FG $1bn Scheme: Karl Toriola, Elumelu, Dangote Seek More Focus on Skills

By Modupe Gbadeyanka

The $1 billion Household Prosperity and Empowerment Social Protection Project (HOPE-SP) launched by the federal government last week to cushion economic pressures on vulnerable households and create a structured pathway toward long-term self-reliance has received the backing of some Nigerian business leaders.

The scheme was unveiled in Abuja under the theme From Palliatives to Pathways and comes at a critical juncture when Nigeria works to bridge deep-seated gaps in human capital and household earning capacity.

According to a World Bank report, human capital deficits in health, education, and workforce skill sets cost Nigeria up to 111 per cent of its future workforce productivity, while the nation’s education index on the World Bank’s Human Capital Index Plus remains at a modest 64.

Commenting on the initiative, the business leaders across Nigeria’s private sector maintained that government safety nets must be paired with aggressive skill acquisition and individual initiative to drive lasting national growth.

The chief executive of MTN Nigeria, Mr Karl Toriola, urged Nigerians, particularly the youth, to take direct charge of their career progression through continuous learning.

“Your career, your future, your life is your responsibility and your responsibility only. If you want to develop yourself, you have to learn skills that don’t come naturally to you,” Mr Toriola remarked, sharing how he invested heavily in self-education in complex areas like finance and risk management.

The focus on human capability and enterprise as the primary growth engine is strongly shared by the chairman of Heirs Holdings, Mr Tony Elumelu, who continues to advocate for youth entrepreneurship as Africa’s ultimate economic catalyst.

“Only entrepreneurship can create opportunity where none seemingly exists. Young entrepreneurs and those they inspire are the lifeblood of Africa’s rise,” Mr Elumelu stated via the Tony Elumelu Foundation.

His stance reinforces the principle that while social safety networks like HOPE-SP provide essential baseline security, scalable wealth creation ultimately hinges on empowering individuals to build sustainable businesses and drive commercial innovation.

Similarly, Africa’s richest man, Mr Aliko Dangote, linked functional education and targeted opportunities directly to Nigeria’s macroeconomic stability.

Highlighting the ambition of the youth during the rollout of his foundation’s N1 trillion education initiative, Mr Dangote stressed, “Our young people are not asking for handouts. They are asking for opportunities. They are asking for a chance to learn, to grow, to compete and to succeed.”

He further reiterated that education is an economic imperative: “Every child we keep in school strengthens our economy. Every student we support reduces inequality. Every scholar we empower becomes a future contributor to national development.”