The Co-Chair of the Bill and Melinda Gates Foundation, Bill Gates, on Thursday said the Federal Government’s Economic Recovery and Growth Plan was not reflective of the people’s needs.
Bill Gate said this in Abuja on Thursday at a special session of the National Economic Council held at the old Banquet Hall of the Presidential Villa, Abuja.
He spoke alongside the Chairman of the Dangote Foundation, Alhaji Aliko Dangote, at the special NEC session.
Gates said the country would do better with strong investments in health and education rather than concentrating on physical infrastructure to the detriment of human capital development.
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; in low-income countries, it’s 62.
“In Nigeria, it is lower still, just 53 years.
“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.”
Gates said investment in infrastructure and competitiveness must go hand-in-hand with investments in the people to anchor the economy over the long term.
He noted that Nigeria’s approach placed more priority on physical capital over human capital development.
He added: “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 assured the government that his foundation was eager to support it to make “Nigeria a powerhouse that provides opportunities for all its citizens”.
The NEC is chaired by the Vice President, Prof. Yemi Osinbajo (SAN), and has the 36 State Governors and Minister of the Federal Capital Territory as members.