The Vice President, Africa, of the World Bank, Dr. Oby Ezekwesili, has said that rather than African countries depending solely on oil wealth, they should rather develop their human capital to fast track development.
Ezekwesili, who spoke in Abeokuta, the Ogun State capital, at the launch of the “Feed Africa Programme,” organised by the Centre for Human Security of the former President Olusegun Obasanjo Presidential Library, said agriculture should not be neglected by the governments of Africa in seeking to develop their economies.
At the event, which was part of the activities to mark Obasanjo’s 75th birthday, she said: “The issue of human capital is much more important for Africa than this incredible debate, which goes on all the time about oil wealth.
“Oil wealth never creates the basis for economic development; this is the truth.
“The only benefit of oil wealth is, if properly managed, would enable you make an important investment in human capital to transform an economy.
“It is the proper translation of the rent from non-renewable assets, endowment, the transition to physical capital and human capital that forms the basis of economic growth.
“It is from this place the countries that will stand in the ranking of great economies will not be the ones you see today.”
Ezekwesili said countries that have achieved lasting wealth do not depend on oil wealth, adding: “How much oil does Japan have? How much oil does Singapore have?
“Today, Singapore has become a country that the US depends upon concerning its science and mathematics education.”
She said it was worrisome that Africa, a continent with 50 per cent of the arable land in the world is on the verge of a food crisis.