Buhari’s ERGP can’t lift Nigerians out of poverty –Gates

Buhari’s ERGP can’t lift Nigerians out of poverty –Gates

Co-Chair of the Bill and Melinda Gates Foundation, Bill Gates, yesterday, criticised the Federal Government’s Economic Recovery and Growth Plan (ERGP), saying it does not reflect people’s needs.

Gates, who stated this at the expanded National Economic Council on Investment in Human Capital, presided over by Vice President Yemi Osinbajo, at the State House Conference Centre, Presidential Villa, Abuja, submitted that investment in infrastructure and competitiveness must go hand in hand with investments in people, to anchor the economy over the long term. He, however, regretted that Nigeria’s approach places more priorities on physical capital over human capital development.

“The Nigerian government’s ERGP identifies ‘investing in our people’ as one of three ‘strategic objectives’. But the ‘execution priorities’ don’t fully reflect people’s needs, prioritising physical capital over human capital.”

Gates who spoke on the theme, “Role of Human Capital Investment in Supporting Pro-poor and Economic Growth Agenda”, urged Nigeria “to face the facts so as to make progress.”

He said the country will thrive better with strong investment in health and education, rather than concentrating on physical infrastructure, to the detriment of human capital development.

Even though World Bank’s World Development Report shows direct link between the level of education and improvements in employment, productivity and wages, Nigeria’s case shows that half of the country’s children cannot read and write.

While admitting he does not enjoy “speaking bluntly” to Nigeria when the people had been “so gracious enough” to invite him, he hinted that statistical data show the country “still looks like a low- income country.”

He said he was encouraged to be blunt by Aliko Dangote’s frank approach to “stressing the importance of accurate data.”

Taking a comparative analysis of data to back his arguments, information technology entreprenuer described Nigeria as “one of the most dangerous places in the world to give birth”, with “one in three Nigerian children chronically malnourished.”

Nigeria, he said, has the fourth worst maternal mortality rate in the world, only ahead of Sierra Leone, Central African Republic and Chad.

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

The former world’s richest man, however, sees the country thriving if it is ready to invest in the health, education and opportunities – the human capital. “If you don’t, however, then it is very important to recognise that there will be a sharp limit on how much the country can grow.”

Gates, who sees Nigeria as having “unmatched economic potential” assured his audience that his Foundation was eager to support the government to make “Nigeria a powerhouse that provides opportunities for all its citizens.”

Citing the gains the country has recorded in the immunisation against polio, he urged the government to pursue human capital development with the same vigour to achieve the desired results.

Meanwhile, the Chairman, Dangote Foundation, Aliko Dangote, in his opening remarks, said Nigeria can truly compete globally, if it can prioritise investments in the health, education and create job opportunity for the people alongside other critical areas like infrastructure. Together, these are the inputs that will make Nigeria richer. 

   For his part, Vice President Osinbajo, regretted that high oil prices and economic growth of previous years had failed to translate into a better life for most Nigerians.