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HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA FROM 1970-2008.
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
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
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
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
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
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.