Nigeria’s population growth rate exceeds job creation capacity – Osinbajo

Federal Republic of Nigeria Vice President Professor Yemi Osinbajo, SAN, said the country’s economy may not be able to create as many jobs as the country needs due to its rate of high population growth.

He made this statement during his opening speech at the fourth annual Impact Investors Foundation conference held in Lagos. The vice president spoke virtually from his office in Abuja.

Osinbajo said, “The rate of population growth constantly exceeds the capacity of the economy to generate enough jobs. It is also quite evident that some of the most lucrative businesses in the economy and with the profits they make, only a few people out of the population benefit from the huge dividends that are declared.

“So blatantly, the inequality of wealth, the opportunities in the face of poverty, misery and social alienation in any society is just asking for trouble. Such a situation is neither sustainable nor wise.

“The sharp decline in living standards caused by the shocks induced by the COVID-19 pandemic on our economy and, of course, the well-being of our economy, has not only worsened existing inequalities, but has plunged many people in extreme poverty, ”added the vice-president. .

Osinbajo added that impact investing was a smart approach to solving problems.

He said the current models of impact investing currently being seen in the country were not only inspiring, but also indicated the general direction that policy and regulation should take. The president of the event, Ms. Ibukun Awosika, had said earlier in her opening remarks that Nigeria must collaborate with the country’s resources. She said, “That is why the objective of this conference is to show the investment opportunities in Nigeria.

“Not only investing from a regular perspective, but understanding that doing good and doing well as a combined policy of our investing activities can be one of the greatest things we can do. ”

The IIR holds its annual Impact Investing Meeting to promote the impact investing sector in Nigeria and address market barriers that hinder its growth. Impact investing as defined by the IIR is one that solves socio-economic challenges while generating benefits.

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