Traditional advertising, typified by television ads, radio spots, and print media, is grappling with the challenge of how to reach new generations. 

Both Gen-Z and the forthcoming generation are proving elusive targets, owing to their shifting entertainment preferences and evolving receptiveness to commonplace marketing techniques. 

This shift prefaces an inevitable shift in strategies, where innovation is required to connect with these tech-savvy, forward-thinking consumers.

Turning off the TV and tuning into the digital world

Statistically speaking, Gen-Z and the subsequent generation are significantly less engaged with traditional television viewing than their predecessors. 

According to a report from Morning Consult, Gen-Z makes up only 9 percent of linear TV viewership. Comparatively, Millennials make up 26 percent, and Baby Boomers make up 39 percent.

Moreover, according to a study by GlobalWebIndex, over half of Gen-Z individuals use ad-blocking software on their computers, demonstrating an increasing aversion to traditional and interruptive forms of advertising. 

This clear shift away from traditional media and ad methods is a clear signal that brands and advertisers need to adapt to keep up with these digital natives.

Missteps and misunderstandings in the digital arena

Despite these shifting trends, many businesses continue to lean on the crutch of traditional advertising methods. These outdated strategies struggle to reach younger audiences, especially with so many ways to bypass the usual forms of digital advertising.

Furthermore, there's a general misconception among businesses that simply having a digital presence equates to successful marketing to these younger demographics. 

However, digital saturation does not necessarily translate to consumer engagement. Gen-Z and the next generation seek authenticity, engagement, and a sense of shared values from brands, beyond their mere digital existence.

Gaming: the new frontier for advertising

An incredibly promising emerging avenue for reaching these elusive audiences is the rapidly growing games industry. With the global gaming market projected to reach in excess of a staggering $250 billion by 2025 according to a report from Mordor Intelligence, this is a space teeming with potential.

Gaming integrations present a unique opportunity for nonintrusive, immersive advertising. For example, musicians such as Grammy-nominated Poppy continue to partner with experiences on the Roblox platform to reach new audiences. 

Through Roblox, Poppy was able to partner with several games to launch a listening party experience for her latest album, resulting in a new audience being exposed to her music, and a huge reach in a short amount of time to this demographic. This demonstrates the vast potential of the reach available in gaming realms and offers a way to reach younger demographics in their preferred environment.

By designing in-game brand integrations or sponsoring events within these platforms, brands can align themselves with the interests and passions of their target audience, thereby forging stronger, more authentic connections.

Reimagining advertising for the future

To create impactful connections with Gen-Z and the next generation, we must meet them on their preferred platforms and engage in ways that add value and excitement to their experiences. 

Gaming integrations and advertising is a frontier ripe with potential, providing a stage for immersive, interactive brand exposure that far outshines the static nature of traditional TV ads. We are standing at the precipice of an advertising revolution. 

As we embrace the challenge and shift our strategies to align with the digital world's realities, we will continue to uncover innovative ways to connect with younger audiences. This transition, while potentially daunting, promises to reward businesses with a knack for swift change, who are ready to engage with the digital generation on their terms. 

The future of advertising is not only digital, it's immersive, interactive, and deeply linked to the virtual world.

 

Inc

Debt Management Office (DMO) says Nigeria has redeemed a $500 million Eurobond on its due date, July 12, 2023.

Eurobond is a debt instrument that’s denominated in a currency other than the home currency of the country or market in which it is issued.

In a statement on Wednesday, the DMO said the successful redemption of the Eurobond shows the country’s commitment to meeting its debt service obligations.

The debt management agency said the Eurobond was issued in July 2013 (as part of a dual-tranche USD1 billion Eurobond) for a tenor of ten years at a coupon of 6.375 percent per annum.

“Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022,” the statement reads.

“These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the ICM over the past six (6) years is a demonstration of its strong debt management operations and planning.”

 

The Cable

President Bola Tinubu asked lawmakers to approve N500 billion ($638 million) of spending to cushion the impact of the removal of gasoline subsidies in the West African nation. 

