Human resource development will help revamp economy -Odu’a GMD

Human resource development has been said to be indispensable for the development of any economy.

This was disclosed recently by the Group Managing Director (GMD) of Odu’a Investment Company, Mr Adebayo Jimoh, in a speech  delivered at the Industrial Training Fund, Ibadan, which was entitled: “Human Resource Development as Panacea for Business Sustenance in a Depressed Economy: The Way Out.”

According to Mr. Jimoh, “human resource development generally refers to the processes that relate to training, education and other professional initiatives in order to increase the levels of knowledge, skills, abilities, values and social assets of an employee which will lead to better employee satisfaction and performance and eventually impact on a firm’s performance.”

“In a nut shell, human resource development involves any activity that improves the productivity of the worker, of which training is the most important and obvious component,” he declared.

Speaking further on reasons human resource development is very important, the GMD said that it was important because the business environment was more dynamic due to the fact that  there were more knowledge-driven products and services available due to innovations and new technology.

“Competition is keener due to people coming up with more cost effective processes, as well as better or alternative goods and services,” he said, adding that “looking at human resource development from the point of view of business sustenance in a depressed economy is apt at this time as the whole world is currently in a period, of economic down-turn.

The effect of the meltdown, according to him, “is unfortunately more adversely felt in Nigeria because the country has other problems of its own which included mono product economy, decaying infrastructure, reducing capital inflow, capital market downturn and reduced lending by banks, as well as youth employment and the security situation.”

Mr Jimoh, while stressing on the way out of this quagmire of economic underdevelopment, declared that “to survive in a period like this takes a lot of ingenuity and this is where the effect of human resource development kicks in,” adding that ”unfortunately for us in Nigeria, there are structural defects of our own to contend with such as high taxation, unpredictable government policies and constant policy change, among others.

“Human resources, therefore need to be highly innovative and dynamic in order to be able to rise up to the challenges. However, for the effect of human resources development to be fully felt, the participation of the government is extremely necessary. Active and focussed human resource development initiatives of the government for business sustenance are required.”

The GMD disclosed that Nigeria currently ranks 142 in the human resource index of nations of the world.

Some efforts, according to the Odu’a Investment Group GMD, which are needed as a matter of urgency to improve human resources development include critical infrastructural development, diversifying the economy with emphasis on agriculture, job creation and poverty alleviation and revamping the educational sector.

Source : Tribune