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Human Capital Investment And Economic Growth In Nigeria: The Role Of Education And Health

Author

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  • MATTHEW, A. OLUWATOYIN

    (Covenant University, Ota, Ogun State, Nigeria)

Abstract

This study looked at Human Capital Investment and Economic Growth in Nigeria – the Role of Education. Even though there are different perspectives to economic growth, there is a general consensus that growth will lead to a good change manifested in increased capacity of people to have control over material assets, intellectual resources and ideology, and obtain physical necessities of life like food, clothing, shelter, employment, e.t.c. This is why some people have argued that the purpose of growth is to improve peoples’ lives by expanding their choices, freedom and dignity. The belief in human capital as a necessity for growth started in Nigeria during the implementation of the 1955-60 Development Plan and today, with the importance of knowledge in the economy, human capital has increasingly attracted both academic and public interest. This study made use of the Unit Root and Augmented Dickey Fuller (ADF) tests and found out that a positive relationship exists between government expenditure on education and economic growth while a negative relationship exists between government expenditure on health and economic growth. Therefore, based on these findings, the study recommended that the Government should increase not just the amount of expenditure made on the education and health sectors, but also the percentage of its total expenditure accorded to these sectors. The ten percent benchmark proffered by the present national plan should be adopted.

Suggested Citation

  • Matthew, A. Oluwatoyin, 2011. "Human Capital Investment And Economic Growth In Nigeria: The Role Of Education And Health," Manager Journal, Faculty of Business and Administration, University of Bucharest, vol. 14(1), pages 266-277, December.
    • Handle: RePEc:but:manage:v:14:y:2011:i:1:p:266-277
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    Citations

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    Cited by:

    1. Uchechukwu E. Okorie & Evans S. Osabuohien & Hassan E. Oaikhenan, 2020. "Electricity Consumption, Public Agricultural Expenditure and Output in Nigeria: A Time Series Dynamic Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 10(2), pages 113-123.
    2. Adeyemi A. Ogundipe & Olasinde Mobolaji & Oluwatomisin M. Ogundipe, 2021. "An Analysis of the Effect of Human Capital Investment on Economic Development in Nigeria: Does a New Indicator Alter Existing Evidence?," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 11(1), pages 17-29, January.
    3. Oluwatoyin A. Matthew & Christian U. Ede & Romanus Osabohien & Jeremiah Ejemeyovwi & Fagbeminiyi F. Fasina & Doris Akinpelumi, 2018. "Electricity Consumption and Human Capital Development in Nigeria: Exploring the Implications for Economic Growth," International Journal of Energy Economics and Policy, Econjournals, vol. 8(6), pages 8-15.
    4. Olufunmilayo T. Afolayan & Henry Okodua & Hassan Oaikhenan & Oluwatoyin Matthew, 2020. "Carbon Emissions, Human Capital Investment and Economic Development in Nigeria," International Journal of Energy Economics and Policy, Econjournals, vol. 10(2), pages 427-437.

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