The Vice Chancellor of the University of Calabar, in southern Nigeria, Prof. Florence Banku Obi, has stressed the need for the Federal Government to pay special attention to human capital development since it is crucial in achieving the needed development of the country.
Delivering the 2024 Bullion Lecture of the Centre for Financial Journalism with theme “Human Capital Development: Catalyst for Nigeria’s Prosperity” on Thursday in Lagos, Prof. Banku Obi traced many of the development challenges facing the country to lack of national values.
Describing human capital as consisting of skills, competences, knowledge and attributes that individuals have gathered over time to make it possible to realize their potential in society, she stated that human capital is the true engine of economic growth, social progress and national development.
According to her, these skills and experiences are also required for development of self, society or the nation.
The Vice Chancellor, who has been in the university system for over 32 years, observed that Nigeria is endowed with abundant mineral resources, but that the country’s ‘’most valuable asset is not our abundant oil, our numerous mineral resources or our vast land, it is our people’’
“The flourishing wealth and success of a nation and the attendant socio-economic wellbeing and material condition of the people constitute its prosperity. It is a painful paradox that with all its wealth, Nigeria is not prosperous,” she said.
She lamented the poor investment in education by the Federal Government of Nigeria. “By comparison, the investment of Nigeria as a nation state in education is one of the least in Africa,” she said.
Speaking on how human capital development can serve as a catalyst for Nigeria’s prosperity, she stated that it can only happen when the nation invests adequately in the citizens through proper motivation and incentive, law-abiding, conscientious, hardworking, which will bring about economic growth, social progress and national development.
According to her, investing in human capital is akin to investing in the engine that propels the car.
She, however, called for the reform of the country’s educational curriculum and so that there should be more emphasis on technical education and mentoring.
Prof Banku Obi also called for value reorientation as well as creation of innovative hubs for small businesses, provision of infrastructure, funding support for businesses and collaboration between the universities and the private sector, especially in the area of research and utilization of research findings.
She also recommended the apprentice scheme that is popular with states in the South East as a good model for business mentoring and wealth distribution.
