Bill Gates, co-chairman of the Bill & Melinda Gates Foundation, expressed concern over Nigeria’s stagnating economy, noting that the country’s debt has exceeded 50 percent of gross domestic product (GDP) for the first time since 2001.
Gates was speaking at the National Economic Council (NEC) meeting at State House, Abuja, on Wednesday.
He noted that despite heavy investments in Nigeria (more than $2.8 billion from the Gates Foundation, making it the largest such effort in Africa), the country’s economic development has slowed.
He noted that the government has taken difficult decisions such as unifying the exchange rate, but increasing government revenue remains a critical next step.
Gates said that while taxes are unpopular, people are more likely to support them if they visibly improve 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.
On health concerns, Gates said that although global efforts have helped Nigeria halve child mortality through investments in primary health care, the country still faces challenges. He noted that 2.2 million Nigerian children have never been vaccinated and the country spends only 3,000 naira per person per year 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 called on Nigeria to introduce innovative crop varieties with shorter growing seasons, higher yields, and better pest resistance to address the food crisis.
Vice President Shettima Advocates for Unified Front Against Poverty:
Vice President Kashim Shettima called for greater collaboration between government officials and development partners to fight poverty and improve the quality of life of Nigerians.
Speaking at the NEC meeting, Shettima stressed the need for collective efforts to create an environment in which all Nigerians can thrive.
Shettima acknowledged the complexity of the challenges facing President Bola Ahmed Tinubu’s administration and stressed the importance of immediate and long-term solutions.
He stressed the need for a sustainable system that will enable 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 key sectors such as health, nutrition, agriculture, and education. Shettima described them as key figures in Nigeria’s development and praised their unparalleled commitment to the well-being of the nation.
“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.
