By Thompson ABISOLA
An Economist, Mr Moses Igbrude, has urged the Federal Government to invest more in human capital and infrastructural development to enable the country benefit from Africa’s projected economic growth.
Igbrude, who is the Chairman of an investment firms, Ogu Investment, made the remarks in Lagos, on Wednesday.
He said voting more funds to the educational sector would boost the human capital development and enable the country become an investment hub.
“Allocating about 26 per cent according to the United Nation Educational and Cultural Organisation (UNESCO), for developing economy will better position us.
“A sizeable portion of the allocated funds should be voted to vocational education in order to improve our skilled labour.
“Over 50 per cent of our population are young people and should be empowered with the right skills,” Igbrude said.
The economist said: “for government to benefit from such projected growth in the economy, it needs to scale up its infrastructural development.
“Our current seaport should be expanded to accommodate larger vessels, if the economy must gain from the growth.
“As some of the existing seaports have limitation in accommodating big vessels, especially from some parts of the country.
He said the potential of the country to endearing business was good because of its size and population.
McKinsey, a management consulting firm, said on Tuesday that Africa will become the world’s next big growth market, like the Asian boom.
“While other geographies are seeing incremental growth, global companies that get in early and join the African champions shaping the right strategies, can sustain double-digit profit growth over the next few decades,” it noted.
The report drew the conclusions from a survey of 3,000 McKinsey client engagements, in-depth proprietary research and interviews with 40 of Africa’s most prominent business and development leaders.
