The Shrinking Nigerian
Middle Class – Can Credit Help to
Minimize the Economic Impact?
Charles Eremi
Africa Rising has been a recurring refrain in
global economics. It references the belief
that the continent has huge potentials for
economic growth and development which
in turn is largely hinged on her growing
middle class.
Accounting for over 47% of West Africa’s
19
population, and one of the largest
youth populations in the world, Nigeria
is believed to have what it takes to be
a major economic power in Africa and
beyond. With this premise, one would
imagine that Nigeria offers immense
opportunities for a more empowered
middle class.
What does this portend for Nigeria as a
developing country? How does Nigeria
fare with regards to social class prosperity
when compared to other countries around
the world? A synopsis of global class
systems drawing on relevant statistics will
address these concerns.
The Corvus | September 2019