international journal of philosophy and social-psychological sciences
Human Capital Development and Economic Growth in Nigeria
Adofu Ilemona, Abdulsalam Jibrin, Agama Joy Eleojo
Abstract: This study examines the impact of Human Capital Development on Economic Growth in Nigeria.It made use of five variable ordinary least square regression models to test the impact of Human Capital Development on the Growth of the Nigerian economy. These variables are Government Expenditure on Health (GEHT), Government Expenditure on Education (GEED), Labour Force (LF), Life Expectancy (LE), and Gross Rate of Capital (GRC). Secondary data sourced from the Central Bank of Nigeria Statistical Bulletin, 2013, National Bureau of Statistics report 2013 and World Bank Annual Report, 2013 was used in the study.It was also found out that about 91% of the changes in the dependent variable (GDP) were accounted for by changes in the explanatory variable. This to a large extent explains the place of human capital development in economic growth. The more the government concentrates on human capital development, the more of economic progress that will be recorded. The study therefore recommends as follows: that priority should be given to human capital development considering the impact it had on economic development as exposed by the result of the finding. Both formal and informal education should be developed to increase its impact of the nation’s economy and also Government should redouble their effort toward improving the standard of education in Nigeria. This will on the long run translate to economic growth occasioned by a vibrant and well trained manpower. It has been discovered that human resource rather than natural resources guarantee economic growth the world over. In a country like Nigeria where economic growth and development is much need, a study to expose the impact of human development on economic growth cannot but be significant.