The Governor of the Central Bank of Nigeria, Godwin Emefiele, has disclosed that the nation’s population will hit 425 million by 2050 and that adequate preparations must be made to make life comfortable for Nigerians then.
Emefiele said this on Wednesday when he appeared before the Senate Committee on Banking, Insurance and Other Financial Institutions.
He added that by the year 2050, the nation’s population will be the third largest population in the world.
He, however, submitted that a lot needed to be done to make life good for the 425 million Nigerians.
Emefiele said: “We just came back from the IMF/World Bank programme in April.
“And in the World Bank’s/IMF’s World Economic Outlook, Nigeria is positioned as a country whose population will grow and rise to over 425 million people by the year 2050.
“That will present Nigeria as a country with the third largest population in the world after China and India and indeed surpassing the United States of America in population.
“I worry and I do think that we all should worry that a lot of work needs to be done to make sure that we are able to out in place policies that will make life good for this 425 million people when we are the third largest population in the world.
“So, we from the Central Bank of Nigeria from the monetary policy side, have come to the realisation that using the instrumentality of the Anchor Borrowers Programme where access to credit is being provided to our masses all over the country, that it will be a way to generate employment and boost economic activity amongst our rural population.
“I visited one of the Asian countries recently and I was happy with what I saw, but I came out of the country sad.
“Sad because I could see the level of development that this country has achieved over the last 50 years.
“And I cast my mind back and look at my country Nigeria that what have we achieved?
“This is what gives me the push that at my age of 57, I saw this country when it was good.
“That I am looking at the country today, I don’t want to say it is bad, but I want to say that we have a lot of work to do.
“Because the country has no doubt receded somewhat.
“So from our side in the monetary policy, we will do everything possible to ensure that with the mandate that is bestowed on us, we will push this country forward.”