Human capital and labour report nigeria pdf ebook compiled by the kr research team. Cihcdn is nigeria s fastest growing institute dedicated to workplace learning and human capital development. Nation of nigeria on human capital development in its objective to achieve significant levels of economic growth. Pdf the impact of human capital development on economic. It suggests that institutional or social capital must complement human and physical capital before the full benefits of any development. This is because human capital development is one of the fundamental solutions to mans problem in the international arena. Human capital development is also a means since it enhances the skills, knowledge productivity and inventiveness of people through a process of human capital formation broadly conceived.
This article is aimed at providing empirical evidence on the impact of human capital development on industrial growth in nigeria. Impact of human capital development on economic growth of. In recent times, the development of human capital has been the focus of concern towards the development of a nation. Public expenditure on human capital development as a strategy. Published by european centre for research training and development uk. The paper underscores human capital development in the nigerian university system via the interrogation of human capital theory. D department of public administration faculty of social and management sciences akwa ibom state university. Nigeria the human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. This study examined and analyzed the impact of human capital development on economic growth in nigeria, using time series data of 32 years spanning 1980 to 2012, data utilized for the study were extracted from secondary sources i. Nigeria biannual economic update investing in human. Investing in human capital for nigerias future english. This study on the development of the capital market institution in an emerging economy like nigeria seeks to examine not only how it came to be established but also how this institution has evolved to impact upon the nigerian economy. A poor country is a country, which never invested sufficiently in its human capital development and the citizens who are supposed to be at the centre of the economic growth would be poverty stricken. In order to justify further the critical importance given to the development of human capital in nigeria, the main objective of this study is to test and find out the impact of human capital development on the economic growth of nigeria.
Recommendations were also made to help improve the countrys human capital. Providing education and health services to people is one of the major ways of improving the quality of human resources. The impact of human resource development on economic growth. This study examines the relationship between human capital development efforts of the government and economic growth in nigeria. Pdf human capital and economic development in nigeria. Human capital development and nigerian economic growth. Introduction human capital is recognized as an agent of national development in all countries of the world.
Research and human capital development are critical to the development of any nation. Given the high prospects of achieving economic growth in nigeria which human capital development may contribute to, education and health thereforecontinues to receive significant attention from the nigeria government. The economic importance of human capital in modernization. The regression result shows that the components of human capital development defined by ratio primary education enrollment, ratio of postprimary education enrollment and ratio of tertiary education enrollment are positive but not significant in promoting economic growth in nigeria. Pdf human capital development and economic growth in. Many theories explicitly connect investment in human capital development to education, and the role of. Both the developed and developing nations of the world are giving great attention to more human capital development towards accelerating the economic growth. Human capital, institutions and poverty in rural nigeria. Therefore, the analysis of various development plans in nigeria since independence becomes necessary. Human capital formation and economic growth in nigeria eric. This study employs the augmented solow humancapitalgrowth model to investigate the impact of human capital development on national output, a proxy for. The role of higher education in human capital development in. Research is a tool for enhancing human capital development.
Government expenditure on human capital development. Download the complete economics project topic and material chapter 15 titled human capital development, unemployment and economic wellbeing in nigeria here on projects. Impact of hivaids on human capital and economic growth. Evidence from developmental economics 267 concept as traditionally defined to say that expenditures on education, training, and medical care, etc. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor. Economists observed that the development and utilization of human capital is important in a nations economic growth. Impact of human capital development on poverty reduction. The world economic forums global human capital index 2017 ranked singapore, the city state with a population of only 5. Human capital development issues a summary of key issues that have affected the quality of human capital within the financial services industry can be classified under two categories. The study examines the impact of human capital development hcd nigeria on economic growth in its analysis is predicted on multivariate co integration where real gdp growth rate is the dependent variable while recurrent expenditure on education, real gross capital. Researches on this topic being carried out over the years have not really achieved its prior objective. The data used for the study are from secondary sources while the. There is evidence that human capital development in nigeria is inadequate and unable to galvanise the economy towards longterm stable growth.
This paper examines the impact of human capital formation on the economic growth of nigeria from 19752008. In a situation such as this, national interest does have a negative contribution to national development. The paper assesses human capital development in nigeria through the lens of education. The spread of hivaids has not led to the poor growth rate of human capital and economic growth in nigeria.