The money will be sourced from a supplementary budget of 819.5 billion naira approved earlier by lawmakers, according to a letter read on the floor of the House of Representatives by Speaker Tajudeen Abbas on Wednesday. 

The cost of transportation and food prices have soared in Africa’s most populous nation after Tinubu announced the end of fuel subsidies in his inauguration speech on May 29. Labor unions have demanded higher pay and other forms of compensation to cushion the higher cost of living caused by the subsidy cuts. Lawmakers will consider the request on Thursday. 

 

Bloomberg

Nigeria Labour Congress and the Trade Union Congress have thumbed down the N500bn palliative proposed by President Bola Tinubu, stating that it is grossly inadequate to assuage the hardships confronting workers sequel to the fuel subsidy removal.

They are demanding a 300 per cent salary increase to enable workers to cope with the challenges imposed by the deteriorating economic situation that came with the removal of the controversial fuel subsidy.

But unimpressed by the amount contained in the President’s letter, the NLC noted that the money would not be enough to cater for 133 million Nigerians who are believed to be living in poverty.

National Treasurer of the NLC, Hakeem Ambali, who spoke in an interview with our correspondent in Abuja, questioned the extent to which the palliative would cover.

When asked if the amount would be sufficient, he said, “Definitely not. We have over 133m Nigerians that are technically poor. To what extent can this cushion the effects of this economic hardship?”

Speaking on ways by which the President can mitigate the effect of subsidy removal, the NLC official asked for “Minimum wage review of 300 per cent to all workers; granting licences to individuals for modular refineries to refine petrol locally; granting economic stimulus loan to SMEs  at 15 per cent rate.’’

He added, ‘’The government should provide social benefits for aged and unemployed youths; agric loans to farmers and youths through the Agric Bank and community banks at single digit rate; provide alternative energy supply such as massive investment in solar power and Compressed Natural Gas to motorists.

“Fix the refineries; reverse the privatization of electricity back to the state due to poor performance; Execute metro rail line projects in all state capitals and reduction of school fees for students of tertiary institutions.”

 

Punch

Total number of issued Bank Verification Numbers rose to 57.96 million as of July 3, 2023, according to data obtained from the Nigeria Inter-Bank Settlement System Plc.

This was as the Central Bank of Nigeria planned to close bank accounts without BVNs. According to the NIBSS, the increasing incidents of compromise on conventional security systems (password and PIN), had increased the demand for greater security for access to sensitive or personal information in the banking system.

It stated that in recent times, biometric technologies have been used to analyse human characteristics as an enhanced form of authentication for real-time security processes.

It stated that BVN gave a unique identity that could be verified across the Nigerian banking industry (not peculiar to one bank), and ensured that customers bank accounts were protected from unauthorised access.

It said, “It will address issues of identity theft, thus reducing exposure to fraud. The BVN will enhance the banking industry’s chances of being able to fish out blacklisted customers.”

It noted that the BVN is an acceptable means of identification across all Nigerian Banks. Since launching in 2014, 57.96 million Nigerians have now got BVNs.

According to the apex bank, BVN is part of its overall strategy of ensuring the effectiveness of the Know Your Customer principles, and the promotion of a safe, reliable, and efficient payments system.

As of December 26, 2021, there were 51.7 million BVNs.  Recently, the CBN, through its Director, Risk Management Department, and Chief Risk Officer, Blaise Ijebor, noted that the CBN was working to remove accounts not linked to BVNs from the financial system.

According to him, this was to clean up the sector and reduce the growing incidence of fraud.

A recent report by FITC revealed that bank customers in Nigeria lost N472m to fraud in the first quarter of 2023. It noted that there was a total of 12,553 cases of fraud recorded within the three months.

Recently, the CBN said that it had placed 6,047 BVNs of bank customers under a watch list for fraudulent transactions. It stated that the number of BVN-linked accounts was 130.57 million out of 148.46 million active accounts.

