DEVELOP YOUR HUMAN CAPITAL - WORLD BANK TELLS NIGERIA

The President of the World Bank, Jim Young Kim, has urged Nigeria and other African countries to be able to compete in the currently digitalized modern economy.
Speaking at the ongoing spring meetings of the International Monetary Fund (IMF) at the World Bank in Washington D.C., Mr. Kim warned that many of the low skilled jobs would soon be taken over by technology.
He noted that skill in technology could help some African countries leapfrog into finding ways in driving growth in African economy.
"When we say rates of childhood stunting over 30 percent, meaning these children their brains are simply not as well-developed as their non-stunted peers and that they learn less and will learn less in the future. We have good data on that," that World Bank boss declared.
He disclosed that when stunting rates are over 30 percent,  sometimes close to 50 percent of that group of young children will not be prepared to compete in the digital economy of the future world.
" Our sense is that as economies become more digitalized, relationship between health outcomes and educational outcomes is only going to get stronger over time," he explained.
President Kim argues that many people understand the place of physical capital, infrastructure and investment, but not may understand the place of improved health and educational systems.
"It is time for all countries to really take  a hard look at how well they have invested in their own people because that is likely going to be the most important determinant of whether they will be able to keep up with economic growth."
It is not just for children, it's also skills programs for adults. The human capital agenda, I think, has been neglected for far long, and what we have shown in our system.
"Every African country has to look much more seriously at how it improves its own domestic resource mobilization. So in order words, they should be better at collecting taxes, you know, to just provide the basic services we think countries should collect at least 15 percent of GDP in taxes. Many countries don't reach that level".
The World Bank boss therefore called on African countries to remove fossil fuel subsidies that are often very repressive, and only help the rich more than they help the poor.
He also warned that tobacco taxes have proved effective at raising revenue and reducing smoking and money from it can be used to finance a lot of things.
" So there are so many things that can be done to help countries both invest in physical infrastructure and also invest in human capital, but it requires reform, and it requires courage," he submitted.