Bill Gates, co-chairman of the Bill and Melinda Gates
Foundation, says the execution process of the economic and recovery
growth plan (ERGP) does not reflect the needs of Nigerians.
The ERGP is a medium-term document
launched by President Muhammadu Buhari administration in 2017 to
restore the nation’s economic status after it was hit by its worst
recession in 29 years.
Gates, who is now the second richest man in
the world, made this statement while speaking at the expanded national
economic council presided over by Vice President Yemi Osinbajo on
Thursday.
“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,” he said.
“The
Nigerian government’s economic recovery and growth plan identify
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.”
He said the biggest African office of his foundation is
in Nigeria adding that the organisation has committed over $1.6 billion
with intentions of increasing the commitment.
Gates said addressing the issue of stunted growth will add $30 billion to the GDP annually.
“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,” he continued.
“If you invest in their health,
education and opportunities, the human capital we are talking about
today then; that 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 he would partner with the federal government on taxes to generate revenue for health and education.
In
2016, the Bill and Melinda Gates Foundation in collaboration with the
Dangote Foundation committed $100 million to fight malnutrition.
TheCable