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(A) it will probably have what is estimated as
"it" has no clear noun to refer back to.
"estimated as"???

(B) they are likely to have
they who??

(C) the country will probably have
noun and noun.seems fine


(D) there will probably be
there referring back to which place?? 100 mil will be in which country??

(E) there will be an estimated
same as D

IMO C
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Are we not comparing country with nation in choice C, is that alright to do so?
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Are we not comparing country with nation in choice C, is that alright to do so?

country and nation means the same. Such a comparison is fine
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