HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH IN NIGERIA

NWAOGU , Monday Nwachukwu & IKENYIRI, Emma Obuoma
Department of Economics,
School of Secondary Education (Arts and Social Sciences),
Federal College of Education (Technical),
Omoku, Rivers State
Corresponding Email : nwaogu.onday@fcetomoku.edu.ng

Abstract
The importance of human capital development to the growth and development of economies cannot
be over-emphasized. Human capital development is the process of acquiring knowledge, skills and other experiences which are needed to produce economic values. The Sustainable Development Goals (SDGs) launched few years ago among other things, seek to improve human capital as it includes quality education for all and improvement in health and well being which are part of
human capital development. This paper discusses the impact of Human capital development on the economy of Nigeria. Evidence from extant literature revealed that human capital development has a positive and significant impact on Nigeria’s economy. In addition, a long run co-integration exists between human capital development and economic growth. However, from World Bank’s report, Nigeria has a low Human Capital Index (HCI) of 36% which is below 56% set standard.
This calls for the improvement in human capital development in the country. This paper concludes with suggestions that the government of Nigeria should continue to improve the quality of education and health care. Furthermore, the government should encourage private sectors whose
activities have aided human capital development in Nigeria.
Keywords: Economic Growth, Human Capital Development, Human Capital Index, Sustainable
Development,