Nigeria’s economy stagnated – Bill Gates

The Tech giant founder and co-chair of the Bill and Melinda Gates Foundation, Bill Gates, has expressed concern over Nigeria’s economic stagnation, highlighting that the country’s debt surpassed 50% of its Gross Domestic Product (GDP) for the first time since 2001.

Gates spoke yesterday during the National Economic Council (NEC) meeting held at the State House, Abuja.

He pointed out that despite Gates Foundation’s significant investments in Nigeria running into over $2.8 billion, making it their largest commitment in Africa, Nigeria’s economic progress has been sluggish.

Recall that in June, the Tech giant (Microsoft) closed its Africa Centre for Development located in Nigeria due to unfriendly economic conditions.

The Center was established arising from a call for talented engineers to work on Artificial Intelligence, Machine Learning, and Mixed Reality, with the company committing to investing 100 million US dollars in the first five years of operation.

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In March 2022, it launched the centre in Nigeria, citing it in a $70 million edifice in Ikoyi, Lagos, known as Kings Towers.The structure is part of the over $200 million it announced to have expended to put up the African Development Center.

Gates noted that although the government has made challenging decisions, such as unifying the exchange rate, raising revenue remains a critical next step.

He said while paying taxes in Nigeria might be unpopular, citizens are more likely to support them if they see tangible improvements in their quality of life.

“Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50% of your GDP for the first time since 2001. Despite a slight increase in the revenue-to-GDP ratio, it remains lower than it was 15 years ago. Consequently, Nigeria spends less per capita on its people compared to other African nations with far less wealth,” Gates said.

The health sector was not left out as he noted global efforts which halved child mortality rates through investments in primary health care, and wondered why Nigeria still faces challenges.

He worried that 2.2 million Nigerian children have never received a vaccine, and the country spends only N3,000 per person annually on primary health care.

“Globally, we have halved child mortality rates through investments in routine immunization. Yet, in Nigeria, 2.2 million children remain unvaccinated. If children are not immunized against deadly diseases, it undermines other developmental efforts,” Gates added.

Bill gates urged Nigeria to adopt innovative crop varieties with shorter growing periods, higher yields, and better pest resistance to address the food crisis. Which suggests the GMO products associated with global concerns on the health of the consumers.

The Vice President, Kashim Shettima calls for stronger alliance to combat poverty. Stressing the need for a stronger alliance among government stakeholders and development partners to tackle poverty and improve the quality of life for Nigerians.

Speaking at the NEC meeting, Shettima emphasized the need for collaborative efforts to create an environment where all Nigerians can thrive.

He acknowledged the complexity of the challenges faced by the administration of President Bola Ahmed Tinubu and stressed the importance of both immediate and long-term solutions.

“Our commitment to alleviating poverty and enhancing the quality of life for all Nigerians will not succeed without unified efforts. We must build sustainable systems to empower our citizens and address both immediate needs and long-term goals,” Shettima said.

He commended Bill Gates and Alhaji Aliko Dangote for their significant contributions to Nigeria’s development, noting their investments in critical areas such as health, nutrition, agriculture, and education.

Shettima described them as key figures in Nigeria’s progress, acknowledging their unparalleled commitment to the nation’s welfare.

“Their philanthropy is not seasonal but a steadfast commitment that continues to shape our nation’s future. We did not survive the lowest points of our journey as a nation by the proactivity of the government alone; we did so because we remained partners in rain and sunshine,” he said.