Human Capital Development Is Surest Path To Economic Growth, Says Osinbajo
The Vice President of Nigeria, Prof. Yemi Osinbajo has asserted that well-developed and nurtured human capital is the surest way to Nigeria’s economic growth.
To this end, the Vice President said Nigeria needs to focus on developing a knowledge-based economy, where human capital is developed to become a productive asset that can be sold for profit across the world.
Addressing the sixth Kaduna Investment Summit tagged Kadinvest 6.0 in Kaduna yesterday, Osinbajo said that rather than natural resources, well developed and nurtured human capital has become an invaluable asset anywhere in the world, as digital, ICT and technology are performing wonders and ruling the world.
He, however, lamented that Nigeria was yet to take full advantage of its young talents.
On the theme of the summit, “Towards a Sustainable Knowledge-Based Economy’, the vice president said: “The focus today must be developing a knowledge-based economy. The knowledge-based economy referred to stands for human capital development. Education and knowledge can become productive assets to be sold for profit rather than natural resources.
“Digital data, digital solutions to improve agricultural yields and digital platforms to provide online study. It is possible to move from where we are to knowledge economy. Millions of data in terabytes are stored in chips; 1,000 megawatts of power can be stored in a battery. The future of financial technology is not in banks. Nigeria is becoming technology investment solution hub in sub-Sahara Africa.”
Giving a recap of the previous five editions and where Kaduna State intends to be, Governor Nasir El-Rufai said the state government has attracted $2.8 billion investments and created 100,000 direct and indirect jobs.
He said the state has risen from 14th to 4th position in Internally Generated Revenue (IGR) realising N50.7 billion in 2020, adding that the state is developing a $50 million 21.9kw solar mini grid power supply at Igabi.
According to him, “We have been offered a $200 million loan to build a bus rapid transit (BRT) metro system in Kaduna. The Peugeot Dangote Automobile plant, launched in 2019 to produce saloons, SUVs and trailers, would be commissioned before end of the year. We will soon open Shoprite at the Galaxy Mall. A $650 million iron ore company to produce steel is nearing completion in Jere, Kagarko Local Government Area.
“We signed an agreement with Arla of Denmark to build a ranch that would settle 1,000 Fulani herders and their families with all facilities: grass, water, schools and hospitals at the cost of N12 billion. N8 billion is from CBN and N2 billion from Kaduna State. Arla will contribute €5 million.”
In his keynote address, President of Afrexim Bank, Prof. Benedict Oramah, said the Covid-19 pandemic highlighted the risks associated with Nigeria’s excessive dependence on primary commodity without adding value to the commodity. He said anything that affects the price of crude oil would affect revenue allocation to the three tiers of government.
He, however, expressed hope that the Africa Continental Free Trade Area (AfCFTA) would improve the intra Africa trade to reduce volatility across the global trade, if effectively implemented.
Osinbajo yesterday inaugurated the 100kWP solar hybrid mini grid and the modern market worth N2.2 billion in Kasuwan Magani, Kajuru Local Government Area of Kaduna State.
The solar hybrid mini grid is deployed by the Rural Electrification Agency (REA) through a Public Private Partnership (PPP) with Blue Camel Energy Limited under the Rural Electrification Fund (REF) projects.
The solar hybrid mini grid, according to the Managing Director/CEO of REA, who was represented by the Executive Director, Rural Electrification Fund (REF), Dr. Sanusi Ohiare, will provide constant and reliable electricity to over 500 shops in the market, one commercial bank, one Police Station and one Fire Service Station.
