American billionaire and philanthropist, Bill Gates, on Wednesday, remarked that Nigeria’s economy has stagnated, noting that the country’s revenue-to-GDP ratio was better 15 years ago than now. He advised the Federal Government to prioritize spending on health care to revamp the economy. Gates, who attended the National Economic Council meeting at the State House in Abuja, highlighted the importance of investing in Nigeria’s most valuable asset—its people—while tackling its economic issues. He noted that Nigeria is faced with financial constraints but insisted that the health of the populace must be prioritized.
Nigeria's economy has stalled, according to Gates. For the first time since 2001, your debt surpassed 50% of your GDP earlier this year. Furthermore, even though your revenue-to-GDP ratio has increased, it is still less than fifteen years ago. As a result, Nigeria spends less per person on its citizens than other African nations that own a small portion of your riches. I am aware that this is a contentious political issue. Nigerians are having difficulty. Earnings have decreased. The cost has increased dramatically. And people are protesting, just like in a lot of other nations. "People never like taxes. That also holds in America. However, they are bound by a social contract. When people realize that the government is using the funds to improve the lives of Nigerians, they are more inclined to pay them.
He emphasized that the government must make investments in human capital, starting with higher spending on healthcare. "After all, priorities without funding are just words," he remarked. I am aware that it is not possible to provide every priority with the necessary funding at this time. It's crucial now more than ever to concentrate on the areas where you know the biggest changes will be made. Since there can be no chance without health, let me begin with that. For most patients, primary care is their first—and occasionally their only—point of contact with the healthcare system. However, Nigeria only pays 3,000 naira per year per individual for primary healthcare. Only 30% of your money is spent on primary care, while 70% is allocated to secondary and tertiary care.
The Federal Government started a large-scale HPV vaccination campaign last year. Nigeria vaccinated more girls in a single month than all 40 other Gavi nations combined did in the preceding year. Over 12 million girls in Nigeria received this life-saving vaccination.
That is amazing. I hope you apply the knowledge you gained from that campaign to your upcoming endeavors. He claimed to have visited Nigeria for more than 20 years, adding that throughout that time. The greatest investment in Africa, worth over $2.8 billion, was made in Nigeria by the Bill & Melinda Gates Foundation. Gates declared. I have been visiting Nigeria for more than twenty years. I've witnessed performances by Afrobeats icons during that period. I have developed relationships with leaders in various industries. Additionally, I've met visionaries who are transforming society.
"I'm honored to back their efforts as well. Over $2.8 billion has been invested in Nigeria by our foundation to date. We have committed the most in all of Africa. Although President Bola Tinubu's Renewed Hope Agenda was ambitious, he said there were resource limitations.
Bill Gates stated that "Nigeria has the second-highest rate of food insecurity on earth," despite the consensus that nutrition is important for public health and that agriculture is essential to ensuring enough nourishment. As climate change has increased, you have witnessed how the issue has gotten worse. There is no longer any arable land. Crops have been destroyed by pests. Also, the cost of basic foods has skyrocketed. However, there are a few solutions to this problem that I hope you will think about.
