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Population advantage: Old Mutual, Devpt Bank executives advise on investments

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By Peter Egwuatu

At the backdrop of seeming unrealised potentials of Nigeria’s market size Managing Director, Old Mutual Life Assurance, Mr. Olusegun Omosehin, and the Chief Economist, Development Bank of Nigeria, Prof Joseph Nnanna, have advocated focus on real sector, social and physical infrastructure investments.

Speaking to Vanguard on the sideline of the  BusinessDay  2020 Nigeria Economic Outlook Conference held in Lagos, Omosehin said: “Nigeria should not lose the sight of the huge potentials inherent in the human capital due to the large population of its people. There should be more investments in real sector to leverage population growth for economic development.

“Nigeria’s huge population of about 200 million people is rather a blessing. We have an active population that is attractive to investors. People between the ages of 15-64 years make up 50 per cent of our population.”

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As an intervention, Omosehin explained that the insurance sector has great potentials of enhancing a viable environment for engagement for the businesses by undertaking capital investments, while also implementing medium and long term insurance policies, which could support the SMEs.”

When asked his view on the impact of growing population, the Chief Economist, Development Bank of Nigeria, Prof Joseph Nnanna, said: “The government should focus on investing in quality education, infrastructure, SMEs and girl child empowerment to enhance development and propel Nigeria for a double-digit growth. The rapid population growth in Nigeria might be a blessing in driving economic growth only if the potentials are harnessed.”

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