Nigeria’s economy stagnated – Bill Gates

The 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 during the National Economic Council (NEC) meeting held at the State House, Abuja on Wednesday. He […]

The 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 during the National Economic Council (NEC) meeting held at the State House, Abuja on Wednesday.

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

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

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Gates said while taxes 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.

Addressing health concerns, Gates said while global efforts have halved child mortality rates through investments in primary health care, Nigeria still faces challenges. He noted 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.

He urged Nigeria to adopt innovative crop varieties with shorter growing periods, higher yields, and better pest resistance to address the food crisis.

Shettima calls for stronger alliance to combat poverty

Vice President Kashim Shettima has called 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.

Shettima 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.

He highlighted the need for sustainable systems that empower citizens to become self-reliant and prosperous.

“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.