Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 17)

According to the UNFPA, Nigeria’s population increased from 195.9 million in 2017 to 201 million in 20181 – representing an annual increase of about 2.6%. The age composition of Nigeria’s population indicated that 54% Nigerians fall between ages 15-64, 44% between 0-14, and a paltry 3% between 65 and above. Two demographic dimensions are visible in the rising population: while the youth population continues to expand due to limited progress in reducing fertility rate and family planning (fertility rate reduced by only 1.1% in 50 years), the older population continues to shrink. The latter is congruent with the low life expectancy in Nigeria; which at 55 years, is one of the lowest in the world and accounts for the low percentage of the population within 65 and above. Life expectancy in Nigeria is often shortened by deaths caused by various diseases and other health related cases – a situation that is worsened by the country’s dilapidated health care system. Given the growing youth population, job creation should be a priority in the national agenda to prevent an escalation of security, health and livelihood crisis in the country. In addition,   creating  awareness and subsidizing  family planning solutions is also essential

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