Development experts at the 32nd Nigeria Economic Summit (NES#32) have urged Nigeria to move beyond policy declarations and spending commitments to measurable improvements in healthcare, education, skills and employment, warning that weak implementation threatens the country’s economic future.
They called for stronger coordination among government, businesses and development partners to address the country’s deepening human capital crisis and turn its youthful population into an economic advantage.
The experts spoke at the NES#32 Dinner Session on business-led investment in human capital, held on October 26, 2026, under the Office of the Vice President’s Human Capital Development 2.0 initiative.
They advocated a whole-of-society approach that aligns public spending, private-sector investment and development partnerships around clear priorities, transparent reporting and measurable outcomes.
The urgency is underscored by figures presented at the session, showing that under-five mortality stands at 110 deaths per 1,000 live births, while 39.5 per cent of children under five are stunted. Learning poverty affects about 70 per cent of children, and 14.4 per cent of young Nigerians are not in education, employment or training.
The figures highlight interconnected challenges spanning childhood survival, nutrition, foundational learning and access to productive work. Experts warned that infrastructure, capital and technology cannot deliver their full economic potential without a healthy, educated and skilled workforce.
From budget promises to resultsParticipants identified the gap between government spending commitments and actual service delivery as a major obstacle to human capital development.
They argued that budget allocations, memoranda of understanding and public pledges are inputs, not outcomes. The real test is whether funds reach frontline facilities and improve people’s lives.
One contributor outlined a three-part approach: raising revenue, allocating resources to priority sectors and ensuring efficient expenditure.
Governments, the participants said, must plan according to realistic revenue expectations rather than announce projects they cannot adequately finance or sustain.
They cited ambitious plans to upgrade every primary healthcare centre in some states despite inadequate budgets, suggesting that prioritising at least one functional facility per ward could deliver better results where resources are limited, provided staffing, equipment and recurrent funding are secured.
They also called for transparent reporting of revenue receipts, budget allocations and actual releases, alongside stronger procurement oversight and independent performance reviews.
Where funds are reportedly released but facilities remain poorly equipped, authorities must identify the bottlenecks and hold responsible institutions accountable.
Businesses must help build the talent they need
The private sector was challenged to move beyond complaints about the employability of Nigerian graduates and invest directly in developing the skills businesses require.
Participants advocated stronger links between universities, technical institutions and industry through curriculum development, apprenticeships, workplace placements and practical training.
They noted that programmes designed to prepare young people for employment often lose momentum when administrations change, stressing the need for sustainable initiatives that survive political transitions.
With artificial intelligence and other technologies reshaping occupations, Nigeria must also expand digital skills, entrepreneurship and lifelong learning. However, training alone cannot solve unemployment without growing businesses and opportunities for productive work.
Private investment must deliver measurable impact
Participants urged companies to align corporate social responsibility with their core competencies rather than pursue disconnected charitable projects.
Businesses, they argued, can generate social and commercial benefits by applying their technology, expertise and market access to clearly defined development challenges.
One example discussed involved smartphone-based telematics to monitor riders’ driving behaviour and target training, linking technology to skills development and road safety.
Another illustrated the potential of digital services to create jobs. A Nigerian business-processing operation employing about 3,000 agents was cited as evidence of how local talent and access to international markets can expand employment opportunities.
Participants stressed that such interventions must be assessed by their results. While digital training can reach large numbers, face-to-face programmes may offer deeper learning. Effective models must balance scale with quality and demonstrate improvements in incomes, working conditions and livelihoods.
National coordination, local solutions
Fragmented responsibilities across ministries, agencies and tiers of government were identified as another barrier to effective human capital development.
Participants proposed strengthening the National Economic Council (NEC) as a platform for aligning federal and state priorities, reviewing performance and improving engagement with businesses and development partners.
They also discussed a possible national human capital development council to coordinate cross-sector priorities while preserving the specialist responsibilities of existing institutions.
A national human capital fund with independent governance was proposed as another option for mobilising public and private resources and sustaining interventions beyond individual administrations.
However, participants cautioned against creating additional bureaucratic structures without clear responsibilities and measurable benefits.
They emphasised that state-specific data must guide implementation because educational outcomes, healthcare access and economic opportunities vary across the country. Regional collaboration, peer learning and locally tailored plans were identified as essential to directing resources where they are most needed.
Six targets for 2030
The HCD 2.0 presentation outlined six targets for 2030: reducing under-five mortality from 110 to no more than 40 deaths per 1,000 live births; cutting stunting from 39.5 per cent to 25 per cent or less; and increasing full immunisation coverage from 35.6 per cent to at least 70 per cent.
The remaining targets are to reduce the proportion of primary-school-age children out of school from 25.6 per cent to 10 per cent or less, lower learning poverty from 70 per cent to 35 per cent or less, and cut the proportion of young people not in education, employment or training from 14.4 per cent to 10 per cent or less.
Participants said achieving these targets would require realistic financing, consistent data, transparent reporting and clearly assigned institutional responsibilities. They also warned that electoral transitions must not derail progress or weaken commitments to human capital development.
Estimates cited from the World Bank’s Human Capital Index Plus 2025 suggest that improved learning, longer schooling and the elimination of childhood stunting could significantly increase lifetime earnings. The projections are modelled estimates, not guaranteed returns, but they underline the economic cost of leaving preventable disadvantages unaddressed.
The session reinforced the need for government, business and development partners to work towards shared outcomes. Government must finance essential services and account for results; businesses must invest in relevant skills and productive opportunities; and development partners can provide expertise, financing and independent assessment.
Ultimately, success will depend not on the number of programmes launched or pledges announced, but on whether children survive and grow well, pupils acquire essential skills, young people find productive work and households experience improved livelihoods.
For Nigeria, human capital development must become a coordinated, sustained national investment rather than a collection of disconnected initiatives.
