During a recent address at the National Economic Council (NEC) meeting held at the Presidential Villa in Abuja, Bill Gates, co-chair of the Bill and Melinda Gates Foundation and renowned philanthropist, underscored the critical need for Nigeria to prioritize investments in its people. Over the years, Gates has been a vocal advocate for Nigeria’s development, emphasizing the importance of healthcare, nutrition, and agriculture in building a stronger future for the nation. His latest remarks highlighted the ongoing economic challenges Nigeria faces, particularly in light of a stagnating economy and rising national debt, while offering a roadmap of hope grounded in smart investments and strategic leadership.
Nigeria’s economy has been grappling with numerous challenges, including high debt levels and slow growth. Gates pointed out that earlier this year, Nigeria’s debt exceeded 50% of its Gross Domestic Product (GDP) for the first time since 2001, marking a significant concern for the nation’s fiscal stability. He noted that while the country’s revenue-to-GDP ratio has seen some improvement, it remains lower than it was 15 years ago, resulting in less per capita spending on citizens compared to other African countries with a fraction of Nigeria’s wealth.
“Nigeria’s economy has stagnated,” Gates said. “Earlier this year, your debt exceeded 50% of your GDP for the first time since 2001. And while your revenue-to-GDP ratio has grown, it’s still lower than what it was 15 years ago. The result is that Nigeria spends less per capita on its people than other African countries with a fraction of its wealth.”
Despite these economic hurdles, Gates acknowledged the efforts made by Nigeria’s economic leaders, such as the unification of the exchange rate, which he described as a difficult but necessary step. However, he stressed that the next major challenge is raising revenue, particularly through tax reforms. Gates recognized that taxes are often unpopular, not only in Nigeria but globally, yet they are essential to funding public services and infrastructure. He argued that Nigerians would be more inclined to pay taxes if they could see tangible improvements in their lives resulting from government spending.
“Taxes are never popular. That’s true in America too. But they’re part of a social compact. People are more likely to pay them when they see the government spending that money to give Nigerians a better life,” Gates explained.
A long-time supporter of Nigeria, Gates has visited the country numerous times over the past two decades, forging partnerships with leaders across various sectors. He emphasized that investing in the people is the key to unlocking Nigeria’s potential and overcoming its current economic challenges. The Gates Foundation has invested over $2.8 billion in Nigeria, making it the largest commitment in Africa. Gates stressed that being a friend to Nigeria also means being honest about the country’s issues and the urgent need for reform.
“To be known as a friend to Nigeria is a great honor. But being a friend means telling the truth, even when it’s difficult,” Gates said. “I said then that I will always bet on the incredible potential of the Nigerian people. And that’s still true today.”
Gates placed a strong emphasis on the importance of healthcare, particularly primary care, as the foundation for creating opportunities for Nigerians. He highlighted the alarming state of Nigeria’s healthcare system, where only N3,000 (less than $4) is spent per person annually on primary healthcare. This is far below the amount needed to ensure that basic health services are accessible to all Nigerians, especially the most vulnerable.
“In just two decades, the world reduced the number of children who die before their 5th birthday by half. That’s largely thanks to investments in primary health care, like routine immunization. But in Nigeria today, 2.2 million kids have never gotten a single vaccine,” Gates stated, emphasizing the dire need for improved funding and resource allocation within the healthcare sector.
He praised recent successful initiatives, such as the HPV vaccination campaign that reached over 12 million Nigerian girls in just one month, but also stressed the need for continuous improvement. Gates called for data-driven decision-making to optimize healthcare delivery and workforce management, ensuring that resources are used effectively to meet the needs of the population.
Gates further noted that prioritizing primary care is essential, as it is often the first and only point of contact many Nigerians have with the health system. He urged the government to reverse the current spending ratios, where 70% of healthcare funds go to secondary and tertiary care, compared to just 30% for primary care, arguing that primary care should receive the lion’s share of funding.
Malnutrition is another critical issue Gates highlighted during his address. He noted that child malnutrition contributes to nearly half of all child deaths in Nigeria, presenting a significant barrier to the country’s development. Gates called for greater private-sector involvement in food fortification and urged state governments to enforce compliance with nutritional mandates to improve child health outcomes.
He also pointed to the benefits of affordable interventions in maternal health, such as the use of multiple micronutrient supplements (MMS), which could prevent millions of cases of anemia and save thousands of newborn lives. These low-cost interventions, Gates argued, could have a transformative impact on public health if scaled up across the country.
Nigeria’s agricultural sector, though rich in potential, faces significant challenges, including food insecurity exacerbated by climate change and poor farming practices. Gates emphasized the need for increased funding for agricultural extension services, fertilizers, and infrastructure to support farmers. He advocated for the adoption of innovative crop varieties that offer higher yields and greater resistance to pests, such as the new cassava varieties developed with support from the Gates Foundation.
“To make the most of new crop varieties, Nigeria needs to speed up the regulatory process to approve them. That process is important, and should always be taken seriously. But you can move carefully and quickly,” Gates said.
Gates acknowledged that Nigeria is the world’s largest producer of cassava, yet demand continues to outstrip supply due to inefficiencies in production and regulatory hurdles. He urged Nigerian leaders to embrace new agricultural technologies and practices to enhance food security and boost the country’s agricultural output.
Gates expressed his optimism about Nigeria’s future, despite the considerable challenges the country faces. He commended the efforts of Nigerian leaders who are committed to investing in the people and implementing promising solutions. Gates specifically referenced President Tinubu’s “Renewed Hope” agenda, describing it as ambitious, and praised the cabinet assembled to address Nigeria’s economic and social challenges.
However, Gates also highlighted the importance of aligning priorities with available funding, noting that without financial backing, even the best-laid plans remain merely words. He advised the Nigerian government to focus on areas that would make the greatest difference for its citizens, particularly health, nutrition, and agriculture.
“Priorities without funding are only words. It’s impossible to give every priority the funding it requires,” Gates noted, stressing the need to strategically allocate resources to areas that would have the most impact.
As Gates concluded his remarks, he reiterated his belief in the grand vision of Nigeria’s future and the potential of its people. He emphasized that the challenges facing Nigeria are not insurmountable and that with dedicated leadership, smart investments, and a focus on putting citizens first, the country can build a better future.
“I’m an optimist by nature. I’ve seen how much good can be done by smart investments, innovative thinking, and dedicated leaders who put their people first. But I’m also a realist. I know as well as you do that turning things around won’t be easy,” Gates said. “But by putting the Nigerian people first, Nigeria’s leaders can build a better future. I still believe in the grand vision of Nigeria’s future, and that future depends on all of you.”
SOURCES
- https://punchng.com/nigerias-economy-has-stagnated-says-bill-gates/
- https://www.google.com/amp/s/www.vanguardngr.com/2024/09/put-citizens-first-bill-gates-advises-nigerian-leaders/amp/
- https://dailypost.ng/2024/09/04/bill-gates-to-inject-2-8bn-into-nigerias-healthcare-nutrition-agric-sectors/
