‘Expect a price crash’: US billionaire Bill Gates invests in Nigeria’s agriculture and other sectors

• Bill Gates, an American billionaire and philanthropist, has announced a $2 billion investment in Nigeria’s agriculture and other sectors
• The billionaire revealed that Nigeria needs to invest in its citizens as they are its most important assets
• Gates stressed the importance of prioritizing primary health care in Nigeria’s development

Pascal Oparada of Legit.ng has been writing about technology, energy, stock market, investments and the economy for over a decade.

American billionaire Bill Gates has announced a $2 billion investment to strengthen Nigeria’s healthcare, nutrition and agriculture sectors.

The billionaire disclosed this at a meeting of the National Economic Council (NEC) chaired by Vice President Kashima Shettima at the Presidential Villa in Abuja on Wednesday, September 4, 2024.

Gates’ $2 billion investment aims to boost economy

Gates said Nigeria must invest in its citizens, who are its most valuable asset.

The Microsoft founder is a staunch defender of Nigeria, having donated some $2.8 billion to the cause, the largest amount in Africa.

Gates’ statement at the meeting highlights the challenges and opportunities facing Nigeria, especially in the face of economic stagnation and rising national debt.

The American philanthropist stressed the importance of prioritizing primary health care, saying that without health there is no chance of development. He added that Nigeria spends about N3,000 per person annually on primary health care, despite the country’s vast wealth.

He appealed to Nigerian leaders to increase funding for primary health care and ensure timely distribution of funds.

Nigeria has the highest child and maternal mortality rate

According to the Guardian, Gates praised the country’s efforts, such as its successful HPV vaccination campaign that reached an estimated 12 million girls in just one month, emphasizing the need for further improvement, especially in data-driven decision-making to better leverage healthcare delivery and human resources management.

The philanthropist has the highest rate of malnutrition among children in Nigeria, which he says contributes to half of all child deaths.

He also called on the private sector to do more in nutrition and food fortification, urging state governments to ensure compliance with dietary guidelines.

The world’s fifth-richest man called for greater private sector involvement in low-cost maternal health interventions, such as the use of multi-micronutrient supplements to prevent millions of cases of anemia and save newborn lives.

Agriculture is important

Stressing the importance of agriculture, the former richest man in the world expressed concern over Nigeria’s food security problem, which has been exacerbated by climate change and poor farming practices.

Gates advocated for increased funding for extension services, fertilizers and infrastructure to support farmers.

He also encouraged the adoption of creative crop varieties with higher yields and greater pest resistance, such as new cassava varieties developed to support

Nigeria should adopt crop varieties

He also reaffirmed the Gates Foundation’s long-term commitment to Nigeria and Africa.

He said:

“By putting the Nigerian people first, Nigeria’s leaders can build a brighter future.”

Bill Gates says Nigeria’s tax collection rate is too low

Legit.ng had earlier reported that Bill Gates, co-chair of the Bill & Melinda Gates Foundation, had expressed concern over low tax collection in Nigeria, highlighting challenges in financing key sectors such as healthcare and education.

Bill Gates addressed the issue of low tax collection in Nigeria during Nutrivision 2024 in Abuja, a pan-African youth dialogue on nutrition.

He stressed the need to gradually increase government financing for Nigeria, pointing out that the current level of tax collection is insufficient.

Source: Legit.ng