Osinbajo: Nigeria Must Focus on Knowledge-based Economy to Propel Economic Growth

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The Vice President, Prof. Yemi Osinbajo has said that Nigeria must focus on the development of a knowledge-based economy in order to propel economic growth.

Speaking at the sixth edition of the Kaduna Investment Summit, with the theme, “towards a sustainable knowledge based economy,” held in Kaduna, yesterday, Osibanjo said a knowledge-based economy was dependent on intellectual capital.

According to him, a knowledge-based economy refers to how human capital, education and knowledge could become productive assets or business products to be sold for profit.
“It is simply the commercialisation of intellectual capacity rather than natural resources or physical efforts or physical labour.

“By the sheer versatility of technology today, it is possible to leapfrog from where we are to a knowledge economy. Knowledge economy can enhance our performance and all the benefits we can derived from agriculture, manufacturing and services,” the vice president said.

He added, “In Nigeria today, our youths who are running digital businesses and services are making great strides. Given these strides, Nigeria is surely becoming a technology investment destination in Sub-Sahara Africa.

“So the knowledge-based economy is entirely dependent on intellectual capital in workforce and in talent pool that is educated and dynamic and adaptable…”
He commended the Kaduna State Governor, Mallam Nasir el-Rufai, “for the brilliant innovation but more important for sticking to a plan and for making sure that the plans get results.”

Osinbajo assured that the federal government would support and encourage the efforts of the Kaduna State government in to creating a stable and predictable microeconomic business environment, providing infrastructure and ensuring security.

“As you know I followed your activities closely in Kaduna state because of the seriousness you have brought to sub-national governance in Nigeria, the rigour and innovation that you and your team have brought to policy formulation and implementation is clearly exemplar of what is possible in the states and indeed what is possible in the nation.

“KADINVEST has become a platform not just to market Kaduna, but Nigeria as a compelling business destination for investment.

“I must also say that your efforts are clearly positioned to benefit maximally from the critical infrastructure development that Mr. President has committed himself to single minded since inception for our administration”, Osinbajo said.

Osinbajo also noted that the federal government was, “making accelerated efforts to enhance security across the country and in this region particularly, working with the state governors in many of the worst affected states.”

In is presentation, el-Rufai said over $1billion investments in agriculture, power, housing automotive, health, infrastructure retail and tourism had come to the state.

He also said $1.7 billion in announced investments had been made.

“This is why we have to keep doing this investment submit because it has helped us in droves,” the governor said.

He said the Kaduna rose from 14th to 4th position in Internally Generated Revenue (IGR) realising N50.7 billion in 2020.

The governor disclosed that that the state was developing a $50 million 21.9kw solar mini grid power supply in Igabi Local Government Area.

Speaking further, the governor said, “We have been offered a $200 million loan to build a bus rapid transit (BRT) metro system in Kaduna.

“The Peugeot Dangote Automobile plant, launched in 2019 to produce saloons, SUVs and trailers, would be commissioned before end of the year.”

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