Financial and economic experts have advised that if Nigeria is to benefit from the exponential growth in its population, investment in the real sector must be explored to grow the country’s economic indices.
They agreed that the rapid population growth in the country might be a blessing in driving economic growth only if the potentials are harnessed.
These were some of the submissions at the BusinessDay 2020 Nigeria Economic Outlook Conference in Lagos.
Speaking during the panel discussion, Managing Director, Old Mutual Life Assurance, Mr. Olusegun Omosehin, said the country should not lose sight of the huge potential inherent in human capital for a country like Nigeria due the large population of its people.
Omosehin called for more investments in real sector to leverage population growth for economic development.
“Nigeria’s huge population of about 200 million is rather a blessing. We have an active population that is attractive to investors. People between 15 and 64 makes up 50 per cent of our population,” Omoshein said.
According to the panel, a quick take on exploring the potential of a growing population would be a deliberate effort by the government to grow to address the issue of unemployment and underemployment, particularly among the youth.
“With the right policies, Nigeria can fully optimise the power inherent in its huge population. We need to focus more on youth entrepreneurship and support the growth of Small and Medium Enterprises (SMEs),” Omosehin said.