‘Developing countries don’t invest in human capital, but rely on donors’ – World Bank President

By Philip Shimnom Clement

The outgoing President of the World Bank, Jim Yong Kim, says developing countries which Nigeria is among, hardly channel their resources to investing in human capital development, but only rely on financial and material resources from international donors.

In an article published on his Linkedin page as seen by Governance News, Kim lamented why heads of state and finance ministers of developing countries have not invested enough of their own resources in their citizens.

The article which was captioned ‘Lessons from the World Bank Group’ read in part “At the Annual Meetings in Indonesia last October, we launched the Human Capital Project, which directly links investments in human capital with economic growth.

“The project makes it clear to heads of state and finance ministers how much more productive their workforce could be with better health and education outcomes.

“For too long, developing countries have relied on the generosity of donors for investments in human capital and not invested enough of their own resources.

“The Human Capital Project makes the evidence of the economic benefits of those investments clear for heads of state and finance ministers, and the Human Capital Index – which ranks countries according to their investments in human capital – makes the evidence hard to ignore,” Kim wrote

The world bank President’s note is coming at a time when Nigeria is ranked 152 out of 157 countries in global human capital index by the World Bank which measures countries’ contribution of health and education to the productivity of the next generation of their workers.

Kim will be leaving the Word Bank at the end of this week after serving for over six years.