It disclosed this in the CBN Financial Stability June 2022 report published in December 2022. It said, “The number of accounts linked with BVNs was 130,569,656 out of 148,462,947 active customer accounts, while the numbers of watch-listed BVNs associated with fraud and deceased persons were 6,047 and 11,871, respectively.”

 

Punch

Elon Musk on Wednesday launched his own artificial intelligence company, xAI, as he seeks to compete with OpenAI, the creator of ChatGPT -- a program he accuses of being politically biased and irresponsible.

The xAI website said the Tesla tycoon would run the company separately from his other companies but that the technology developed would benefit those businesses, including Twitter.

"The goal of xAI is to understand the true nature of the universe," the website said.

Musk on Twitter added that the new company's aim was to "understand reality" and answer life's biggest questions.

The startup is staffed by former researchers from OpenAI, Google DeepMind, Tesla and the University of Toronto.

The team is to be advised by Dan Hendrycks, who currently leads the Center for AI Safety, a San Francisco-based organization that warns against developing AI too quickly.

Hendrycks also initiated the open letter to global leaders in June that warned AI was a risk to human existence on par with pandemics and nuclear war.

Musk has repeatedly warned about the dangers of AI, having called it "our biggest existential threat," and saying that moving too fast was like "summoning the demon."

He has claimed to have cofounded OpenAI in 2015 because he regarded the dash by Google to make advances in artificial intelligence as reckless.

He left OpenAI in 2018 to focus on Tesla and later said he was also uncomfortable with the profit-driven direction the company was taking under the stewardship of CEO Sam Altman.

Musk also argues that OpenAI's large language models -- on which ChatGPT depends on for content, as is the case with other AI programs -- are overly politically correct.

Musk in April shared details of his plans for a new AI tool called "TruthGPT" in an interview with Fox News, the conservative broadcaster.

In the interview he said his new AI company would come very late after OpenAI and Google DeepMind, both of which have made great strides in recent years.

"I think I will create a third option, although it's starting very late in the game. Can it be done? I don't know, we'll see," he said.

The launch of an AI company on the scale of OpenAI or Google DeepMind would come at an enormous expense, especially in regards to the necessary semiconductors, known as GPUs, which are mainly built by California company Nvidia.

 

Tuko

WESTERN PERSPECTIVE

NATO allies offer Ukraine security assurances as Biden hits out at 'craven' Putin

President Joe Biden accused Russian President Vladimir Putin of having a "craven lust for land and power" at the end of a NATO summit on Wednesday where Ukraine won new security assurances from the U.S. and its allies for its defence against Moscow.

Members of the world's most powerful military bloc offered the prospect of long-term protection a day after Ukrainian President Volodymyr Zelenskiy decried as "absurd" a refusal to offer an invitation or timetable for Ukraine's entry into NATO.

Ukraine has been pushing for rapid membership while fighting a Russian invasion unleashed in February 2022 that has killed tens of thousands of people and displaced millions.

Instead, a declaration by the G7 group of the world's most industrialised countries launched a framework for bilateral negotiations to provide military and financial support, intelligence sharing and a promise of immediate steps if Russia should attack again.

"Our support will last long into the future. It's a powerful statement of our commitment to Ukraine," Biden said alongside Zelenskiy and leaders of the G7, which is made up of the U.S., Britain, Canada, France, Germany, Italy and Japan.

Speaking in Vilnius, Lithuania, at the end of the two-day meeting on Russia's doorstep, Biden said Putin had badly underestimated the resolve of the U.S.-led military alliance.

"NATO is stronger, more energized and yes, more united than ever in its history. Indeed, more vital to our shared future. It didn't happen by accident. It wasn't inevitable," Biden said.

"When Putin, and his craven lust for land and power, unleashed his brutal war on Ukraine, he was betting NATO would break apart ... But he thought wrong."

Swallowing his disappointment over the lack of a membership timetable, Zelenskiy hailed NATO's "practical and unprecedented support for Ukraine" and said that at the summit Ukraine had obtained "unambiguous clarity that Ukraine will be in NATO".