This paper examines the impact of human capital development on economic growth in nigeria. Krs human capital and labour research provides indepth and comprehensive data of the latest human capital and labour trends and. The role of higher education in human capital development by. Nigeria capital market operation and economic growth. Nigeria is greatly endowed with both human and mineral resources, but has low human capital development. National interest and national development the term national interest is characterized with inconsistency. Financial system strategy 2020 central bank of nigeria. Human capital is the stock of habits, knowledge, social and personality attributes including. See below for the abstract, table of contents, list of figures, list of tables, list of appendices, list of abbreviations and chapter one.
The nigerian economy remains dependent on the small oil sector under 10 percent of gdp for the bulk of its fiscal revenues and foreign exchange earnings. Issues which fall within its circle of influence issues. Nigerias planning experience began with the tenyear plan of. Investing in human capital for nigerias future 3 preface the nigeria biannual economic update is a product of the staff of the world bank and has three broad. With a population bigger than any other continents, africa has a huge asset and a strong competitive advantage. In 2018, human development index for nigeria was 0. Investment in human capital and growth in nigeria 1980 2012. This study employs the ordinary least square regression analysis to examine the impact of human capital development on economic growth of nigeria.
This paper examined the impact of human capital development on economic growth in nigeria using time series data spanning from 1980 to 20 which were. Human development report 2019 inequalities in human development in the 21st century briefing note for countries on the 2019 human development report nigeria introduction the main premise of the human development approach is that expanding peoples freedoms is both the main aim of, and the principal means for sustainable development. The paper examines the concept of human capital and its role in national development with a view to situating the importance given to it in nigeria. The concept human resource, human capital and manpower connote the same thing and. National human development report, 2015 human security and human development in nigeria december, 2015. Furthermore, atoyebi et al 20 undertook a research that focuses on the effect of human capital development in nigeria. Human capital development and economic growth in nigeria. Abu hassan shaari abstract there can be no significant economic growth in any country without adequate human capital development. Human capital development african development bank. United nations development programme human development reports, institute for health metrics and evaluation, university of washington seattle, wa 1 overall nigeria ranks low in human development, well below subsaharan africa average across major indices. The study used education as proxy to capture human capital, while utilizing secondary sources of data. Impact of human capital development on economic growth in nigeria. Pioneered by a team of distinguished professionals and experts in the field of human capital development in nigeria in november, 2011, cihcd members are drawn from more than 20 professional bodies in nigeria and connect internationally with more than 10. To identify the relationship between human capital development and poverty reduction in nigeria discuss how human resource development through education can be made effective to alleviate poverty in nigeria.
This paper examined the impact of human capital development on economic growth in nigeria using time series data spanning from 1980 to 20 which were sourced from the world bank indicator and national bureau of statistics. With the current covid19 pandemic, its even more important to understand why countries should invest in human capital hc and protect hardwon gains from being eroded. Welcome to the human capital project hcp, a global effort to accelerate more and better investments in people for greater equity and economic growth. The objective of this study is to empirically determine the relationship between human capital development and industrial growth in nigeria between 1976 and 2016.
Electricity consumption and human capital development in. Investing in human capital for nigeria s future english abstract. The research analyses the role of human capital development on nigeria economic growth, the policies government has developed so far to improve human capital in nigeria, the reason why some failed and how all this play roles in driving the economic growth of the country. It used data from nigeria and adopted the growth account model. This is for the fact that the growth of tangible capital stock of a nation depends to a considerable degree on human capital development. Pdf the study establishes how the nigeria political elites may block institutional and economic development ed, because of a political. The need for human capital development as an essential component of nation building. Challenges of research and human capital development in nigeria. People do hide under the cover of national interest to project and protect their own individual or group interest. National interest and national development in nigeria. Human capital development in the peoples republic of china and india achievements, prospects, and policy challenges this report was prepared with the primary objective of drawing insights on how asian economic giants.
Jan 15, 2011 human capital formation involves investment in education, training, health and other social services that will enhance the productive capacity of labour. The study seeks to determine the relationship between economic growth and human capital development in nigeria. Human development index of nigeria increased from 0. Hence, the stock market is at that core of the capital market development in any country. However, the paper posits that the form of education that will translate to economic growth, especially, in nigeria must place emphasis on the access to, content and openness of the education programmes to labour market demand. The capital market in nigeria in historical perspective. A composite index measuring average achievement in three basic dimensions of human developmenta long and healthy life, knowledge and a decent standard of living. The overall objective of the paper is to investigate the impact of human capital development on economic growth in nigeria during the period 1970 to 2008. Apart from being issues of social concern, both provide. The greatest investment any nation can make is in the development of her human capital. Challenges of research and human capital development in. The results further reveal a relatively inelastic relationship between human capital development and output level. From the above, the topic human capital development and economic growth in nigeria. The nigerian capital market represents a small but growing proportion of the nations economy.
