The nation’s “bad bank” said the support would serve as a way of moving the Nigerian economy away from a resource-based one to a knowledge-based model. Nigeria must be adaptable to development templates, as well as experiences of other countries around the world that have successfully used such models to change the narratives of their economies. “These are human capital development, innovation, technology, strong institutions, democracy (freedom of choice) and governance. The two most important determinants are good governance and human capital development.”Kuru reiterated that human capital can play key role in the economic development of Nigeria, noting that those countries that made sustained progress invested heavily in enhancing the stock of skills of its labor force by prioritising early childhood quality education, training and provision of health care. This is because investing in human capital raises productivity of workers due to upgraded skills and better education, empowers them with capacity for new ideas and innovations,” he added.

Source: The Guardian May 31, 2018 03:45 UTC