Asset Management Corporation of Nigeria (AMCON) has called for the support of the present leadership in sustaining the improved attention to human capital development, science and technology.
The nation’s “bad bank” said the support would serve as a way of moving the Nigerian economy away from a resource-based one to a knowledge-based model.
The Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, who gave the charge at the 2018 Institute of Directors (IoD) Fellows’ Luncheon, in Lagos, said it is heartwarming to know that government is thinking diversification, which would ultimately launch Nigeria on the path of economic growth.
He said it was a shame that Nigeria has remained where it is today because of some bad decisions of the past, which denied it the desired economic growth.
However, he expressed optimism that Nigeria as a nation with enormous human and natural resources can still progress from being a third world country to a developed one with right political, social and economic decisions.
“It is good to know that the government has made science and technology a key part of the National Economic Recovery Growth Plan (ERGP), which underscores moving the economy away from a resource-based to a knowledge-based model,” he said.
But to emerge a strong economy among the comity of nations, the AMCON boss said there was need to discard the negative vices that the country has cemented itself, especially in political and social life.
Nigeria must be adaptable to development templates, as well as experiences of other countries around the world that have successfully used such models to change the narratives of their economies.
“Broadly speaking, from the experiences of advanced countries including the United States, China, Britain, Malaysia, Japan, South Korea, Singapore to those closer to us like Brazil, Russia, South Africa, what stands as reason or anchors for their progress is simply a commitment to some defined drivers of growth.
“These are human capital development, innovation, technology, strong institutions, democracy (freedom of choice) and governance. The two most important determinants are good governance and human capital development.”
Kuru reiterated that human capital can play key role in the economic development of Nigeria, noting that those countries that made sustained progress invested heavily in enhancing the stock of skills of its labor force by prioritising early childhood quality education, training and provision of health care.
This is because investing in human capital raises productivity of workers due to upgraded skills and better education, empowers them with capacity for new ideas and innovations,” he added.
