Human Capital Development In Nigeria

3430 Words14 Pages
This study investigated the relationship between human capital development and economic growth in Nigeria by empirically analyzing time series data spanning 1990 – 2013. The study employed Johansen co integration test and Vector error correction approach. The co-integrating vector coefficient showed a long run relationship between expenditure on education, gross capital formation, health expenditure and economic growth rates in Nigeria. However, only expenditure on education showed a positive and significant effect on economic growth rates in Nigeria in the long run. In view of this, this research recommends increased dedication on the part of the Nigerian government to adequately fund qualitative education at all levels.…show more content…
The importance of human beings as the most essential and promising source of growth in productivity and economic growth has been corroborated by many studies (Barro and Lee (1993); Benhabib and Spiegel (1994); Johnson 2011 and Romer (1991)). Technological development and innovation are bye products of human mind. The economic success of any nation is dependent on human innovative ideas and creativity. Capital and natural resources are viewed as passive agents of growth. The active agents of modernization are human beings (Eigbiremolen and Anaduaka 2014), since they alone can accumulate physical capital, exploit natural resources and build social, and political organisations. (Sankay, Ismail and Shaari…show more content…
Ejere (2011) defined human capital as human factor engaged in the production process, consisting of the knowledge, skills, competencies and abilities of the workforce. To Schulz (1971) human capita refers to the stock of skills, knowledge, ideas, talent and health status of individuals which are relevant in the process of production. Smith (1776) refers to human capital as the acquired and useful abilities of all the inhabitants of a society. Manning (2003) sees human capital as capital capable of creating and developing other capital. Hence human capital development was viewed as the process involved in developing that capacity. It was further defined as the development of health and inculcation of education to cultivate and develop human

More about Human Capital Development In Nigeria

Open Document