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HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH IN
NIGERIA FROM 1970-2008.
ABSTRACT
This project
critically examined the impact of human capital investment in economic growth
of Nigeria. The purpose of the study was to find out how human capital
investment has enhance economic growth in Nigeria. The ordinary least square
(ols) econometric methodology was used and secondary data sources from the
central bank of Nigeria (CBN) statistical bulletin was used. The result
indicated that there exist a positive and significant relationship between
human capital investment and economic growth in Nigeria. Thus, we recommend the
promotion of human capital investment in Nigeria.
TABLE
OF CONTENTS
Cover Page i
Dedication ii
Certification iii
Acknowledgment iv
Abstract v
Table of Contents vi
CHAPTER
ONE: INTRODUCTION
1.1 Background
of the study 1
1.2 Statement
of the problem 3
1.3 Objective
of the problem 4
1.4 Research
question 4
1.5 Method
of the study 5
1.6 Research
hypothesis 5
1.7 Limitation
of study 6
1.8 Definition
of terms 6
CHAPTER
TWO
2.1 Literature
review 8
2.2 Concept
of human capital theory 8
2.3 Application
of human capital theory to educational system 14
2.4 Sensitivity
of human capital theory 17
CHAPTER
THREE
3.1 Introduction 25
3.2 Source
of data collection 25
3.3 Model
specification 26
3.4 Discussion
of variable in the model 27
3.5 Dependent
variable 27
3.6 Impendent
variable 28
CHAPTER
FOUR
4.1 Introduction 29
4.2 Data
presentation 29
4.3 Presentation
of empirical result 31
4.4 Analysis
of result 31
CHAPTER FIVE: SUMMARY CONCLUSION AND
RECOMMENDATIONS
5.1 Summary
of major findings 34
5.2 Conclusion 35
5.3 Recommendations 36
5.4 Recommendation
of future research 36
References 38
Appendix 39
CHAPTER ONE
INTRODUCTION
HUMAN CAPITAL DEVELOPMENT AND
ECONOMIC GROWTH IN NIGERIA
1.1 BACKGROUND OF THE STUDY
Nigeria
in her search for economic growth on human capital development has implemented
components of human capital and contributors to human welfare on index of human
welfare, which incorporates income, education and health, shows that Nigeria
level of human development is the one of the lowest in the world.
In
this topic we will frequently compare Nigeria with south Asia. While Nigeria
level of human development is lower than that of south Asia, it’s per capital
income which is higher than that of Nigeria. Nigeria poor economic performance
has been most marked in its growth rate which has been half that of south Asia.
As Nigeria found since 1980, show economic growth stakeholders to found further
investments in health and education. Low investment in human capital may
impinge on already low growth rate of income. Such interrelations might be
thought to imply a vicious circle of development.
Africa
have considerable discretion over how much to invest in health and education.
Since independence, Nigeria has achieved a rapid growth of some aspects of
human capital, particularly in the expansion of education, despite starting
from a low level of income.
Human
capital facilitates structural changes. The rapid structural change caused by
globalization and technological change has increased over the past years. In the
rich economics, this structural changes increased the pressure on the suppliers
of less qualified labour (i.e. people with how human capital like Nigeria).
Physical work is substituted by machines at home and by cheaper labour input
from abroad.
As
a reaction, rich countries can either shield themselves from globalization
(negative for prosperity) cut the wages of less qualified workers (rather
unpopular), accept higher unemployment
or they can raise the skill level of their workers some countries have already
realized that human capital is increasingly important and have acted
accordingly. They are better equipped to deal with the structural changes.
These
countries realize that education started in the first year of life and does not
end with a university degree, modern brain science shows, that most of the
synapses in human brains from within the first three years. And research on
ageing shows that, although people live longer and longer, they may suffer from
age-related disabilities for shorter periods. This implies that the number of
years people can spend productivity raises at least as quickly as life
expectancy.
1.2 STATEMENT OF THE PROBLEM
In
Nigeria, the education reform which take long time for National boost of human
capital and G.D.P growth.
The
inadequate structural change which facilitates human capital development and
economic growth.
The
Nigeria low per capital income which show economic growth and limits the
ability of government and households on health and education institutions.
The
inefficient provision of project into the decision making process of inveators,
corporate strategies and policy makers in Nigeria human capital development and
economic growth.
A
lopsided focus on physical capital which is inefficiently from a macroeconomic perspective,
especially, if globalization opens up more options in other countries for the
owners of physical capital.
1.3 OBJECTIVE OF THE STUDY
The
study is guided by the following objectives
1. To
examine human capital facilitate innovation and higher productivity in the
economy of Nigeria.
2. To offer
suggestion on how to contain the problems of human capital development and
economic growth in Nigeria.
1.4 RESEARCH QUESTION
1. What is human capital development?
2. What is economic growth?
3. What
is the relationship between human capital development and economic growth in
Nigeria?
1.5 method of study
1.5 METHOD OF STUDY
This
research is based on secondary data only. The approach is research question sin
native. Why human capital is so important for G.D.P. how is human capital
development and economic growth measured? Can the suggestion of problems on
human capital help in the economic growth in Nigeria?
Details
of this and how data are analyzed and treated in details in chapter three.
1.6 RESEARCH HYPOTHESIS
That
the health and education institutions which are components of human capital and
contributors to the human welfare, which are not fully utilized are significant
positive factors in the present how human capital development and economic growth
in Nigeria.
H01:
there is no relationship between investment in human capital and economic
growth in Nigeria.
H02:
there is a relationship between human capital and economic growth.
1.7 LIMITATION OF STUDY
Acquisition
of data demands a good amount of among and time. These resources are often
beyond the reach of students who are time pressed and financially starved.
Another
limitation is the unco-operative attitude of those running the productive
enterprises in the country economy.
1.8 DEFINITION OF TERMS
For
the purpose of this research there is need to define some concepts as they are
used in the works. This will enable readers to understand their contextual
wearing.
Human
capital is the stock of expertise accumulated by a workers and its valued for
its income earning in the future.
Development
is the gradual process of the economy which an economic becomes more advanced,
stronger, etc in the growth of economic system.
Growth
is total sum in the increase on a country economic activities or system.
Human
welfare is a good care keeping of human being.
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