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Investment on Human Capital and Its Impact on Nigerian Economic Growth

Filed in Current Projects, Economics Project Topic by on October 18, 2020

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Investment on Human Capital and Its Impact on Nigerian Economic Growth.


This research work studied investment on human capital and its impact on Nigeria economic growth between 1981-2014. It bothers on determining how human capital and its impact can help in the development of Nigeria economy.

The researcher was motivated to choose this topic in order to evaluate how investment on human capital impact on Nigerian economic growth. In this research work the researcher made use of secondary source of data. Gross domestic product was regressed on capital expenditure on education, recurrent expenditure on education and government expenditure on education.

The researcher employed the popularly known ordinary least square (OLS) modeling technique to test the overall significance of the model and to determine its effect on the economy. Stationarity of the variables were tested using unit root.

The research showed there is a positive relationship between human capital development and economic growth in Nigeria. Based on the empirical research recommendation where made on how best the government can improve in its activities on human capital development to boost economic growth in Nigeria.


Investment on human capital can be described as an end or objective of growth. It is a way to fulfill the potential of people by enlarging their capabilities and this necessarily implies empowerment of the people and enabling them to participate actively in the growth process.

Schultz (1961) saw human capital as those resources that are inherent in each human being, which can be traded between the users and the owners to improve their respective living conditions. He outlined these inherent resources in human being to include knowledge, skills and attitude.

Human capital growth is also a means of enhancing the skills, knowledge, productivity and inventiveness of people through a process of human capital formation.


Aigbokhan B, Imahe O., and Ailemen M.I. (2002), Education Expenditure on  Human Capital Development in Nigeria. Any Correlation so far, Research    Paper, Ambrose Ali University.

Appleton S. and Teal F. (1998), ‘Human Capital and Economic Development’. Economic Research Paper No 39; Vol 6. Nigeria.  Journal of Economic. Vol 106. No 18. New York, McGraw Hill.

Barro R, and J. W. Lee (1996), ‘International Measures of Schooling and  Schooling Quality’. American Economic Review Papers and Proceedings.Vol. 80. No.2. United State. McGraw Hill.

Becker, G.S (1999), Human Capital. A Theoritical and Empirical Analysis with Special Reference to Education. Columbia University Press.

Central Bank of Nigeria (2002), Central Bank of Nigeria Annual Report and Statement of Account. Vol. 26. No 14 Abuja, Nigeria.

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