The Federal Government has been urged to significantly increase investment in education, healthcare, vocational training and technological innovation to prepare Nigerian youths for the global economy, boost economic performance and increase productivity.
The call was also accompanied by a charge to the government to drastically reduce the rate of youth unemployment in the country.
The position was contained in a monthly lecture delivered by Dr Mrs Victoria Obera during a general meeting of the Nigeria Institute of Management, Lokoja/Ajaokuta Chapter, a copy of which was made available to journalists in Lokoja.
Obera said Nigeria must increase budgetary allocations to education, vocational training and human capital development programmes if the country is to move from a consumption-driven economy to a productive one.
She added that educational curricula should be reviewed regularly to align with labour market demands and technological changes.
“Priority should be given to vocational and technical education and training centres should be equipped with modern facilities and qualified instructors.
“Greater emphasis should be placed on digital skills, innovation, and emerging technologies to prepare Nigerian youths for the global economy.
“Human capital is the process of improving people’s skills, knowledge, health and experience through education and training to increase their economic productivity.
“Human capital is not solely the people in organizations, it is what those people bring and contribute to organizational success.
“Human capital is the collective value of the capabilities – knowledge, skills, life experiences, and motivation of an organizational workforce. The concept of human capital truly owes its origins to the field of economics. Among the earliest contributors to its conceptual evolution.”
Obera, a lecturer in the Department of Public Administration, said Nigeria has one of the largest youth populations in Africa, describing the country’s youthful population as a major opportunity for economic transformation if properly equipped with relevant knowledge and competencies.
“According to constitute more than 69 Bureau of Statistics and the World Bank, young people young people constitute more than 60 percent of the country’s population.
“This youthful population presents tremendous opportunity of the country’s population. This youthful population for economic transformation properly equipped with relevant knowledge of technical competencies, entrepreneurial abilities, and digital skill.
“Unfortunately Inadequate investment in human capital development has resulted in Widespread unemployment, underemployment, poverty, and social insecurity.”
She lamented that youth unemployment continues to pose serious economic and social challenges in Nigeria, noting that despite various government programmes, including vocational training centres, entrepreneurship development initiatives, youth empowerment schemes and technical education programmes, many graduates still lack the practical skills required by employers.
“This mismatch between educational output and labour market requirements has increased graduate unemployment and reduced national productivity.
“Skills acquisition has therefore emerged as a strategic approach to addressing unemployment by equipping youths with practical competencies that enable them to secure paid employment or establish their own,” she added.
