July 17, 2024

Nigeria needs a knowledge economy to fight poverty

Nigeria needs a knowledge economy to fight poverty

Muhammadu Sanusi II, the former Emir of Kano, says the country must have a knowledge-based economy in order to overcome poverty.

In his speech Friday at the Kaduna Investment Summit with the KadInvest 6.0 brand, Sanusi said that Kaduna and Nigeria should improve the intellectual skills of their people rather than prioritizing infrastructure.

Previous Central Bank of Nigeria The Governor (CBN) said Nigerians did not use technology, which is why the country’s GDP has not increased.

“You have countries and their GDP per capita, you have resource countries and knowledge economies. On the horizontal axis we have knowledge density. The more knowledge, the higher the GDP.

“Look at rich countries like Saudi Arabia, look at Kuwait, we think these countries are very rich and here is their GDP per capita. Now compare Saudi Arabia to Singapore or to Finland or Switzerland or the United States.”

We all think that Saudi Arabia is richer than the Emirates, but look at the per capita income. The UAE continues to decline in the knowledge index. She is 58 years old and Saudi Arabia is 44 years old.

“The deeper the economy, the more you rely on human capital and the more you rely on intellectual skills, the less poverty you reduce and increase per capita income, and that’s what you have to do.

“If you see these kids in Almajiri as potential raw materials to train, teach them to code, bring them into this global value chain, and enable them to earn dollar income, you change their lives.”

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Al-Senussi said that some of the policies implemented in Kaduna should be continued by successive governments to ensure the country’s developmental growth.

He said: My prayer is that at the end of your term he who succeeds will build upon what has been achieved, for it is very easy to destroy all the work done through the years in one day.