In what is said to be a honest insult, the former world number one richest man on the planet, said that the current economic strategies being used by the Muhammadu Buhari government does not have the ability to address the unique and most pressing needs of Nigerians at the moment, American business and current second richest person in the world, Bill Gates, confessed.
The businessman, philanthropist and founder of Microsoft corporation however stressed that the Nigeria government has the ability to approach ‘upper middle-income status’ like Brazil, China and Mexico who were once in a financial distress but added that for Nigeria to reach this status depends on ”the choices made by the Nigerian government. "
Speaking at the special and expanded National Economic Council, held in Abuja on Thursday which was anchored by the vice President of Nigeria, Professor Yemi Osinbanjo, urged Nigerian leaders to sincerely invest in not just infrastructural development alone but also human investment.
The topic of discussion of the meeting was “Role of human capital investment in supporting pro-poor and economic growth agenda”.
The philanthropist and businessman said that though the country is rapidly driving towards upper- middle income status, the country still has a long way to go because of it's”unmatched economic potential and if this should improve depends on the choices made by the Nigerian leaders”.
He also stressed that the Nigerian government’s Economic Recovery and Growth Plan (ERGP) identifies “investing in the Nigerian people” as one of three “important objectives”.
But the “execution priorities” do not fully reflect people’s needs, ”as the government is prioritising physical capital over human capital”, he said.
“To anchor the economy over the long term, investments in infrastructure and competitiveness must go in order with investment in human capital. He also added that People without roads ports and factories and basic amenities won’t flourish. And roads, ports and factories without skilled and capable workers to build and manage them can’t sustain an economy,” he said.
The President of Nigeria, Muhammadu Buhari on assumption of office had unveiled a four-year ERGP (2017-2020) to help grow the country towards the path of development and growth.
The ERGP plan proposed by the current administration, is an economic plan that builds on the 2016 Strategic Implementation Plan (SIP), a short term plan focused at fighting corruption, improving security and rebuilding the nation’s economy.
ERGP seeks to improve on the SIP by restoring growth, investing in people (human capita) and help foster a global competitive economy.
The founder of Microsoft also added that the most important choice Nigerian leaders can make is ”to maximise and invest on the country’s greatest resource, which is the people”.
He said Nigeria will succeed when every Nigerian is able to thrive.
“If the government invest in their health, education, and opportunities- the human capital we are stressing about today, then they will lay the foundation for sustained prosperity and growth. If you don’t, however, then it is very important to recognize that there will be a great limit on how much the country can grow and advance in terms of economic achievement” he said.
According to author, Nigeria’s government revenue as a percentage of its GDP is by far the worst and the lowest in the world, sitting comfortably at 6 per cent and this makes the government investment in human capital difficult.
“The next lowest country is Bangladesh, they collects 10 per cent of its GDP. If you take yourself up to second to the last in the world, you would have an extra $18 billion to budget. Obviously, the country is aiming higher, but it gives you an inkling about the scale we are talking about.
“We want to support you in your work, we want to help you mobilize resources to invest in your country and I urge you to rethink your investment on Nigerian people, as a country,it is important to invest on human capital” he said.
Also speaking in the meeting is Nigerian billionaire business man, Aliko Dangote, he added that for the next generation to improve on their life and to thrive as adults and drive the economic progress, ”the government need to invest in their health and wellbeing”.
“The government need to invest in the youth’s ability to learn and apply new skills in technology in an ever changing global economy. That at its core, is what we mean by human capital or people investment, healthy and productive and well-educated young people who are then enabled to succeed, lift up themselves and their families, and contribute immensely to the society through their own ingenuity, and this they can only achieve if the governments investment on human capital starts now.
“As a businessman, it is my responsibility to create job opportunities, but I can only do that when the people seeking for it are healthy and have the basic skills to succeed, ” he added.
Labels: NEWS