These are not simply costs but investment with valuable returns that can be calculated. The paper discussed the challenges of research and human capital development in nigeria. The world bank nigeria country director, rachid benmessaoud, who also spoke on human capital development, said for the world to do well, nigeria has to do well because the world relies on nigeria. Hdi trends for nigeria, cameroon and mauritania, 20052018 nigeria s 2018 hdi of 0.
There is relationship between research and human capital development. National development planning in nigeria development plans have been accepted as a suitable strategy to address development challenges in nigeria. Impact of human capital development on economic growth in. Human capital and labour report ghana pdf ebook compiled by the kr research team. The fss 2020 human capital development strategy provides a plan for developing and retaining. Human capital development and its impact on firm performance. Gates on nigerias human capital development punch newspapers. It seeks to find out the impact of government recurrent and capital expenditures on education and health in nigeria and their effect on economic growth. However, the effect of human capital on sustainable industrial development in nigeria has not been adequately explored. The importance, how to, effect causes relationship, comparison, history, role, solutions are discussed. This study investigates the nigerian government expenditure on human capital development.
The study of isola and alani 2012 engaged secondary data sourced from the nigeria s statistical bulletin of the central bank. It was set out to explore the relationship between human capital indices education and health and economic growth. Theoretical growth models and macroeconomic evidence suggest that human capital accumulation is an important determinant of per capita income growth. It specifically tries to estimate the level of contribution of human capital to economic growth in nigeria and the causal relationship between the duo variables. Therefore, human capital development is strategic to the socioeconomic development of a nation and includes education, health, labour and employment.
Wilson, geoff briscoe empirical analysis of human capital development and economic growth in european regions hiro izushi, robert huggins nonmaterial benefits of education, training and skills at a macro level andy green, john preston, lars erik malmberg. Specifically, the paper identifies the various arguments in the literature to determine which one is supported by data. Human capital is an important factor used in converting all resources to benefit humanity. Scope of the study this project study will cover the impact of hivaids on human capital development as well as economic growth and development. Impact of human capital development on economic growth of nigeria. However, the illiteracy rate in nigeria is high and many workers are unskilled, leading to their low productivity. The next five sections provide information about key indicators of human development including the human development index hdi, the. Impact of human capital development on economic growth. An assessment of human capital development in nigeria. The first section presents information on the country coverage and methodology of the 2018 statistical update. Thus, human capital development is a people centered strategy and not goods centred or production centered strategy of development. Nigeria introduction this briefing note is organized into ten sections. Human capital development has been identified as bedrock of any nations economic development. Pdf human capital is an important factor used in converting all resources to mankinds use and benefit.
This study employs the ordinary least square regression analysis to examine the impact of human capital development on economic growth of nigeria, using annual time series date from 1981 to 2015. The impact of human capital development on economic growth of nigeria. Therefore, this study intends to investigate the impact of human capital development on economic growth in nigeria. This paper confirms earlier position that higher education is a sinequanon for human capital development and economic growth. Chartered institute of human capital development of nigeria. The african development banks human capital strategy aims to harness the potential of 1 billion africans through skills development and investments in new technologies to promote quality jobs and workforce competitiveness. The level of human capital development, which is a reflection of the level of health and education of a nation affect the level of economic activities in that.
Human capital development is seen as a focal point for pivoting industrial development, for reducing the level of unemployment and increasing the supply of entrepreneurs in any economy. The role of human capital in industrial development. The impact of human capital development on economic growth in nigeria. To realise the vision of becoming one of the top economies in the. Introduction in the face of recent global challenges facing economies of the world, almost all the nations of the. Get free research paper on economic recession and human capital development in nigeria our project topics and materials are suitable for students in nigeria with case studies in pdf, doc. Using the income measurement approach, the study examined the nexus and causality between human capital development and economic growth in the long run economic growth in nigeria. Without adequate investment in developing the human capital which is. Schultz 1960 in an attempt to define human capital development categorized and developed human resources into six ways. Pdf human capital development and economic growth in nigeria. A alani2 abstract the study examined the contribution of different measures of human capital development to economic growth in nigeria. It is against the backdrop of the foregoing that this paper proceeds to examine the role of the university in building human capital for sustainable development.
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