He tweeted: "I believe we will be in NATO once the security situation stabilises. Put simply, when the war is over, Ukraine will be invited into NATO and Ukraine will clearly become a member of the Alliance. I felt no thoughts of any other sort."

At a meeting with Zelenskiy, Biden promised him the U.S. was doing everything it could to meet Ukraine's needs and acknowledged Zelenskiy's frustration about the scale and speed of support.

"Your resilience and your resolve has been a model for the whole world to see," Biden said. "I look forward to the day when we're having the meeting celebrating your official, official membership in NATO."

"The bad news for you is, we're not going anywhere. You're stuck with us," Biden joked, prompting laughter from Zelenskiy.

U.S. national security adviser Jake Sullivan had said Biden would discuss the issue of long-range missiles with Zelenskiy when they met.

Speaking to reporters later, Biden said: "One thing Zelenskiy understands now is that whether or not he's in NATO now is not relevant" as long as he has the commitments that have been made at the summit. "He's not concerned about that now."

Zelenskiy told Biden he wanted to thank "all Americans" for the billions of dollars in aid his country had received.

British Defence Secretary Ben Wallace said he had told Ukraine that its international allies were "not Amazon" and Kyiv needed to show gratitude for weapons donations to persuade Western politicians to give more.

Zelenskiy said: "We were always grateful to the UK, prime ministers and the minister of defence because the people are always supporting us."

Britain, France, Germany and the U.S. have been negotiating with Kyiv for weeks over a broad international framework of support, encompassing modern advanced military equipment such as fighter jets, training, intelligence-sharing and cyberdefence.

In return Ukraine would pledge better governance, including through judicial and economic reforms and enhanced transparency.

The first sitting of a new NATO-Ukraine Council was also held on Wednesday, a format designed to tighten cooperation between Kyiv and the 31-nation alliance.

'POTENTIALLY VERY DANGEROUS'

NATO is built around mutual security guarantees whereby an attack on one is an attack on all, and it has carefully avoided extending any firm military commitments to Ukraine, worried it would risk taking it closer to a full-on war with Russia.

Ukraine has been wary of any less-binding security "assurances", given Russia's invasion already trampled the so-called Budapest Memorandum under which international powers committed to keeping the country safe in exchange for Kyiv giving up its Soviet-era nuclear arms.

Speaking earlier alongside Zelenskiy, NATO Secretary General Jens Stoltenberg said Ukraine was closer to the alliance than ever before, and brushed aside new warnings from Russia about the consequences of supporting Ukraine.

British Prime Minister Rishi Sunak said the security arrangements for Ukraine were not designed to be a substitute for full NATO membership and said the commitments at the summit marked a high point for the West's support for Kyiv.

Russia, which says NATO's eastward expansion is an existential threat to its own security, swiftly lashed out.

Kremlin spokesman Dmitry Peskov said it was "potentially very dangerous" for the West to give Ukraine security guarantees.

The Russian foreign ministry said the summit showed that NATO was reverting to "Cold War schemes" and added that it would respond "in a timely and appropriate manner, using all means and methods at our disposal."

 

RUSSIAN PERSPECTIVE

Moscow reacts to NATO summit

The North Atlantic alliance intends to use Ukraine as a proxy for endless war while expanding into the Arctic and Asia in pursuit of neocolonial objectives, the Russian Foreign Ministry said on Wednesday, after a NATO meeting wrapped up in neighboring Lithuania.

“The ‘collective West’ led by the US is not willing to accept the formation of a multipolar world and intends to defend its hegemony by all available means, including military ones,” the ministry said in a statement. 

What the West calls the “rules-based order” is nothing but a “license they granted themselves to violate international law,” and has nothing to do with the UN, which NATO frequently invokes, according to Moscow.

“NATO’s achievements are well known: the growing instability, destruction of countries, rampant terrorism, war crimes that are committed with impunity, the blood of civilians, including children, and the endless flow of refugees,” the Russian Foreign Ministry said.

