October 21, 2021

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Nigeria yet to take advantage of young talents –Osinbajo

From Noah Ebije, Kaduna

Vice President Yemi Osinbajo  has lamented that Nigeria is yet to take full advantage of its young talents.

Addressing the 6th Kaduna Investment Summit tagged “Kadinvest 6.0”  yesterday, the Vice President said there was need for Nigeria to focus on developing a knowledge based economy with human capital developed to become a productive asset for profit.

Osinbajo said rather than natural resources, well developed and nurtured human capital, was the invaluable asset sought after globally, especially in ICT and technology sectors.

Speaking on the theme of the summit, “Towards a sustainable knowledge based economy’ the VP said: “The focus today must be developing a knowledge based economy. The knowledge based economy referred to stands for human capital development. Education and knowledge can become productive assets to be sold for profit rather than natural resources. Digital data, digital solutions to improve agricultural yields, digital platforms to provide online study. It is possible to move from where we are to knowledge economy. Millions of data in terabytes are stored in chips, 1,000 megawatts of power can be stored in a battery. The future of financial technology is not in banks. Nigeria is becoming technology investment solution hub in sub Sahara Africa.”

Meanwhile, Kaduna Governor, Nasir el-Rufai said the state attracted $2.8 billion investments and created 100,000 direct and indirect jobs from previous editions of Kadinvest.

He said the state had risen from 14th to 4th position in Internally Generated Revenue (IGR) realising N50.7 billion in 2020, adding that the state was developing a $50 million 21.9kw solar mini grid power supply at Igabi.

“We have been offered a $200 million loan to build a bus rapid transit (BRT) metro system in Kaduna. The Peugeot Dangote Automobile plant, launched in 2019 to produce saloons, SUVs and trailers, would be commissioned before end of the year. We will soon open Shoprite at the Galaxy Mall. A $650 million iron ore company to produce steel is nearing completion in Jere, Kagarko local government.

“We signed an agreement with Arla of Denmark to build a ranch that would settle 1,000 Fulani herders and their families with all facilities; grass, water, schools, hospitals at the cost of N12 billion. N8 billion is from CBN and N2 billion from Kaduna state. Arla will contribute €5 million.

“Over 5,000 young people have been trained in entrepreneurship, about 600 have submitted business plans and 200 of them have been funded by Bank of Industry (BOI) and the businesses are thriving. There is an ICT hub named Desert Valley, after the American Silicon Valley, for ICT training and development. We are working with Airtel to expand broadband access.”

Delivering his keynote address, President of Afrexim Bank, Prof. Benedict Oramah, said COVID-19 pandemic highlighted the risks associated with Nigeria’s excessive dependence on primary commodity without adding value to the commodity. He said anything that affects the price of crude oil would affect revenue allocation to the three tiers of government. He however expressed hope that the Africa Continental Free Trade Area (AfCFTA) would improve the intra Africa trade to improve volatility.

The post Nigeria yet to take advantage of young talents –Osinbajo appeared first on The Sun Nigeria.

Source: news