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Speaking at the TECHISD 2020 Online international Conference organized by the Centre of Lion Gadgets and Technologies in partnership with the Department of Electronic Engineering of the University of Nigeria, Nsukka, Osinbajo, and Obi agreed on the need to pay more attention to education in the country by way of more government funding and introduction of specialised technological educational trainings that will enable Nigeria students and youths to fit into the emerging world and compete favourably with their global counterparts in areas of science and technology. They both noted that the world is fast changing technologically and any one who does not catch up with the new wave of technology would be left behind.
Obi also appreciated Vice President Yomi Osinbajo for showing leadership by making out time to share his knowledge with the participants, maintained that human capital development via quality education remained the easiest way of fostering development in a country.
He further said that the amount of financial investment countries of comparative stand commit to education showed far more seriousness than Nigeria. Using South Africa as an example, he says: “Besides extra-budgetary funding for education, what is our provision for education in our budgets?
Between 2010 and 2016, for instance, South Africa invested over 5 per cent; Egypt more than 3.5 per cent; and Nigeria barely 1 percent” of their Gross Domestic Product (GDP) in education. From 2010 to 2014, Nigeria budgeted N1.86 trillion for the sector – or $11.1 billion at the exchange rate of N160 to the Dollar. In 2015 and 2016, the combined budgetary allocation was N761 billion – or $2.1 billion at the rate of N360 to a Dollar.”
“Therefore, over a period of seven years, 2010-2016, Nigeria, then with a population of about 190 million people, spent just $13.2 billion on education. Juxtapose this with South Africa, the second-biggest economy in Africa which, with a population of 55 million invested over $15 billion on that critical sector in 2015 alone; and Egypt, the third biggest economy with a population of 95 million people spent about $12 billion in that same year only.