The Impact of Investment in Human Resources on Nigerian Economy : Current School News

The Impact of Investment in Human Resources on the Transformation of Nigerian Economy: Focus on Nigerian University System

Filed in Current Projects, Economics Project Topic by on February 3, 2022

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– The Impact of Investment in Human Resources on the Transformation of Nigerian Economy: Focus on Nigerian University System –

ABSTRACT  

This study centres on investment in human resources for the transformation of the Nigerian economy with a focus on Nigerian Universities.

Issues and problems relating to human resources development and planning are analyzed to ascertain the extent of its contribution to the transformation of the Nigerian economy.

More to this was the examination of the issues surrounding the persistent yawning gap between highly skilled human labour developed at the Universities and the development of enabling economic infrastructure for Nigeria’s transformation.

In order to reach reasonable deductions in this research, seven research questions were posed along with a hypothesis to validate the data and abstraction of analysis.

Seven prime objectives were identified to guide the fundamentals of achieving the goals of this research.

The source of information for this study was derived from educational funding, gross domestic product, the labour force employed, gross capital formation, high-level manpower from the university within the period 1970- 2003.

The method of data collection was based on secondary data and dialectical processes. The data was analyzed using cointegration analysis and Granger causality test, simple percentages and dialectical analysis.

Evidence from the data analysis revealed amongst other things that investment in human resources contributes to the transformation of the Nigerian economy. 

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INTRODUCTION  

The intolerable gap between the rich and the poor countries has in these five decades hit the conscience of mankind and has informed the search for the role investment in human resources has helped in bridging this yawning gap over time.

This has informed the current emphasis on the transformation of the Nigerian economy to be anchored on the development, planning and utilization of its human resources.

Though this attempt had also been glaring with earlier efforts in development through the accumulation of material capital which has waned and has been replaced with a new dimension of human capital (Meier, 1978), Meier and Rauch, 2000, Meier and Stiglitz, 2001).

The ongoing emphasis is premised on the fact that improvement on the quality of life of the people who constitute the main agents of production is the central focus of development strategies and policies.

Yet, this has not yielded adequate results in terms of developing the Nigerian economy.

The problem then lies with how to exploit, improve, motivate and modify the Nigerian human potential and skills towards transforming the economy.

For Nigeria to advance away from its present state of underdevelopment, new and intricate forms of human potential have to be exploited so as to transform the scale of production.

This will be possible only with repositioning and redirection of the economic setting of resources with human capital playing active productive and social roles.

In this vein, Floud and Halsey (1965), Jhingan (2002) might be right when they asserted that investment in human resources constitutes a foundation in which a society can be advanced and transformed into a civilization.

For a nation to advance, it has to exploit and develop its existing human potential.

The philosophy, ideology and inherent dialectics on the direction of its human investment must be clearly stated and how this should be achieved must be clarified. 

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