Nigeria spends less per capita on its people than other African countries - Bill Gates

With Nigeria’s debt exceeded 50 per cent of its Gross Domestic Product for the first time since 2001 earlier in the year, Bill Gates, Co-chair of the Bill and Melinda Gates Foundation, is of the opinion that the country’s economy has stagnated.

Speaking at the National Economic Council meeting held at the Council Chambers of the State House on Wednesday, Gates noted that the Bill and Melinda Gates Foundation had invested over $2.8bilion in Nigeria, quoting the figures as the Foundation’s “largest commitment in all of Africa.”

 “Nigeria’s economy has stagnated,” the philanthropist began. “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.

“Nigeria’s economic leaders have done some difficult, but necessary things, like unifying the exchange rate. The next great hurdle is raising revenue. 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.

“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,” he said.

Addressing the health sector, Gates said, “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. I think you’ll agree that if children aren’t immunized against deadly diseases, little else matters.

“Primary care is the first—and sometimes, the only—point of contact most patients have with the health system. Yet Nigeria spends just 3,000 naira on primary health care per person, per year. 70% of your spending goes to secondary and tertiary care, compared to just 30% for primary care. That ratio should be reversed.”

He called on the country Nigeria to embrace the new generation of innovative crop varieties that have shorter growing periods, higher yields, and greater resistance to pests, as part of solutions to solve the food crisis in the country

“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,” he noted.