By Jude-Ken Ojinnaka
“The part to Nigeria’s prosperity lies in the development of our human capital. It is not a quick-fix solution or a one time investment but a sustained commitment to nurturing the potential of every Nigerian, regardless of their background or circumstances.”
This is the position of the Guest Lecturer, Prof. Florence Banku Obi, Vice Chancellor, University of Calabar in her lecture delivered at the 8th edition of ‘The Bullion Lecture 2024’ organised by the Centre for Financial Journalism on Thursday April 18 at Victoria Island, Lagos.
Delivering a lecture with a theme ” Human Capital Development as Catalyst for Nigeria’s Prosperity” the Calabar Ivory Tower Vice Chancellor explained that human capital development is not a luxury but a necessity for Nigeria’s continued growth and prosperity.
“By investing in our people, we invest in a brighter future for all”
She urged Nigerians to work together as a united nation so as to unlock the full potential of the country’s human capital and propel Nigeria towards a future of shared success and prosperity.
Dwelling on the strategies for human capital development, Professor Florence Banku Obi said that as a nation, Nigeria must consciously and intentionally begin to build her human capital.
She itemised the strategies that can be employed to harness the full potential of Nigeria’s human capital pool as: Revitalising the education sector; Promoting skills development and vocational training; Enhancing access to quality healthcare;
Creating suitable socio-economic conditions; Funding of strategic researches; Encouraging mentorship and apprenticeship at all levels and Promoting gender equality and social inclusion.
The Bullion Lecture 2024 guest lecturer submitted that investing in human capital begets good returns on investment. She likened investing in human capital to investing in the engine that propels a car.
She cited Adam Smith’s economic theory of human capital development which emphasised the need to invest in human capital by building capacity, competencies and abilities as a means of improving productivity of employees, organisations and State.
The theory considers investment in formal education and training as highly instrumental in building the productive capacity of the workforce. It means that that there will be appreciable returns on investment if government invests on human capital development by way of productivity,, economic growth and development.
Professor Banku Obi mentioned Hong Kong, Korea, Singapore, Japan, Taiwan, United States of America and majority of European countries as nations that have catapulted their growth and development due to their huge investment in human capital development.
She said that in order to reduce poverty, human capital development helps individuals with skills and knowledge to secure good jobs which enables them to lift themselves and their families out of poverty.
” Poverty is one of the basic indices of underdevelopment. Investment in human capital development increases productivity and reduces poverty.
Speaking on opening up opportunities and access to credit for entrepreneurship, she said ” our investment in human capital development should be more strategic, emphasizing the curriculum, values, skills and character building rather than paper qualification and certificate for jobs”
The Bullion Lecture 2024 was well attended by personalities from all works of life, including Captains of Industries, Media Chief Executives, Academia, Bank Executives, Chairman and Directors of Centre for Financial Journalism, Business Executives from private and public sector, amongst others.
