Some renowned economists and financial experts have advocated the development of human capital in Nigeria to address the nation’s economic challenges.
They made the call at the National Defence College (NDC) Course 30 Seminar on Economy and Finance with the theme, “Employing the Whole-of-Society Approach in Managing National Economy for Enhanced Human Security in Nigeria” on Wednesday in Abuja.
The Executive Chairman, Economic Growth and Development Centre, Prof, Magnus Kpakol, said that human capital deficiency in Nigeria was the bane of the nation’s economic and political challenges.
Kpakol, who delivered a paper titled, “Enhancing Industrial Cooperation for Improved Economic and Human Security in Nigeria,” said that human capital had to do with practical knowledge and skills that could be deployed to produce goods and services.
He added that human capital comprised education, wellness attitude and behaviour needed for leadership, saying the countries that are doing well today were countries that had high stocks of human capital.
According to him, there is a strong correlation between global economic competitiveness and human capital development or human capital index.
“So, if we are going to be successful, we have to train our people because human capital development is basic training.
“So, whether you are going into leadership or whatever it is, you need training because that is what the countries that are successful do.
“If you don’t have productive ability to produce goods and services to sell to people then you will not have the money to enable you to have power over-consumption of goods and services,” he said.
Kpakol also stated that two-level of human capital was responsible for the corruption that had had a negative impact on the nation’s economy which he called “the witchcraft economics”.
According to him, when you don’t have the productive ability to produce something then you cut corners then you go through the window then you take somebody stuff that does not belong to you.
“Any kind of illegitimacy involved in acquiring goods and services is witchcraft economics.
Also, Dr Mohammed Haruna, an Associate Professor of Finance, Ahmadu Bello University Zaria, said the current situation of the country was a direct result of poor human capital.
Haruna identified non-inclusiveness as a major challenge of development in Nigeria, adding that failure to address exclusion would further hamper economic development.
He also stated that Nigerian professionals like engineers and technologists needed to have tooling capacity by identifying a quality channel.
According to him, the government must redesign its economic development concept, saying that human capital secures development.
He said that the country must adopt an integrated approach by creating a linkage between the various sectors of the economy.
Prof. Uche Uwaleke, of the Department of Banking and Finance, Nasarawa State University, said the nation’s path to development since independence had been affected by political instability and leadership issues.
Uwaleke also agreed that human capital was critical to development, saying that Nigeria was endowed with a youthful population that was supposed to be an advantage for it to develop.
According to him, Nigeria must pay attention to skills development if it must achieve meaningful development.
Uwaleke said the short election circle under democratic governance in the country had had a negative impact on its development, adding that political office holders often spend more time politicking than governance.
He, however, advocated a review of the constitution to provide for a single tenure of five or six years to allow them to concentrate on governance.
The Don also identified a lack of continuity of project initiation and execution as well as resource allocation as some of the major challenges of development in Nigeria.
The Commandant of NDC, Rear Adm. Oladele Daji, called for the required capacity to harness the country resources for the wellbeing of the citizenry.
Daji promised that NDC would continue to equip the participants of the college with deeper knowledge for the maximum benefit of the nation.
He said the seminar was part of the college’s curriculum on the Economic and Financial module to broaden the participants’ knowledge. (NAN)
