Nigeria Must Focus On Human Capital Devt, Says UNICAL VC
The Vice-Chancellor of the University of Calabar, Professor Florence Obi, has disclosed that the path to Nigeria’s prosperity is in the development of its human capital.
This was disclosed by her while giving a keynote address at the Bullion Lecture 2024 with the Theme: Human Capital Development as Catalyst for Nigeria’s Prosperity’, which was organised by the Centre for Financial Journalism recently in Lagos.
According to Obi, the development of Nigeria’s human capital would not be a quick-fix solution or a one-time investment, but must be a sustained commitment to nurturing the potential of every Nigerian, regardless of their background or circumstances.
She said, “Artificial Intelligence cannot replace the critical role of man in the development process. AI is on the rise, yet human beings remain the driving force behind the invention of these assets. It is people, not robots, that manage and run the economies of great nations."
She further explained the critical role of individual and national human development in reducing development indicators, such as poverty rates and unemployment levels. Essentially, a country’s development is inversely proportional to its poverty and unemployment rates.
NBS’s labour force survey stated that the country’s unemployment rate climbed to five per cent in the third quarter of 2023 from 4.2 per cent in the previous quarter.
She said, “Human capital development as a catalyst for Nigeria’s prosperity is when a nation invests adequately in her citizens through education, competencies and skills and value orientation, follows that up with proper motivation and incentives, the citizens will become more innovative, law-abiding, and hardworking, which will bring about the economic growth, social progress, and national development."
While speaking, the President and Vice-Chancellor of Babcock University, who chaired the Bullion Lecture, Professor Ademola Tayo, explained that the world report of the World Economic Forum depicted a gory picture of the African situation and Nigeria in particular.
He said, “According to a report, about 90 million out of 200 million Nigerians live in extreme poverty. According to these statistics, Nigeria overtook India, a country with seven times its population. This situation applies to most African countries."
He also pointed out that the recent global multi-dimensional poverty index stated that millions of schoolchildren reside in African countries most, especially Nigeria.
He explained that African nations consistently rank poorly in the World Bank’s Ease of Doing Business report, with Nigeria in particular facing challenges due to a lack of human capital development.
The Babcock VC said, “This is evident in the country’s low percentage of gross domestic product allocated to education. Consequently, Nigeria and other African countries often bear the consequences of global crises.
“Investment in human capital is the greatest solution for the prosperity of any nation, and there is a positive correlation between a nation’s prosperity and human capital development."
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