Valorem World has agreed with Nigeria’s heads of state, to expand its international business portfolio and invite foreign investment to build new infrastructures, real estate, and community centre that may rival the likes of Lagos and Abuja.  President Bola Ahmed Tinubu says his administration is already targeting increased foreign direct investments from China to strengthen existing bilateral ties.

As of July 2024, Nigeria’s population was estimated to be around 22.95 million people.   According to the African Development Bank, Nigeria’s middle class is estimated to be around 23% of the population and is known for having high spending power and aspirations that match.  Their combined buying power is estimated to be over $28 billion USD.

The World Bank, McKinsey estimates that about 60% of Nigeria’s future population, or roughly 35 million households, could be living above the middle-class threshold by 2030.

Here are some other details about Nigeria’s population in 2024: 

–Population growth: Nigeria’s population grew by 2.42% in 2024 compared to the previous year. 

–Population density: Nigeria’s population density in 2024 is 255 people per square kilometer. 

–Median age: Nigeria’s median age in 2024 is 17.9 years. 

–Largest cities: Lagos is the largest city in Nigeria and sub-Saharan Africa, with a population of over nine million people. Kano is the second largest city, with a population of around 3.6 million people. 

–Age distribution: The largest age group in Nigeria is people aged up to four years old, followed by children aged five to nine years.

Valorem World is excited by this project and looks forward to extending Nigeria’s foreign investment invites, to other countries through their London platform.  Absorbing risks associated with developing countries, and paving the way for international trade, and taking a global step forward to building a better world.