![Nigeria Has A Population of 200M But Only 30M Earn Income [Video]](https://tkcdn.tekedia.com/wp-content/uploads/2019/05/06171007/population-of-nigeria.png "Nigeria Has A Population of 200M But Only 30M Earn Income [Video]")
In this video, I explain our thesis that Nigeria indeed has a population of 200 million people. We have used alternative data sources in our model, and then extrapolated. However, only about 30 million people earn income. The implication is clear: the 30 million will have to carry the other 170 million. Of course, included in that “income earners” bracket are those at minimum wage which could be $70 per month. That does mean many people focus on essentials as there is no free cash to waste.
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As an entrepreneur or businessperson, when you know that only 30 million people earn income, what do you do? Typical approach here is to position your business to get your own cut from this precious 30 million, why? Because majority of those who parade as entrepreneurs and business gurus still have their minds at primitive level. So, rather than thinking of how to double the 30 million, you see everyone scrambling for the small number, and at the end, rather than scaling wealth we scale poverty.
I am afraid, our minds haven’t really developed to the level we tend to carry ourselves here, just observe the typical reactions you get whenever something bordering on economy is mentioned. We have been conditioned to believe that we cannot double the size of income earners, so it’s always about managing the small thing available. We continue to disappoint, individually and collectively.
How do you increase the number of income earners? Create more products and services that FORCE people to spend money, and when that happens, productivity improves, because to continue to enjoy those things, you need to work more, earn more. The things we label ‘essentials’ aren’t fixed, smartphones and airtime have become essentials; think about it…
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