Bill Gates faults Nigeria's economic recovery plan saying people must take priority over infrastructure

BILL Gates has urged the federal government to step up investment in health and education rather than concentrate on physical infrastructure to the detriment of human capital development if it wants to expand the Nigerian economy.

Speaking in Abuja yesterday, Mr Gates, the world's richest man and the co-chair of the Bill and Melinda Gates Foundation, said the federal government’s current economic recovery and growth plan was not reflective of the people’s needs. Giving his views at a special session of the National Economic Council alongside the Chairman of the Dangote Foundation, Alhaji Aliko Dangote, Mr Gates emphasised the need for investment in people.

At the meeting, the theme of the day was the role of human capital investment in supporting a pro-poor and economic growth agenda. Chaired by vice president Professor Yemi Osinbajo, the council has all the 36 state governors, relevant ministers and the governor of the Central Bank of Nigeria as members.

Mr Gates said: “Nigeria 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. One in three Nigerian children is chronically malnourished.

“In upper middle-income countries, the average life expectancy is 75 years, in lower middle-income countries it’s 68 and in low-income countries it’s 62. In Nigeria, it is lower still, just 53 years."

He added that investment in infrastructure and competitiveness must go hand-in-hand with investments in the people to anchor the economy over the long term. Mr Gates  noted that Nigeria’s approach placed more priority on physical capital over human capital development.

“The Nigerian government’s Economic Recovery and Growth Plan identifies investing in the people as one of three strategic objectives but the execution priorities don’t fully reflect people’s needs, prioritising physical capital over human capital. People without roads, ports and factories can’t flourish and roads, ports and factories without skilled workers to build and manage them can’t sustain an economy,” Mr Gates added.

He stated that Nigeria had unmatched economic potential and what becomes of that potential depends on the choice Nigerian leaders make. According to him, available statistics show that Nigeria still looks like a low-income country but said the nation would thrive if the government was ready to invest in health, education and opportunities.

Citing the gains Nigeria had recorded in the immunisation against polio, Mr Gates urged the government to pursue human capital development with the same vigour to achieve the desired results. He also said his foundation had invested over $1bn (N305bn) in Nigeria’s health care system.

He stated that the foundation was working with its partners to extend its current vaccine financing programme in Nigeria from five to 10 years. Alhaji Dangote agreed with Mr Gates that for Nigeria to truly compete globally, the government must prioritise investments in health and education and create opportunity for the people alongside other critical areas like infrastructure.