Nigeria’s Population Is Exploding – CBN Governor

CBN Governor, Godwin Emefiele recently stood before the Senate Committee for a screening that will aid him to secure another five years in his position, and he voiced out that there are tough times ahead fr Nigerians due to the population explosion in the country.

He said Nigeria’s population will reach 425 million in about 31 years time, which will be the 3rd largest in the world, except quick action is taken to curb it.

His words, “The road ahead for Nigeria is still rough and very tough. But I want to appeal to all Nigerians that a time comes in the history of a country where you have to learn to respect the policies and laws of the country.

“Part of the problem that we have seen in Nigeria is lack of respect for the policies of this country. Nigeria is very good at putting in place policies that are sound and workable.

“But implementation has always been almost zero. And it arises because we see sabotage. We see people, when policies are made, pick up pieces of paper about the policy, what they think about is how do we circumvent this policy?

“The Central Bank of Nigeria, if given this mandate, will push very hard to ensure that those who seek to undermine the policies of Nigeria without respecting the laws of this country will be brought to book under any circumstances. And that is why I said please pray for us because the road ahead is still rough.”

“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 put in place policies that will make life good for this 425 million people when we become 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, it will be a way to generate employment and boost economic activity among our rural population.

“I visited one of the Asian countries recently and was happy with what I saw but I came out of the country sad. I was 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. 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 bestowed on us, we will push this country forward.”