The bloc is now determined to “NATO-ize” Ukraine, treating the country as an expendable resource in a hybrid war against Russia, supplying Kiev with long-range weapons in order to prolong the conflict for as long as possible, the ministry added. Meanwhile, the US military-industrial complex is “happily rubbing its hands” at the prospect of selling its European allies replacements for weapons destroyed in Ukraine, at exorbitant prices.

The ministry stated that the Western alliance was working to “ensnare”Georgia, Bosnia and Herzegovina, and Moldova, as well as looking to turn the Arctic into “a zone of confrontation,” and to expand beyond the North Atlantic to the Middle East, North Africa, and Asia-Pacific, in pursuit of a “global NATO.” 

“Washington and its allies are trying to impose their own rules and drain resources along their to proven neocolonial patterns,” the Russian Foreign Ministry said.

The ministry said Russia will respond to threats “in a timely and appropriate manner, using all means and methods at our disposal,” the statement concluded.

The Russian government sent a comprehensive security proposal to the US and NATO in December 2021, asking the bloc to withdraw its troops from Eastern Europe and guarantee Ukraine’s neutrality. Both Washington and NATO rejected Moscow’s request in January 2022. Russia views the bloc’s eastward expansion as a threat and has cited its ties with Kiev as one of the root causes of the armed conflict with Ukraine.

** Wagner Group surrenders heavy weapons

The Wagner Group private military company has surrendered more than 2,000 pieces of military hardware to Russia’s military inventory, the country’s Defense Ministry said on Wednesday. The transfer process is going “according to plan” and is nearing completion.

The inventory includes hundreds of heavy weaponry pieces, including main battle tanks of various types, multiple rocket launcher systems, self-propelled and towed artillery, anti-aircraft systems, and other combat vehicles, the ministry said in a statement. The military also released a video, showing rows of tracked and wheeled combat vehicles, as well as other equipment kept at undisclosed locations.

Dozens of combat vehicles transferred by the PMC group “have never been used in a combat environment,” the military noted. The group also surrendered over 2,500 tons of assorted ammunition as well as around 20,000 firearms.

 

Reuters/RT

 

 

Number of displaced by Sudan war surpasses 3 million, International Organization for Migration

The number of people uprooted by a conflict between military factions in Sudan that erupted nearly three months ago has surpassed 3 million, according to estimates from the International Organization for Migration.

More than 2.4 million people have been displaced internally and more than 730,000 have crossed into neighbouring countries, data published late on Tuesday said.

Most have fled either from the capital Khartoum, the focus of the power struggle between the army and the paramilitary Rapid Support Forces (RSF) that broke out on April 15, or from Darfur, where ethnically-targeted violence has surged.

U.N. officials have said Sudan could slide into civil war, as regional and international mediation efforts have failed.

"This war won't end shortly," said United Nations special envoy Volker Perthes, speaking in Belgium. Several ceasefire agreements have been violated and "have basically been used by the parties to reposition themselves," he said.

On Wednesday, residents reported the sound of fighter jets and artillery shelling in Omdurman and Bahri, parts of the wider capital.

Fighting has also been reported in recent days between the army and powerful SPLM rebel factions in South Kordofan State, and in Blue Nile State near the border with Ethiopia, triggering displacement from those regions as well.

The fighting has laid waste to large parts of the capital and led to waves of attacks in Darfur. Civilians have faced widespread looting, power cuts, food and water shortages, a collapse in health services and a spike in sexual violence.

The Sudanese government's Combating Violence against Women and Children unit said on Tuesday it had recorded nine new cases of sexual assault in Khartoum, bringing the total since mid-April to 51, adding that the real number of cases was likely much higher.

Most victims blamed RSF forces for the assaults, the unit, which is seen as impartial, said in a statement. The RSF has called on civilians to report violations and said members found to be involved in abuses will be held to account.

Of those leaving Sudan, the majority have fled north to Egypt or west to Chad, with large numbers also crossing into South Sudan and Ethiopia.

After sharing power with civilians following the overthrow of Omar al-Bashir in a popular uprising four years ago, the army and the RSF took full control in a coup in 2021 then came to blows amid disputes over a planned transition towards elections.

