‘Growing population still a threat to Nigeria’s GDP’

The Risk Managers Association of Nigeria (RIMAN) has said that the rapid growth of Nigeria’s population still poses a threat to the nation’s Gross Domestic Product (GDP), especially with its slight increase from 0.83 per cent in 2017 to 1.95 per cent after the first quarter of 2018. 

The Director, Risk Management, Central Bank of Nigeria and Chairman, Board of Trustees, RIMAN, Folakemi Fatogbe, at the Chief Risk Officers Dinner, in Lagos, last week, maintained that though the economy is experiencing better days, the continuous growth of the nation’s population isn’t something to be happy about.

Fatogbe said: “Though we had a rather fragile growth from 0.83 per cent last year to 1.95 per cent, I think it’s still a good growth but it’s not something we should be so happy about as we are still seeing a population growth of 2.72 per cent to three per cent. 

“With this trend, we are not really growing prosperity; we are actually growing poverty and so we still have many issues. The story this year is not totally different as we still have the same concentration rate in oil and gas though the good thing is that oil prices are rising. 

“Many analysts are now forecasting $100 per barrel and is not highly inconceivable looking at what is happening between Iran and the United States of America and with the China American trade war and all the geopolitical tensions.” 

She charged risk managers to be abreast of the ethics of their profession, noting that as risk management is not a popular job, risk managers are lone voices crying in the wilderness and as such, should be conscious of their organisations. 

“It’s very important as risk managers to follow your consciences, to be courageous in what we do and to be competent. To do your work so that no matter where the arrow is coming from, it only turns a challenge and you will be able to rise above it,” she added.

The President, RIMAN/Acting Chief Executive Officer, Heritage Bank, Jude Monye, said that the dinner was a gathering for relaxation outside the office atmosphere for risk managers to cool off stress of the office.

The association scheduled its yearly meetings/18th yearly international conference on June 7 and 8 this year, to discourse the theme: “Navigating Socio-Economic Risks in Nigerian Economy”, which promise to provide a veritable platform for stakeholders to exchange ideas on issues that would strengthen participants’ knowledge.