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AMCON boss seeks economy shift from resource-based to knowledge-driven

The managing director of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has made case for the complete switchover from resource-based economy to knowledge- based to be in line with current global realities.

He however, made it clear that such shift will begin with improved attention to human capital development, science and technology.

In his remarks at the recent 2018 Institute of Directors (IoD) Fellows’ Luncheon, in Lagos, Kuru welcomed the ongoing economic diversification of the federal government, but argued that the best way to launch Nigeria on the path of economic growth is deepening knowledge-based human development and investments.

According to him, “It is good to know that the government has made science and technology a key part of the National Economic Recovery Growth Plan (ERGP), which underscores moving the economy away from a resource-based to a knowledge-based model”.

According to him, “Nigeria must be adaptable to development templates, as well as experiences of other countries around the world that have successfully used such models to change the narratives of their economies”.

“Broadly speaking, from the experiences of advanced countries including the United States, China, Britain, Malaysia, Japan, South Korea, Singapore to those closer to us like Brazil, Russia, South Africa, what stands as reason or anchors for their progress is simply a commitment to some defined drivers of growth.

“These are human capital development, innovation, technology, strong institutions, democracy (freedom of choice) and governance. The two most important determinants are good governance and human capital development.”

Just like US core investor in Microsoft Group, Mr. Bill Gates said during his recent visit to Nigeria, Kuru reiterated that human capital development plays key role in the economic development of every nation and Nigeria cannot be an exception.