INFLUENCE OF A CHILD ON THE ECONOMY
WRITTEN BY OLADELE ABIGAIL
There is a popular quote that says: “Children are gifts from heaven, every mother hopes to carry her child in her arms and this is considered as a great blessing.”
Children are not seen to be blessings to the family they belong to alone but to the world at large, especially to the economy of a nation. It is important to see how Children have influenced the Nigeria Economy even as we celebrate the National Children’s day.
Taking a look at the age group structure of the population of Nigeria, it is shown that the 0-14 age group has the highest population sharing about 42.45% of the total population of the economy.
The 0-14 age group is considered to be the group commonly referred to as Children. A child could have an influence on the economy of any nation.
This influence is seen more on the economic activity of household which has improved the economy in a way.
|
AGE GROUP STRUCTURE |
% OF TOTAL POPULATION |
|
0-14 years |
42.45% |
|
15-24 years |
19.81% |
|
25-54 years |
30.44% |
|
55-64 years |
4.04% |
|
65 years and over |
3.26% |
SOURCE: INDEX MUNDI
The highest age group will always have a special attention from the producers of a product as it will command a high demand.
For example, producers from the manufacturing industry will place more attention to the children as it is believed that consumption especially consumption of food items from the 0-14 age group will be on the high side compared to other age groups.
With a high level of consumption, income should be high and thereby contributing to the national income of the economy.
Their impact is not limited to the manufacturing industry alone but to other sectors. Children attend schools and love to visit attractive places during their vacations.
With the payment of school fees and payment made to tourist centres during visitation, the savings of parents are likely to decline compared to when they were single and this adds a positive influence to the income of a nation as it generates more income.
Opponents may say that it is a matter of priority in the couple’s consumption pattern and not necessarily a decline in savings.
However, if it is a matter of priority, it means that income (consumption) is now moved from one sector to another and this has helped in the development of the latter.
The age group structure does not just explain the consumption pattern of children but it also suggests ideas to the government on how to restructure the diversification of funds.
The 0-14 age group being the highest group could suggest that government should invest more on the education sector.
It is worthy to note that these age group are not just contributing to the economy through their consumption which affects their parent’s income but also, they are rising to make an impact in some sectors of the economy.
For example, Zuriel Oduwole is known to be a film maker in the movie industry, Ify Ufele, a young lady who is currently making waves in the fashion industry, she has been featured in the New York Fashion week.
Also, in sports, we have Marylove Edward who is rated as the youngest tennis player in Africa. In The music industry, we have the likes of Ozzy Bosco who has been featured on the British Got Talent show, Destiny boy and others.
There are also fast rising comedians like the likes of Chukwuemeka, Success and Emmanuella of the Mark Angel Comedy Show, the academic sector is not left alone as Esther Okade, a lady within the age group is seen as a university graduate.
With these sets of young people making waves in the various industry, they add in a way to the revenue of the country and also help to boast the nation’s image to the outside world
In the celebration of Children’s day, it is important not just to celebrate the child but also the uniqueness of the Child.
A child is seen as a gift and should therefore be a gift to everyone around including the nation.
The children making waves as mentioned above followed their passion even at their tender age without neglecting the importance of education.
It is therefore important to celebrate the uniqueness of a child as that will help to distinguish the child to make him or her a gift to the nation and also to the world at large.
Happy National Children’s Day Celebration!
WRITTEN BY OLADELE ABIGAIL
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Oladele Abigail, an economics graduate of Bowen University who applies her passion for writing to her career path.
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