Co-chair of Bill and Melinda Gates Foundation Bill Gates has harped on the need for Nigeria to invest in its human capital.
Gates, who stressed that Nigeria has unmatched economic potential, said growth would come naturally when Nigeria maximises its greatest resource โ the people.
He spoke yesterday at the expanded National Economic Council (NEC) meeting chaired by Vice President Yemi Osinbajo at the old Banquet Hall of the State House, Abuja.
The multi-billionaire and Dangote also visited the Emergency Operations Centre for polio in Abuja.
Gates, whose foundation has invested more than $1.6 billion in Nigeria to date, is in the country to see first-hand the progress in primary healthcare provision, polio eradication, nutrition and financial inclusion.
He said: โThe Nigerian governmentโs Economic Recovery and Growth Plan identifies โinvesting in our peopleโ as one of three โstrategic objectives. But the โexecution prioritiesโ donโt fully reflect peopleโs needs, prioritising physical capital over human capital.
โTo anchor the economy over the long term, investments in infrastructure and competitiveness must go hand in hand with investments in people.
โPeople without roads, ports, and factories canโt flourish. And roads, ports and factories without skilled workers to build and manage them canโt sustain an economy.โ
Gates urged political leaders to maximise the countryโs resources which are its people as a way to help it to thrive.
He said: โBut growth is not inevitable. Nigeria has unmatched economic potential, but what becomes of that potential depends on the choices you make as Nigeriaโs leaders.
โThe most important choice you can make is to maximise your greatest resources, the Nigerian people. Nigeria will thrive when every Nigerian is able to thrive.
โIf you invest in health, education, and opportunities โ the โhuman capitalโ we are talking about today โ then they will lay the foundation for sustained prosperity. If you donโt, however, then it is very important to recognise that there will be a sharp limit on how much the country can grow.โ
Gates added: โYou see this risk in the data. From the point of view of the quality of life, much of Nigeria still looks like a low-income country. Let me give a few examples.
โIn the middle income countries, the average life expectancy is 75 years. In lower middle income countries, itโs 68. In low income countries, itโs 62. In Nigeria, it is lower still: just 53 years.
โNigeria is one of the most dangerous places in the world to give birth, with the fourth worst maternal mortality rate in the world, ahead of only Sierra Leone, Central African Republic, and Chad.
โOne in three Nigerian children is chronically malnourished. I do not enjoy speaking to you this bluntly when you have been gracious enough to invite me here. But I am applying an important lesson I earned from Alhaji Aliko Dangote.โ
Noting that his foundation with the largest headquarters in Africa is sited in Nigeria, he said that he has also committed the sum of $1.6 billion in Nigeria with a plan to increase the amount.
Making a PowerPoint presentation of a model of the trajectory of Nigeriaโs economic growth, relating to health and education, Gates observed that if the present trend continues, the country cannot keep up with its population growth.
On his recommendation for Nigeriaโs ERGP review, he said: โThe recommended percentage is assuming a higher level tax of collection than is taking place in Nigeria. So, itโs up to Nigeria to decide how much percentage tax they can allocate to that.โ
Osinbajo again blamed the former President Goodluck Jonathanโs administration for allegedly failing to transform the lives of Nigerians despite making huge money from crude oil.
According to him, grand corruption prevented investments in healthcare, education and infrastructure.
He said the last government shamelessly robbed government policies of most, if not all, of their intended impact.
Osinbajo, however, assured that the present administration is determined to change things.
He said: โTo put Nigeriaโs money to work for Nigerians, doing the most with the least, we have stayed true to that vision. Even as oil prices went into free fall, we ramped up investments in infrastructure, as well as our social spending.โ
On the challenges the Dangote Foundation and Bill and Melinda Gates Foundation have outlined at the event, Osinbajo said: โAnd we have no choice, because the problem literally grows daily.โ
According to him, Nigeria has strong economic growth and development ambitions, encapsulated in her Economic Recovery and Growth Plan, launched in 2017.
He noted, however, that all those lofty ambitions can only be achieved through the determined application of human skill and effort.
Chairman of Dangote Foundation Aliko Dangot, said for Nigeria to truly compete globally, it must prioritise investments in the health, education and opportunity for the people alongside other critical areas like infrastructure.
โTogether, these are the inputs that will make Nigeria richer,โ he stressed.
During a press briefing at the end of the meeting, Dangote said he would try to prevail on the private sector to contribute one per cent of their profit to health.
According to him, two per cent is already going to educate.
Ministers of Health Isaac Adewole and Education Adamu Adamu also made presentations at the expanded meeting.
