FG To Enhance Investment in Human Capital, Leadership Development

PHOTO: (R-L) NIGERIA'S MINISTER OF STATE FOR FINANCE, MR. REMI BABALOLA WELCOMING DIAMOND BANK PLC GMD, EMEKA ONWUKA TO HIS OFFICE THURSDAY.................... …. As Babalola Advocates Qualitative Foreign, Local Investments

ABUJA, April 22, (THEWILL) - Nigeria ’s Minister of State for Finance, Mr. Remi Babalola, revealed Thursday that the Federal Government would continue with its considerable investments in human capital and leadership development as part of measures to transform the economy.

In a statement signed by his Special Assistant on Communications, Oluyinka Akintunde, and made available to THEWILL, Babalola explained that the administration has identified human capital and leadership development as critical both to Nigeria and the continent at the just concluded TDS Annual Lecture for Leaders and Managers in Lagos.

"Strong economies are known to have focused on low cost manufacturing in the early stages of growth, built up savings which were then invested in core infrastructure, trained the workforce and gradually moved up the value chain. Our future progress in this country will depend on us making full use of our talent," he said.

"The Administration will continue to invest heavily in human capital and leadership development. There is need for partnership to build a strong talent base, one which will create prosperity for our economy and better lives for our people," said Babalola, who was represented by his Special Assistant, Dr. Felix Ogbera.

He noted that the investments in human capital and organizational development initiatives have had profound positive impact on the state of the economy, particularly the quality of leadership, productivity and the well-being of the citizens.

"The dynamic links between human development initiatives and economic growth of a nation are quite profound. There is a strong connection between human capital and organizational development initiatives and economic growth of a nation.

"Higher levels of human capital development affect the economy by enhancing people’s capacities and, consequently, their creativity and productivity. Ample evidence suggests that as people become healthier, better nourished and educated, they contribute more to economic growth through higher labour productivity, improved technology, and attracting more foreign capital," he added.

He, however, noted that human capital development alone couldn’t transform an economy, affirming that qualitative and quantitative domestic and foreign investments along with the overall policy environment were also important determinants of economic performance.

"Yet, the level of human capital development has a bearing on these factors too. Human development initiatives essentially allow for change mechanisms which would determine how an organization would evolve," he added.

The minister likened development to change which, according to him, could be in terms of technology, business modules and changes in attitudes of workers and management.