FAILED MEDIATIONS

International efforts to broker an end to the fighting have shown little sign of progress, including talks led by Saudi Arabia and the United States in Jeddah that were adjourned last month, and an African-led meeting in Addis Ababa this week.

A summit of Sudan's neighbours will be held in Cairo on Thursday.

Perthes, speaking to reporters in Brussels, said he was concerned that the warring factions were able to resupply from outside the country. He said regional countries should tell the combatants to end the war, and should not resupply them.

Britain on Wednesday announced sanctions on six companies linked to the two forces it said were fuelling the conflict by providing funding and arms, expanding on a previous action by the United States.

 

Reuters

Failing your way to success has become the rallying cry for early-stage entrepreneurs worldwide. Partly because failure is ever present and often more likely than success, and partly due to the change in how startup businesses are formed. But do you need to fail at all?

Tom Eisenmann’s book, The Fail-Safe Startup, builds on this theme and gives precious lessons to entrepreneurs from the failed attempts of several early-stage ventures. 

The book sets out to understand the knotty problem of why startups fail. Great question. The author conducted good-quality research on the subject, drawing on dozens of interviews as well as many Harvard Business School (HBS) case studies on startups. 

I mention this because many business books today written by self-proclaimed experts – usually some entrepreneur or business executive trying to reinvent themselves after early business success and suck at the teat of the international lecture circuit – lack the rigour of proper research. Not this book.

That said, this book’s one failing is that it draws on cases and data from a particular subset of humanity – HBS alumni who have raised venture capital funding. Probably a group about as small as those who have gone into space, so the lessons drawn from these cases may not apply to the rest of us mere mortals.

Context is also an issue. These are startups in the US in a well-functioning and buoyant capital market with sophisticated consumers with disposable income.

I don’t mean to suggest that the African context is devoid of these market features, just that our lived reality is slightly different from that of Cambridge, Massachusetts.

The book is organised around three sections – launching, scaling and failing. Based on his research, Eisenmann has identified common themes within the businesses he examined that mark the moments or actions that have led to startup failure.

The principles he identifies seem to result from carefully examining the fabric of failure. 

So often, as he says, in the post-mortem of a failed business, we say, “oh, the business ran out of money; this is a little like the patient died because she lost too much blood.” What he wanted to know was why that occurred.

A launch failure such as the theme “good ideas, bad bedfellows” illustrates how no matter how great the idea and the research, if the team does not work well together, then the business may well be doomed. 

Success, it seems, is about fit – between the founders, their partners and stakeholders, and skill – ensuring that there is industry knowledge and entrepreneurial skill in the founding team.

The scaling section has a chapter called “Moonshots and Miracles”, which focuses on the case of Israeli electric car startup Better Place. By the time the dust had settled on the story, the company had burned through almost US$1 billion.

There was little to show for that massive investment apart from a handful of electric car owners in Israel and a network of beautifully designed but under-utilised charging stations.

The founding team has a moonshot idea that is a serious long shot needing massive effort and investment, but if it pays off could alter the course of humanity. According to Eisenmann, these moonshots need a set of cascading miracles – a set of events that must unfold in sequence for the venture to succeed. 

To make this even more challenging, the founder of a company seeking a moonshot is very often monomaniacal – someone with a fervent belief in her audacious vision and a relentless drive to bring it to life.

These people can be the greatest asset to an early-stage business, but the greatest liability as the business grows. These individuals are often narcissists – according to an HBR article on the topic, the startup world has plenty of examples, including Bill Gates, Larry Ellison and Steve Jobs. [Let’s not forget Elon Musk - Ed]

The final section on failing is a road map for how to fail with some degree of grace, but I thought that the chapter “Bounding Back” was compelling. Eisenmann explains how failed founders go through a process of recovery, reflection and re-entry into the workplace or startup businesses.

