1/21/22, 1:30 PM Investment On Human Capital And Its Impact On Nigerian Economic Growth

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Marketing Research project Topic Chapter 1-5 Investment On Human Capital And Its Impact On Nigerian Economic

ABSTRACT
This research work studied investment on human capital and its impact on Nigeria economic growth between 1981-2014
bothers on determining how human capital and its impact can help in the development of Nigeria economy. The researc
motivated to choose this topic in order to evaluate how investment on human capital impact on Nigerian economic grow
this research work the researcher made use of secondary source of data. Gross domestic product was regressed on cap
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 signifi
the model and to determine its effect on the economy. Stationarity of the variables were tested using unit root. The rese
showed there is a positive relationship between human capital development and economic growth in Nigeria. Based on
empirical research recommendation where made on how best the government can improve in its activities on human ca
development to boost economic growth in Nigeria.

CHAPTER ONE
INTRODUCTION

1.1     BACKGROUND OF THE STUDY                                                   

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

Schultz (1961) saw human capital as those resources that are inherent in each human being, which can be traded betwe
users and the owners to improve their respective living conditions. He outlined these inherent resources in human being
include knowledge, skills and attitude. Human capital growth is also a means of enhancing the skills, knowledge, produc
inventiveness of people through a process of human capital formation. Todaro and Smith, (2003) state that human capit
economic term encompasses health, education and other human capacities that can raise productivity.
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1/21/22, 1:30 PM Investment On Human Capital And Its Impact On Nigerian Economic Growth

Jhingan (2005) points out that in the process of economic development, it is customary to attach more importance to
accumulation of human capital. No country has achieved sustained economic growth without substantial investment on
capital. In recognition of this, for example, Aigbokhan (2007) considered education to be a basic and obvious process by
skill, knowledge and attitude are acquired for the performance of socio-economic responsibilities, social integration, imp
personal competence and seeking better opportunities. All country has long realized this hence, the need for huge inves
on human capital to stimulate the material productivity of its citizens and the raising up of worthy resourceful personne
propel the process of growth, Harbison (1964) noted that capital and natural resources are passive factors of production
human resources are active factors of production. Human capital constitutes the most valuable resources of a country; i
absence there will be the non performance of physical capital (tools, machinery, and equipment) will impede economic g

Igun (2006) defines human capital as the total stock of knowledge, skills, and competencies, innovative abilities possesse
population. With the importance of knowledge in the economy, human capital has increasingly attracted both academic
public interest. Economic development according to Meier (1964) is the upward movement of the entire social system or
modernization such as a rise in productivity; social and economic equalization, modern knowledge, improved institution
attitude and a rationally coordinated system, policy measures that can remove the most of undesirable conditions in the
system have perpetuated a state of underdevelopment.  Tadaro and Michael (1985) state that economic growth involved
changes in institutional, social and administrative structures as well as in popular attitudes in many cases even customs
belief.  The aim of this study is to examine the impact of investment on human capital and its effect on the Nigeria econo
growth.

1.2     STATEMENT OF THE PROBLEM

Human capital development has been an engine of economic growth and development of every economy including Nige
Nigeria, government had introduced a lot of policy measures to achieve this target. Prominent among these policies are
universal primary education (UPE) in 1976 which was no sustained due to socio-economic and political condition in the n
universal basic education (UBE) scheme, structural Adjustment programme (SAP), National  primary education commiss
(NPEC) and the National Economic empowerment and Development strategy (NEEDS).

Studies show that these policies have not yielded the desired objective. They failed as a result of poor planning and fault
implementation as well as other reasons. However, all these studies were carried out focusing on the role of education i
promoting economic development.

More importantly, why has the economy remained underdeveloped in the face of numerous policies as well as abundan
resources in this country? Does it mean that these resources are not efficiently utilized or are there factors preventing th
commissions from utilizing these resources and opportunities and resources? Does the successive government in Nigeri
her economic development? All these and many other questions implement the need to investigate on this all- importan
economic issue.

In this work, economic growth and development would be used inter-changeably.

1.3     OBJECTIVES OF THE STUDY

The principal objective of the study is to find out the impact of investment on human capital and its effect on the Nigeria
economic development. The specific objectives of this research can be itemized as follows:

1. To evaluate how impact of investment on human capital on the Nigeria economic development.
2. To find out measures and strategies to improve investment on human capital for development purposes.
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1/21/22, 1:30 PM Investment On Human Capital And Its Impact On Nigerian Economic Growth

1.4     SIGNIFICANCE OF THE STUDY

One of the most frequently discussed issues in Nigeria now is how to solve the economic hardship in the country and ho
create an industrial base that can guarantee self-sustaining growth and development. Since Nigeria is a country which is
and richly endowed with the necessary human and material resources, this research work will be of great importance to
policy makers on both governmental organization in the formulation of policies that will encourage investment on huma
for Nigeria economic growth. It will equally be of academic significance by helping to educate parents students and gene
public to the extent that it will serve for better understanding of the impact which investment on human capital will have
Nigeria economic growth.

1.5     RESEARCH HYPOTHESES

This research work will test the following hypotheses:

Ho:    There is no significant relationship between investment on human capital and economic development in Nigeria

1.6     SCOPE AND LIMITATION OF THE STUDY

This research tries to examine investment on human capital and its impact on Nigeria economic development with spec
attention to financing  of schools and recurrent expenditure on training facilities in Nigeria.  However, due to large size o
state the researcher may be constrained by inadequacy of resources and shortage of fund required in obtaining informa
this study.

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