Bill Gates Expresses Concern Nigeria's Economic Stagnation As Debt Surpasses 50% Of GDP

Bill Gates, co-chair of the Bill and Melinda Gates Foundation, expressed concern over Nigeria's economic stagnation, highlighting that the country's debt has now exceeded 50% of its Gross Domestic Product (GDP) for the first time since 2001.

Gates shared these worries during the National Economic Council (NEC) meeting at the State House in Abuja on Wednesday.

"Nigeria's economy has stagnated. Earlier this year, your debt exceeded 50% of your GDP for the first time since 2001. And while your revenue-to-GDP ratio has grown, it's still lower than what it was 15 years ago," Gates said, Punch reported.

"The result is that Nigeria spends less per capita on its people than other African countries with a fraction of your wealth. I understand this is a politically sensitive area. Nigerians are struggling. Incomes have fallen. Prices have soared."

The American billionaire and philanthropist also acknowledged the ongoing protests in the country, saying similar protests were being held in several countries across the world.

Gates noted that taxes were unpopular, both in Nigeria and the U.S., but emphasized they were part of a social contract. He added that people were more willing to pay taxes if they saw the government using that money to improve lives.

He stressed the importance of investing in people, starting with more spending on healthcare. Gates noted that priorities need funding to be effective and while it's not possible to fund everything, focusing on key areas that make the biggest impact was crucial.

He highlighted health as a top priority, saying that without good health, there were no opportunities.

"Primary care is the first -- and sometimes, the only -- point of contact most patients have with the health system. Yet Nigeria spends just 3,000 naira on primary health care per person, per year," he added.

Gates pointed out that 70% of Nigeria's healthcare spending goes to secondary and tertiary care, while only 30% goes to primary care, noting that this ratio should be reversed.

"Last year, the Federal Government launched an ambitious HPV vaccination campaign. In one month, Nigeria immunized more girls than 40 other Gavi countries combined did the entire previous year. In total, Nigeria reached more than 12 million girls with this life-saving vaccine," he said.

He also mentioned that he has been visiting Nigeria for over 20 years and noted that the Bill & Melinda Gates Foundation has invested over $2.8 billion in Nigeria, the largest investment in Africa.