NESG Calls For More Attention To Human Capital Development

he Nigerian Economic Summit Group has said there is need for Nigeria to give priority attention to human capital development as a buffer for future job and wealth creation, in an interventionist statement that hits at Nigeria’s insensitivity to the importance of human resources.

In the article titled “Investing in the Future of Nigeria,” chief executive of NESG, Laoye Jaiyeola said Nigeria faces serious impediments to her growth and restoring higher levels of social mobility will be among the most important political, social, and economic challenges that our country will face as we move into 2023.

By way of stepping forward, NESG said “Making greater and more effective investments in children and youth will be the best way for Nigeria to improve social mobility throughout the nation.”

Already, we’ve witnessed how frustration over how our perceived stagnation have the potential to destabilize our national institutions and divide our society. The longer we wait to address the issue that ensures our future generations are catered for, the more tumultuous our politics will become.

Mr Jaiyeola said the cost of countries’ inaction on human development is rising fast. There is growing evidence that unless countries protect and invest in their people, they cannot achieve sustained, inclusive and sustainable economic growth, will not have a workforce equipped for the jobs of the future, and will not compete effectively in the global economy.

At an average annual growth rate of 2.5 percent, Nigeria’s population is projected to reach 400 million by 2050, with young Nigerians accounting for the majority. Meanwhile, Nigeria’s infrastructure, education, social services and health systems are deplorable and incommensurate with current population needs.

Research has demonstrated the positive long-term effects of providing a specific set of coordinated interventions for children and the youth as they advance towards contributing to Nigeria’s economy.

“Despite the conclusive evidence, our nation has been unable to provide those with the potential to contribute to the right kinds of services that can transform our nation from a consumer nation to a productive one,” NESG said in the statement.

NESG said Nigerians can no longer rely upon the federal government or the states for human capital development. The federal and state governments are faced with immense challenges that lead to paralysis on or hostility toward many of the policies and interventions necessary for improving outcomes for children and youth.

The NESG boss said the NES#28 presents the best opportunity for stakeholders to agree on a consensus on the national and sub-national imperatives for economic security, social justice, conscientious governance, political stability and environmental sustainability.

The summit is expected to discern the imperatives for harnessing Nigeria’s latent human capital wealth as a means of securing our collective future by identifying critical factors for effective policy implementation for sustained economic growth.

The 28th Nigerian Economic Summit (#NES28) with the theme “2023 and Beyond: Priorities for Shared Prosperity” scheduled to hold on the 14th and 15th of November, 2022 at the Transcorp Hilton Hotel, Abuja seeks to galvanize stakeholders to deliberate on an actionable framework for transformative political leadership and effective governance, to facilitate economic growth and nation building.