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Human Capital Formation and Economic Growth in Nigeria

Author

Listed:
  • Godwin Emmanuel Oyedokun

    (Department of Accounting, Nasarawa State University, Keffi, Nasarawa State, Nigeria)

  • Ayodeji Babatope Adeyemi

    (Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Nigeria)

Abstract

This study investigates how the development of human capital is related to economic growth in Nigeria from 1980 to 2015. Data were sourced from the Central Bank of Nigeria and the National Bureau of Statistics. The study employed Augmented Dickey-Fuller (ADF) to estimate the relationship among the variables used in this study which revealed that there is a positive long-run relationship among public expenditure on education and health, total schoolenrolment, gross capital formation, employment rate, life expectancy rate and economic growth. The study recommended that the government should put in place the required education and training policy that would guarantee quality schooling for different level of education. Government should also commit more funds to health sector to enhance human capital formation. It was also recommended there should be more pragmatic means to develop human capabilities.

Suggested Citation

  • Godwin Emmanuel Oyedokun & Ayodeji Babatope Adeyemi, 2018. "Human Capital Formation and Economic Growth in Nigeria," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 7(3), pages 44-65, July.
    • Handle: RePEc:rbs:ijfbss:v:7:y:2018:i:3:p:44-65
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    References listed on IDEAS

    as
    1. Sami Mahroum, 2007. "Assessing human resources for science and technology: The 3Ds framework," Science and Public Policy, Oxford University Press, vol. 34(7), pages 489-499, August.
    2. God’stime Osekhebhen Eigbiremolen & Uchechi Shirley Anaduaka, 2014. "Human Capital Development and Economic Growth: The Nigeria Experience," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(4), pages 25-35, April.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    2. Hamizah Abdul Halim & Nor Hidayah Harun & Mohd Shahidan Shaari & Noorazeela Zainol Abidin, 2020. "The Effects of Capital, Labor and Electricity Consumption on Economic Growth in Malaysia," International Journal of Energy Economics and Policy, Econjournals, vol. 10(6), pages 305-309.
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    5. Strike Mbulawa, 2021. "Trade and Investment Led Growth in Southern African Development Community (SADC)," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 9(2), pages 79-88.

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