Nigeria’s Economy Growing Slower Than Population – FSDH

• Nigeria’s Economy Growing Slower Than Population – FSDH

The Nigerian economy is expanding at a more slower pace than the growth rate of its population, the FSDH Merchant Bank has revealed.

In the report titled ‘Final judgment on performance of the Nigerian economy: Implications‘, it said this difference indicates growing poverty.

According to the World Bank, Nigeria’s population is growing at a 2.6 per cent rate, higher than the 1.93 percent recorded for the economic growth in the whole of 2018.

“This means that the economy is not expanding in such a way that can create enough job opportunities for the unemployed population, which the National Bureau of Statistics put at 21million as at Q3 2018,” FSDH stated.

Despite the economy sustaining the recovery in 2018 and grew faster than the 0.83 per cent recorded in the previous year, the report said the economy is growing at a slower pace than the population.

“The Nigerian economy is growing slower than the growth rate in its population, an indication of growing poverty! This means that the economy is not expanding in such a way that can create enough job opportunities for the unemployed population, which the NBS put at 21million as at Q3 2018.”

Still, FSDH believed Nigeria could grow at about six percent rate if appropriate policies and the will power to implement the policies were put in place.

“If you are searching sectors of the economy to start a business or to lend money to, you should be looking at the fastest growing or largest sectors of the economy,” the FSDH stated.