CURRENT STATUS OF HUMAN CAPITAL DEVELOPMENT IN NIGERIA: PROSPECTS FOR ACHIEVING ECONOMIC GROWTH

Abstract

This study examined the current status of human capital development in Nigeria and its prospects for achieving sustainable economic growth. Study spanned across 1990-2022. It was designed essentially as a correlational study. Data were sourced from Central Bank of Nigeria, National Bureau of Statistics, World Development Indicator and UNESCO Institute of Statistics. Data were analyzed using ADF, multiple regression, Johansen cointegration, Error Correction Model, and heteroskedasticity test. Findings indicate that: (1) Human capital development process in Nigeria was characterized by policy inconsistencies in education and health sectors (2) Public expenditures on education and health did not contribute significantly to economic growth in Nigeria (3) There was negative significant effect of primary school enrolment on economic growth (4) There was positive significant effect of secondary school enrolment on economic growth (5) There was positive nonsignificant effect of tertiary school enrolment on economic growth (6) There was short and long-run relationship among economic growth, public expenditure on education, public expenditure on health, primary school enrolment, secondary school enrolment and tertiary school enrolment. It was recommended, inter alia, that federal and state governments adopt vibrant regulatory framework that would strengthen education and health institutions and ensure continuity in the execution of human capital development policies in education and health sectors. In concluding, study emphasized the role of human capital development in fostering sustainable economic growth.