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Bill Gates Rubbishes Buhari’s Economic Blueprint, Says It Does Not Address Nigerians’ Needs

The present economic templates being used by the Muhammadu Buhari government do not have the ability to address the unique needs of Nigerians at present, American business magnate, Bill Gates, has declared.

The philanthropist and founder of Microsoft corporation however said Nigeria has the ability to approach ‘upper middle-income status’ like Brazil, China and Mexico, but added that achieving this status depends on ”the choice Nigerian leaders make”.

Mr. Gates, at the special and expanded National Economic Council, held in Abuja on Thursday said the ERGP, which must reflect the people’s needs, should also give priority to human capital development over physical capital as it is designed currently.

“To anchor the economy over the long term, investment in infrastructure and competitiveness must go hand in hand with investments in the people.

“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,” Gates noted.

According to him, if the current trends in education and health continue and government spends the same amount with the same results, there will be no economic growth as the country will only be keeping with increase in population without improvement in Gross Domestic Product (GDP).

He said his foundation had so far committed over $1.6 billion in Nigeria and was willing to invest more towards making the country a global economic powerhouse that can provide opportunity for all its citizens.

The funds, according to the philanthropist, are committed to addressing issues of improved primary healthcare systems, agriculture, financial inclusion, routine immunisation and financial inclusion, among others.

Gates noted that, although Nigeria was approaching an upper middle-income status like Brazil, China and Mexico, there was the need for all its citizens to thrive in maximizing the huge potential of the country.

He lamented that Nigeria is one of the most dangerous places in the world to give birth, with the fourth worst maternal mortality rate ahead of only Sierra Leone, Central African Republic and Chad.

President Muhammadu Buhari on assumption of office had unveiled a four-year ERGP (2017-2020) to help propel the country towards the path of development and growth.

ERGP is an economic plan that builds on the 2016 Strategic Implementation Plan (SIP), a short term plan aimed at tackling corruption, improving security and rebuilding the nation’s economy.

ERGP seeks to build on the SIP by restoring growth, investing in people and build a global competitive economy.

Mr. Gates said the most important choice Nigerian leaders can make is ”to maximise the country’s greatest resource, which is the people”.

He said Nigeria will thrive when every Nigerian is able to thrive.

“If you invest in their health, education, and opportunities- the human capital we are talking about today, then they will lay the foundation for sustained prosperity. 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,” he said.

According to author, Nigeria’s government revenue as a percentage of its GDP is by far the lowest in the world, at 6 per cent and this makes the government investment in Nigerians difficult.

“The next lowest country, Bangladesh collects 10 per cent of its GDP. If you got yourself up to second to the last in the world, you would have an extra $18 billion to budget. Obviously, you are aiming higher, but it gives you some idea about the scale we are talking about.

“We want to support you in your work to mobilise resources to invest in your country and I urge you to rethink your investment on Nigerian people,” he said.

 

 

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Copyright 2018 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to www.signalng.com and other relevant sources.

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