consumer goods market (79% of GDP) for example the Childrens-ware market – The market for Children’s items in the western world is always booming, as children are typically lavished with the latest toys by their middle class parents, after they have taken care of their food, shelter and educational needs. This trend is catching on in Nigeria to and increasingly so, even when they can barely afford it, to show status and in attempt to buy class. Children-wares is only a fraction of what household goods consumption that make up a whooping 79% of GDP. There are also electronic gadgets and alcoholic beverages for social events etc.
So for makers and sellers of children clothes, toys, educational materials, the schools, after school care and nannies, electronics, drinks and more, there is a bouyant industry, that will increasingly get sophisticated as the DATA ANALYTICS of this market segment becomes more sophisticated.
Record sales at Jumia of $13 billion and daily car park filled Shopping malls bear testament to this.
3. The 15 – 24 year old age group are typically undergraduates, who have their own style conscious habits to cater for. The fashion market has a foothold here, because whatever fashion becomes popular with these becomes mainstream sooner or later.
The same goes for music, dance and DJ’s
The education and training industry has one of its most important strength’s in this age group, as they enter the job market.
Sophisticated job agencies who have done their research and give them career advice with possible internship matchmaking referrals for a nominal fee, at level of competency, is the world class industry standard for the Recruitment industry.
4. Nigerians are 9th best in the world in consumption of internet data and for mobile telephony, despite relatively weak communications infrastructure at present. Also 9th in the world for usage of mobile phones. The size and scope of potential for this market which is still very young in the data analytics cycle is phenomenal. This is the main point that will undoubtedly before 2050 make Nigeria one of the leading economies due to the expanding middle class in the world.
5. Thanks to the the BVN registration exercise mandated by the previous administration of Goodluck Jonathan, all adults who have bank accounts in Nigeria, now have unique biometric identification. This is a phenomenal digital strength whose opportunities will be revealed in this blog post as it applies.
6. Nigeria is the least taxed country in the world that is not officially declared as a tax haven. This is one of the Strength’s of Nigeria that is automatically also a weakness, because of high levels of corruption.
7. 11th best availability of labour in the world.
W – Weaknesses
- The harsh figure of average life expectancy being 54 years old.
- Nigeria is the least taxed country in the world, which means despite its huge resources, the government has limited revenue circulating back from her 190 million plus citizen to power her economy.
Recently the Nigerian government attempted to place VAT on “Internet data” but there was an uproar from Nigerians that the timing was wrong on top of the already hardships endured at the time. If the government had taken a phased approach mitigated by a funded PR campaign the populace might have been more receptive, albeit it would have been great political fodder for governments opposition.
That was a great missed opportunity because as mentioned Tax revenue empowers a country’s government with to boost and regulate economy of her citizens. The best economies in the world have the best tax regime and not too dependent on exhaustible mineral wealth.
- Poor overall national average connectivity as mentioned before is a weakness as well as one of the promising opportunities for economic growth both in the investment, construction of the infrastructure and immense future benefits such as the ensuing data analytics economy. – page 16
- High unemployment rate, which increased by 10% resulting in 5.8 million Nigerians losing their jobs in 2016 due to the recession. Although Nigeria recently emerged from the recession in 2016, the data predictions of Nigeria are of the economy bouncing back and growing a percentage in 2018 according to the Economist.
- Weak government institutions due to corruption and corrupt habits
- In adequate infrastructure including healthcare, transportation, electricity, Steel mills and manufacturing plants, Although there are some major capital infrastructure investments in railways and electricity at the moment.
O – Opportunities
- By far the greatest opportunity to be seized by Nigerians is the fact that she is the 9th best country that
uses mobile telephony, and due to this trend she is also 9th best country for consumption in the consumption of data. This position is key because it cascades to everything connected with digital technology such as online shopping, data analytics, E-learning, E-libraries and the huge ensuing huge data analytics market estimated to grow to USD 120 billion by end of 2019. This will be an increase of USD 40 billion in 2 years. – Page 71
- The second biggest opportunity for Nigeria is to use the power of 9th best consumer of internet data to structure the data to educate her bulging over 60% (0-24 years old) young population. When this is done properly, Nigeria will truly emerge at least 9th best economy by 2050 as predicted likely by some renowned world economists. To this extent Debonair Training is seizing the opportunities with fit for purpose training courses to train the trainer at the DEBONAIR VIRTUAL SCHOOL www.debonairtraining.com/onlineschool
- Security control of Fulani Herdsmen from being hijacked by armed gangsters or terrorists. The earlier mentioned Strength of BVN is turned into a national ID opportunity linked to funding, especially when augmented with a requirement of cows to be chipped. The chipped cows movements are then monitored with the Nigerian satelite system.
- The same BVN identification system can be linked to any database that is linked to tracking funding or ownership of funds or any property.
- The weakness of recession induced unemployment of increase 10% in 2016 also means a fantastic opportunity for employment matchmakers also known as recruitment matchmakers. Debonair Training is currently seizing this opportunity for Nigerians via DEBONAIR VIRTUAL SCHOOL www.debonairtraining.com/onlineschool
- Private or Public Private Investment initiatives by Entrepreneurs, especially cooperatives by Diasporans in an FDI (Foreign Direct Investment) to bridge these gaps. The one that is yearning the most with bulging opportunity right now is the investment in Privately generated electric power for the power grid. Then for the Fibre optic networks to harness the big data analytics opportunity. Health care should be the most attractive opportunity because health is wealth, but due to convoluted factor of corruption and mistrust, Nigerians are not yet completely weaned of healthcare tourism and give up when they run out of funds. Thankfully the talented tenth surgeons trained in the world’s best institutions are seizing the opportunity and making world class healthcare available in Nigeria at Alliance Hospital Abuja www.alliancehospitalalabj.com rated top 2 health care team and hospital in Nigeria.
T – Threats
- Loss of tax revenue – A life expectancy of 54 years means, 11 years of working life for men and 6 years for women will not be available to be taxed to support the system. This possibly works out to billions of dollars per year that will be lost from the budget.
- 2. Loss of productive workforce This is similar to the first point, which means the GDP of the country will be lower.
- High dependency ratio – There will be less more mature people for youngsters or young parents to rely on, and young parents will struggle in the ever increasingly competitive world.
- Foreign investors loss of interest – One of the great factors foreign investers always gauge is the size of the work force, the lesser in size the lesser the return on investment.
- International debt – Countries with smaller workforce numbers will struggle to payoff international debt for the same reason that foreign investors lose interest.
So in summary the problems in Nigeria are all challenges, which are all opportunities as highlighted by this SWOT analysis. All that is needed is viewing the problems (Weaknesses and Threats) through the right lense to gain the right perspective, to appreciate the opportunitits.
If you know of some more Strength’s, Weaknesses, Opportunities or Threats not mentioned here, you may suggest here in your comments below, or any other cmoments or questions you have?
To glean more insight and even insights tha only you can due to your special experience, click on this link to get YOUR COPY http://www.debonairtraining.com/?ebook=restructuring-acculturing-1-nigeria-gregory-ekhator-e-book