How Nigeria Can Survive Current Economic Challenge –Bill Gates

American billionaire and philanthropist, Bill Gates, on Wednesday, remarked that Nigeria’s economy has stagnated, advising how she could come out of the quagmire.

Gates, who spoke in the course of attending the National Executive Council meeting at the State House in Abuja, mentioned prioritisng investing in Nigeria’s most valuable asset, her people, as a strategy of coming out of the economic woods.

He noted that Nigeria’s current ratio of revenue to Gross Domestic Product (GDP) was better 15 years ago than currently saying the federal government should do something ow.

“Nigeria’s economy has stagnated. Earlier this year, your debt exceeded 50 per cent 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 your wealth.

“I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared. And like in many other countries, people are protesting.

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According to Bill Gates, “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.”

“After all, priorities without funding are only words. And I know that right now, it’s impossible to give every priority the funding it needs.

“That’s why it’s more important than ever to focus on the areas you know will make the greatest difference.

“I’ll start with health, because without health, there can be no opportunity.

“Primary care is the first—and sometimes, the only—point of contact most patients have with the health system.

Observing that Nigeria spends just 3,000 naira on primary health care per person, per year., he added that 70% of the country’s spending goes to secondary and tertiary care, compared to just 30% for primary care, advising that the ration should be reversed

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“Last year, the Federal Government launched an ambitious HPV vaccination campaign. In one month, Nigeria immunised more girls than 40 other Gavi countries combined did the entire previous year.

“In total, Nigeria reached more than 12 million girls with this life-saving vaccine.

“That’s genuinely incredible. And I hope you carry the lessons from that campaign to future efforts”, the man behind Microsoft and the Bill Gates Foundation, amongst others said.

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