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Bill Gates Spends $1.6bn in Nigeria

The Chiarman Bill and Melinda Foundation, Bill Gates, Thursday in Abuja, faulted the Federal Government’s Economic Recovery and Growth Plan, ERGP, saying though the government identified investing in the people as one of its three strategic objectives, its execution priorities did not reflect people’s needs.

 

He also 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. Gates, who stated this at expanded National Economic Council, NEC, presided over by Vice President, Prof. Yemi Osinbajo, said Nigeria’s fiscal situation was at a low equilibrium, adding that in return for low levels of service, people pay low levels of tax.

 

The philanthropist disclosed that his foundation’s biggest office in Africa was Nigeria, where he had committed over $1.6 billion so far, with the intention of increasing his commitment in the country. He said Nigeria had unmatched economic potential but that what became of the potential depended on the choices its leaders make.

 

Gates said:  “The most important choice you can make is to maximize your greatest resource, the Nigerian people. 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.

 

“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. “I urge you to apply this thinking to all your investments in your people. The Nigerian government’s Economic Recovery and Growth Plan identifies ‘investing in our people as one of three strategic objectives.’ But the ‘execution priorities’ don’t fully reflect people’s needs, prioritizing physical capital over human capital.

 

“To anchor the economy over the long term, investments in infrastructure and competitiveness must go hand in hand with investments in 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. Right now, Nigeria’s fiscal situation is at what you might call a low equilibrium. In return for low levels of service, people pay low levels of tax. We hope to help you reach a higher equilibrium rooted in effective and transparent investments in people. This equilibrium would trigger a virtuous cycle.”

Photo Credit: 
pmnewsnigeria.com

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