WEF ranks Nigeria 114th in Global Human Capital index

Nigeria has been ranked 114th out of 130 economies in the Global Human Capital Index for 2017, according to a report from the World Economic Forum. This places Nigeria as the second lowest ranking country in Africa, only ahead of Ethiopia. Saadia Zahidi, Head of Education, Gender, and Work at the World Economic Forum, discussed Nigeria's performance in the index during an interview with CNBC Africa. The Global Human Capital Index rates countries on their ability to develop human capital, covering four key thematic dimensions: capacity, deployment, development, and know-how. Capacity evaluates investments made in education, deployment assesses the utilization of workforce skills, development focuses on future-ready education, and know-how examines the ability to perform complex tasks in the workforce. The combination of these factors provides an overall human capital index score to measure a country's progress. While Nigeria's ranking is concerning, the broader African region is facing challenges in human capital development. Africa as a whole is the lowest ranked region in the index, with countries like Rwanda and Ghana showing better performance than others. The region's demographic profile, characterized by a large youth population, highlights the importance of investing in education and skill development. Without adequate investment, countries risk facing a talent crisis and hindering future economic growth. Saadia Zahidi emphasized the importance of preparing for the Fourth Industrial Revolution, which will require countries to compete based on knowledge and skills rather than just cheap labor. Failure to invest in the younger population now could lead to a shortage of skilled workers in the future, impacting both individual prosperity and national competitiveness. Nigeria, with nearly 44% of its population under the age of 15, must address these challenges to avoid creating lost generations in the future. The implications of Nigeria's low ranking in the Global Human Capital Index extend beyond economic inequalities to future competitiveness and sustainability. With the changing nature of work and the increasing demand for higher skilled labor, investing in education and skills development is crucial for long-term growth. Nigeria and other African countries must prioritize human capital development to secure a prosperous future for their populations and ensure competitiveness on the global stage. In conclusion, Nigeria's current position in the Global Human Capital Index serves as a wake-up call for policymakers and stakeholders to reevaluate their strategies for education and skill development. By addressing the challenges highlighted in the index, Nigeria can set itself on a path towards sustainable growth and prosperity for its citizens.