Bill Gates Expresses Concern Over Nigeria’s Economic Stagnation at NEC Meeting
Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has voiced significant concerns regarding Nigeria’s economic stagnation, citing the country’s debt surpassing 50% of its Gross Domestic Product (GDP) for the first time since 2001. Gates made these remarks during the National Economic Council (NEC) meeting held at the State House in Abuja on Wednesday.
Gates highlighted that despite substantial investments from the Gates Foundation—amounting to over $2.8 billion, the largest commitment in Africa—the economic progress in Nigeria has been sluggish. He acknowledged the government’s challenging decisions, such as unifying the exchange rate, but emphasized that increasing revenue is a critical next step.
“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.
Gates also addressed health concerns, noting that while global investments have halved child mortality rates through routine immunization, Nigeria still faces significant challenges. He revealed that 2.2 million Nigerian children have never received a vaccine and criticized the low spending of 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 further urged Nigeria to adopt innovative crop varieties to address the ongoing food crisis, recommending varieties with shorter growing periods, higher yields, and better pest resistance.
