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By Crusoe Osagie

The London School of Economics (LSE) Alumni Association of Nigeria has said that for the country to achieve economic growth and the Vision 20:2020, it has to apply a knowledge based economic model.

The Managing Partner Employee Energy Limited, Mr. Stanley Agwuh, said, according to the World Bank’s Knowledge Economy Index (KEI) most of the Scandinavian countries have developed their economies through this model, saying that Nigeria cannot be an exception.

Agwuh, who was the guest lecturer at the school’s pre-departure event for offer holders and send-forth reception, explained that this model is key to achieve the country’s vision 20:2020 set target.

He said the Scandinavian countries are leading the pack because they have invested heavily on human capital, adding that this is the way the country should go if it wants any economic growth.

He noted the need for the nation to invest more in learning, saying that learning is the only way Nigeria can achieve the model. “We need the ability to learn, and not just learning but translating that learning into action is the ultimate competitive advantage to compete globally. The ability to learn faster than your competitors may be the only sustainable competitive advantage,” he said.

According to him the global economy is going in an unprecedented change from mass production system where the key source of value was human labour and natural resources to a new era of mediated production where the key component of value creation, productivity and economic growth is knowledge.

Agwuh said knowledge is the capacity for effective action and that the emergence of a knowledge based economy will go a long way in transforming many sectors in the economy; thereby driving growth and development.

He added that a knowledge-based economic model is the surest way to go if it wants to create job opportunities and wealth for the entire citizens in the country.

Also speaking at the event, the Executive Director, Bank of Industry (BOI), Mr. Muhammed Alkali, said the problem of human capital in the country is due to the fact that the nation has not utilised and deployed its human capital resources in the way it supposed to.

“It is a matter of how we utilise our human capital resources and the way we want to deploy those resources. Knowledge and learning is linked to human capital one way or the other. It is just how we are going organise that human capital effectively in placing people in the right place to do the right thing, meaning putting the right peg in the right hole. Anything otherwise, we will not be able to achieve our objectives,” he said

He said the LSE is one of the international brands that is known for developing human capital, saying this is the reason why the Bank of Industry (BOI) is partnering with the LSE. “As the Executive Director of the Bank of Industry, I will give support to the Alumni association of Nigeria of LSE,” he said.

He pointed out that to develop human capital in the country, the nation needs to get its priorities right by doing the right thing. “We have to be focused. It is a collective responsibility to address this challenge. Everybody must get involved. It is not a one man thing,” he said.

“It is not true that Nigeria does not have an economic institution like LSE, you do not have many LSEs all over the world. Our Lagos Business School (LBS) is also a good school it is just a matter of timing and branding,” he said.

Also speaking at the event, the President LSE, Mr. Ubadibo Okonkwo, said the diversity of LSE's alumni creates a unique worldwide network. The Alumni Association works to provide events and online networking to engage alumni globally. The diversity of LSE's alumni creates a unique worldwide network. The Alumni Association works to provide events and online networking to engage alumni globally.

He said the association was established in 2005 as the official voice of LSE's global alumni community, which comprises over 100,000 in over 190 countries.

He added that its primary work includes supporting the lifelong alumni programme run by the Alumni Relations team, developing and supporting the network of international and special interest alumni groups, and representing the voice of the alumni community within the school.

He also stressed that other objectives include promoting a beneficial relationship for academic, professional and social reasons, between the school, its alumni and other key stakeholders, to strengthen and support the effectiveness, membership and activities of the recognised alumni groups and promote their activity for the benefit of the school and its wider objectives.