“Expect Price Crash”: US Billionaire Bill Gates Invests in Nigeria’s Agriculture, Other Sectors
- Bill Gates, US billionaire and philanthropist, has announced a $2 billion investment in Nigeria’s agriculture and other sectors
- The billionaire disclosed that Nigeria needs to invest heavily in its people as its most significant resources
- Gates stressed the importance of prioritising primary healthcare in Nigeria’s development
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
US billionaire Bill Gates announced a $2 billion investment to boost Nigeria’s healthcare, nutrition, and agricultural sectors.
The billionaire disclosed this at the National Economic Council (NEC) meeting by Vice President Kashim Shettima at the Presidential Villa in Abuja on Wednesday, September 4, 2024.
Source: Getty Images
Gates’ $2bn investment to stimulate the economy
Gates said that Nigeria needs to invest in its people, who are its most significant resources.
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The Microsoft founder has been an ardent advocate for Nigeria, with a commitment to the country totalling about $2.8 billion, the largest in Africa.
Gates’ statement at the meeting shows Nigeria's challenges and opportunities, especially following economic stagnation and rising national debt.
The American philanthropist stressed the importance of prioritising primary healthcare, saying that without health, there can be no opportunity, saying that Nigeria spends about N3,000 per person annually on primary healthcare despite the country’s enormous wealth.
He asked Nigerian leaders to enhance primary health care funding and ensure timely resource disbursement.
Nigeria has the highest child and maternal mortality rate
According to the Guardian, Gates lauded the country’s efforts, such as the successful HPV vaccination campaign that reached about 12 million girls in just one month, stressing the need to continue to improve, especially in data-driven decision-making, to utilise healthcare delivery and workforce management.
The philanthropist has the highest rate of child malnutrition in Nigeria, which he says contributes to half of all child deaths.
He also called for greater private-sector involvement in food nutrition and fortification, urging state governments to ensure compliance with nutritional mandates.
The world’s fifth richest man called for greater private-sector involvement in affordable maternal health interventions, such as the use of multiple micronutrient supplements to prevent millions of cases of anaemia and save the lives of newborns.
Agriculture is important
Highlighting the importance of agriculture, the former wealthiest man in the world expressed worry over Nigeria’s food insecurity, worsened by climate change and poor agricultural practices.
Gates advocated increased funding for extension services, fertilisers, and infrastructure to support farmers.
He also encouraged the adoption of creative crop varieties with higher yields and more excellent resistance to pests, such as new cassava species developed to support
Nigeria should adopt crop varieties
He further reaffirmed the Gates Foundation’s long-term commitment to Nigeria and Africa.
He said:
“By putting the Nigerian people first, Nigeria’s leaders can build a better future.”
Bill Gates says Nigeria’s tax collection rate too low
Legit.ng earlier reported that Bill Gates, co-chair of the Bill and Melinda Gates Foundation, has raised concerns over Nigeria's low tax collection rates, emphasising the challenges of financing critical sectors such as health and education.
Bill Gates addressed the issue of Nigeria's low tax collection rates during Nutrivision 2024 in Abuja, a Pan-African youth dialogue on nutrition.
He emphasised the need for Nigeria to increase government funding over time, pointing out that current tax collection is insufficient.
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Source: Legit.ng