Again, drawing on interviews and research with the founders whose stories were told in the book, he tells some harrowing tales of the emotional stress of failure and the long road to recovery. Nikki Durkin, the founder of a failed venture 99dresses, seems to sum it up rather well:

“My first instinct was to apologise – to my co-founder, to my team, my investors and to the loyal community we’d built. I felt shame, embarrassment – like a shepherd who’s led her sheep off a cliff when it was my responsibility to keep them safe. 

“I logically knew that I shouldn’t feel these things, but emotions aren’t always logical. In fact, I didn’t really know what I should be feeling. I’d been working on this company ever since I finished high school, so 99dresses was all I have ever known. It was a huge part of my identity – I was the 99dresses girl. Who was I without this startup? I had no idea.”

The reader gets closure as Eisenmann details what happened to each entrepreneur after their venture failed. Rest assured, they are all fine and well, and conquering the world in their unique way.

I think this book enters the realm of essential startup books along with The Lean Startup and Business Model generation. I’ll be wrapping mine in plastic and keeping it under lock and key – until I get myself to Harvard one day and have it signed by the maestro himself.

Jonathan Marks is an associate professor at Gordon Institute of Business Science (GIBS) and founder of Rocket School. In addition to reviewing books for Inc.Africa and doing his day job, Marks is on a personal mission to review 52 other non-fiction books in 2022. 

 

Inc

The annual United Nations designation is not only a chance to recognize "the dreams of all 8 billion of us on our planet," as UN Secretary-General António Guterres put it in a blog post on Tuesday, it's also a chance to take stock at just how rapidly the world around us is shifting.

In just the past 12 months, the world's population topped 8 billion people for the first time and India overtook China as the most populous country in the world. But even as the global population hits new milestones, one of the buzziest discussions is around the "Great People Shortage," as writers here at Insider have termed it. According to projections, China, Japan, Germany, and even the US are facing the possibility of population decline by 2100 — which could come with some serious economic challenges.

In contrast to the countries facing down the possibility of an aging, shrinking populace, there are other parts of the world that are set to take the baton of population growth in the coming decades. Perhaps the most notable of these rapid-risers is Nigeria.

As recently as 1982, Nigeria had a population of fewer than 80 million people and was outside the world's 10 most populous countries. In the 41 years since, Nigeria's population has nearly tripled to 225 million, moving up to sixth on the list. And that is not expected to slow down.

According to the most recent UN projections, Nigeria will nearly double its population again by 2050 to an estimated 377 million. In the process, the country will leap-frog Pakistan and Indonesia and end up in a virtual tie with the US as the third most populous country in the world. That's incredible for a country that is just a bit bigger than the area of Texas.

Nigeria's stunning growth is also indicative of the growth of the African continent. According to the UN estimates, five of the eight countries that are expected to make up half of the world's population growth over the next 27 years are in Africa. In an interview with Africa News, Tighisti Amare, Deputy Director of the Africa Programme Chatham House in London, pointed out that Africa is the fastest-growing continent and the youngest, noting that 70% of the population is under 30.

"The population growth is, of course, partly explained by improvement in level and access to public health," Amare said. "That has led to decrease in child mortality. And that by itself is good news. And the other good news is that also by having a young population, most African nations do not have the burden of a large elderly population that relies on taxes and pensions, which can be a strain on the economy as well."

She also noted that because of such a young population, countries like Nigeria are producing more workers in the tech industry increasing the possibility that the solutions for issues that impact Africa, such as climate change, are developed domestically. 

While there are plenty of positives, there are also plenty of development issues that come with such a rapidly expanding population. Michael Herrmann, an economic adviser with United Nations Population Fund, told Africa News that without proper planning it can difficult to care for, educate, and employ a population growing that fast.

"They have decided to meet the needs of people in terms of education, of health care, housing, food, water, energy, security," Hermann said. "They want to create full employment for the people, and a growing population can raise the stakes in these efforts. It makes it harder to achieve these objectives, to achieve social progress, and also it might come with growing pressures on the environment."

Regardless of how Nigeria and other fast growing African nations handle their explosive growth, World Population Day gives us a chance to reflect on the dramatic human shifts that will reshape our globe in the decades to come.

 

Business Insider