Building Nigeria's human capital

Nigeria is facing a significant challenge in building a resilient and future-ready workforce, according to the World Economic Forum's Global Human Capital Index for 2017. The report highlights the urgent need for the country to focus on education and skills development to avoid a talent crisis in the global economy. Jimi Tewe, CEO of Inspiro Consulting, shared insights on how Nigeria can address this critical issue. Tewe emphasized the importance of shifting focus from short-term educational goals to long-term strategies that prepare individuals for the future of work. He highlighted that Africa, including Nigeria, ranks low in terms of human capital development, indicating the need for a strategic shift in the education sector. Tewe stressed the need for proactive investment in developing skills that align with emerging trends and technologies to stay competitive in the global market. One of the key challenges facing Nigeria is the inadequacy of its educational institutions to impart relevant knowledge and skills for the future workforce. The country's rank at 114th on the Global Human Capital Index reflects the pressing need for education reform. Tewe pointed out that other African economies like Ethiopia, Ghana, and South Africa are significantly ahead, underscoring the urgency for Nigeria to address its human capital shortcomings. The report identifies two critical areas where Nigeria lags behind: know-how and development. Tewe emphasized the importance of continuous skill development, stressing that it is not enough for individuals to be employed; they must also enhance their skills to meet evolving job demands. He highlighted the role of organizations in becoming training centers to ensure employee skill development and readiness for the dynamic market. Tewe also addressed the relevance of the Nigerian curriculum in preparing individuals for the current economic landscape. He emphasized the need for the curriculum to align with global standards and industry requirements to attract foreign investments and facilitate economic growth. Tewe called for policymakers to prioritize investment in primary and vocational education to bridge the skill gap and equip individuals for future job opportunities. In discussing the role of organizations, Tewe emphasized the need for companies to recognize the dynamic nature of markets and invest in employee training and development. He highlighted the importance of ongoing training programs to enhance employee skills and maintain a competitive edge in the business environment. Tewe suggested utilizing online platforms to provide affordable training opportunities for small and medium enterprises to upskill their workforce. The conversation also touched on the significance of private sector involvement in education and skill development. Tewe encouraged partnerships between private companies and educational institutions to create specialized training programs that align with industry needs. He emphasized the importance of incentivizing corporates to invest in education through tax breaks and other benefits, highlighting the mutual benefit of improved workforce readiness and economic growth. Overall, the discussion with Jimi Tewe shed light on Nigeria's critical need to prioritize education reform and skill development to build a future-ready workforce. Tewe's insights underscored the importance of strategic investments in human capital to drive economic development and global competitiveness.