Financial experts have voiced concerns about population growth in Nigeria, warning that increase in the number of persons without an economy to sustain their demands is a threat.

The experts, who spoke at the 2024 Annual Dinner and Lecture of the International Chamber of Commerce Nigeria held in Lagos and themed: ‘Enabling global trade and strengthening multilateral cooperation’, included Secretary General of ICC International, John Denton; Vice Chair Africa, ICC Commission on Advertising and Marketing, Mrs Yetunde Adesina; and Chairman of Nestle Nigeria Plc, Mr Gbenga Oyebode.

They also said developments across the world, particularly in Ukraine, Middle East and Sudan, should influence Nigeria’s decisions in planning for the future, stressing that this was necessary because the world has become a global village and whatever happens in one country affects another.

Oyebode, also Chairman of Lafarge Africa Plc, in his keynote address, said: “I think it is important to really put today’s world in perspective. To do that I will essentially be talking about current events and why current events affect our world. What are the current events that are affecting trade and cooperation? Obviously, the war in Ukraine, Middle East and, particularly, in Sudan. They increase the cost of goods. They increase the cost of transportation. Events that may not have anything to do with us directly in Nigeria affect literally everything.”

On the rise in population, he added: “I would like to remind people that the size of your population is not necessarily a strength. It is actually a burden. If your population is growing and your economy is not growing significantly for population growth, then you are in trouble.”

Meanwhile, Denton stated that today’s world, marked by economic, political and climate challenges, served as a reminder to share purpose to enable business to promote peace, prosperity and opportunity through global trade and international engagements.

He said: “Friends, the International Chamber of Commerce is the institutional representative of more than 45,000,000 companies in more than 170 countries. ICC today employs over 1 billion private sector workers, while our technical rules and standards underpin merchandise trade and trade finance transactions to the combined total tune of $17.5 trillion every year.

“And because things can go wrong when doing business, our trusted and neutral dispute resolution services resolve more than $20 billion in commercial disputes every year in Nigeria and beyond. We support trade LED development by supporting reforms that ease trade frictions and make it easier and cheaper to trade. This includes our work to digitalize trade, enhance access to trade finance and provide companies, including smaller businesses and entrepreneurs, with the trusted tools and services you need to enter global markets.”