Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has urged Nigerian leaders to prioritize their citizens to build a more prosperous future.
Gates made this appeal during a meeting with the National Economic Council, NEC, in Abuja on Wednesday, which was attended by Vice President Kashim Shettima, state governors, and ministers.
Reflecting on his two-decade relationship with Nigeria, Gates highlighted his long-standing connections with leaders and innovators who are driving global change.
“I’m proud to support their work,” he said, noting that his foundation has invested over $2.8 billion in Nigeria, its largest commitment in Africa.
Gates emphasized the importance of honesty in friendship, recalling his previous recommendations to the NEC about investing in Nigeria’s greatest asset—its people.
“I will always bet on the incredible potential of the Nigerian people,” he affirmed.
Despite significant global changes over the past six years, Gates observed that Nigeria’s economy has stagnated.
He pointed out that Nigeria’s debt surpassed 50% of its GDP for the first time since 2001 earlier this year and that while the revenue-to-GDP ratio has increased, it remains lower than it was 15 years ago.
As a result, Gates noted that Nigeria spends less per capita on its citizens compared to other African countries with less wealth.
He acknowledged the difficult but necessary steps taken by Nigeria’s economic leaders, such as unifying the exchange rate, but identified raising revenue as the next critical challenge.
“I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared. And like in many other countries, people are protesting.
“Taxes are never popular. That’s true in America too. But they’re part of a social compact.
“People are more likely to pay them when they see the government spending that money to give Nigerians a better life,” he said.
He added that there were many Nigerian leaders committed to investing in the people and many promising solutions in the pipeline.
“President Tinubu’s “Renewed Hope” agenda is ambitious. And he’s assembled a cabinet ready to meet the challenge.
“But with limited resources, the key is putting the funds you do have to the best possible use,” he said.
According to him, priorities without funding are only words, saying it’s impossible to give every priority the funding it requires.
Mr Gates advised the government to focus on the areas that would make the greatest difference on its citizens.
He stressed the need to prioritise health and agriculture, especially improved funding for nutrition at all levels of government.
“I’m an optimist by nature. I’ve seen how much good can be done by smart investments, innovative thinking, and dedicated leaders who put their people first.
“But I’m also a realist. I know as well as you do that turning things around won’t be easy.
“But by putting the Nigerian people first, Nigeria’s leaders can build a better future.
“In 2018, I closed my remarks to the NEC by telling you I believed in the grand vision of Nigeria’s future. Well, I’m here today to say I still do,” he said.
According to him, for over two decades, the foundation’s grantees have helped solve some of the most intractable problems in all priority areas.
Gates reiterated his commitments to continued support for Nigeria’s development.