Hu­man cap­i­tal in­dex: World Bank ranks Nige­ria low

Daily Trust - - BUSINESS - From Hamisu Muham­mad & Sun­day Michael Ogwu, Bali, In­done­sia

Nige­ria has been ranked 152 out of 157 coun­tries in the first ever hu­man cap­i­tal in­dex re­leased by the World Bank at the on­go­ing an­nual meet­ings of the In­ter­na­tional Mone­tary Fund (IMF) in Bali, In­done­sia.

IMF pres­i­dent Jim Yong Kim said: “We pro­vide quite a bit of sup­port for Nige­ria in terms of health bud­get. But we feel that the over­all spend­ing on health is far too low, 0.76% of GDP. And also the ed­u­ca­tional out­comes in Nige­ria are very poor.

“Nige­ria is one of the most im­por­tant coun­tries not only in Africa but in the world. And so we feel that it will be ex­tremely im­por­tant for Nige­ria to re­ally go on a dif­fer­ent level al­to­gether in terms of their com­mit­ment to in­vest­ing in hu­man cap­i­tal.”

The re­port also in­di­cates that many African coun­tries are in the red zone.

Kim fur­ther said: “I think that the World Bank has to take some re­spon­si­bil­ity for hav­ing em­pha­sized hard in­fras­truc­ture, roads, rails, en­ergy, for a long time. And you know, that has changed about 20 years ago.

“But there has still been the bias that says “You know, we’ll in­vest in hard in­fras­truc­ture and then when we grow rich, we’ll have enough money to in­vest in health and ed­u­ca­tion.

“We’re now say­ing that that’s re­ally the wrong ap­proach that you’ve got to start in­vest­ing in your peo­ple right now.”

Kim, there­fore urged African coun­tries to in­vest more in health and ed­u­ca­tion.

World Bank Pres­i­dent, Jim Kim

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