ABSTRACT
This
project was a review of the role of human capital in Nigerians economic
development. The
Statement of Problem identified was as fiscal
crisis, inflation, heavy borrowings, and unprecedented economic and social
costs. To meet the general objective, the study
was focused on the following specific objectives: to determine the relationship
between economic growth and human capital development, identify possible ways of achieving stability,
material prosperity, peace and social progress and examine the impact of human
capital formation on economic growth in Nigeria. The
descriptive survey method was used and the research tool was questionnaire. 200
respondents answered the questionnaire. Data analysis using Chi-square formula
and presentation was done by the use of tables. The findings from the study
showed mainly that there is a
relationship between economic growth and human capital development. Finally,
solutions and recommendations were proffered on the impact of investment in
education and training on national economic growth is positive and significant.
The write up is duly summarized.
TABLE
OF CONTENTS
Tite Page i
Certification Page ii
Dedication iii
Acknowledgement iv
Abstract v
CHAPTER ONE: INTRODUCTION
1.1:
Background of the Study 1
1.2:
Statement of the Problem 2
1.3:
Objective of the Study 3
- Research
Questions 3
1.5:
Research Hypotheses 4
1.6:
Significance of Study 4
1.7:
Scope of the Study 5
1.8:
Limitations of the Study 5
1.9:
Definition of Term 6
Reference
7
CHAPTER TWO: LITERATURE
REVIEW
2.1 Meaning of Human Capital 8
2.2 Strategy of Human Capital Management 25
2.3 Human Capital Theory 27
2.4 concept of Human capital development 30
2.5 Processes for Developing Human Capital 33
2.6 An Overview of the Nigerian Economic Growth and Development 34
2.7 Human Capital and the Nigerian Content Development Act 2010 41
CHAPTER THREE:
RESEARCH METHOD
3.0:
Research Design 57
3.1:
Area of the Study 57
3.2
Population of the Study 57
3.3:
Procedure for Data Collection 58
3.4:
Sample and Sampling Technique 59
3.5:
Data Collection Instrument 60
3.6:
Validation of Instrument 62
3.7:
Method of Data 64
CHAPTER FOUR:
PRESENTATION AND ANALYSES OF DATA
4.1:
Presentation of Data 66
4.2:
Analyses of Data 67
CHAPTER FIVE: SUMMARY OF FINDINGS, RECOMMENDATIONS AND
CONCLUSION
5.1:
Summary of Findings 78
5.2: Recommandations 80
5.3:
Conclusion 81
REFERENCE 83
APPENDIX
1
APPENDIX
2
CHAPTER
ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The development of human
capital has been recognized by economists to be a key prerequisite for a
country’s socio-economic and political transformation. Among the generally
agreed causal factors responsible for the impressive performance of the economy
of most of the developed and the newly industrializing countries is an impressive commitment to human capital
formation (Adedeji and Bamidele,2003 world Bank, 1995, Barro, 1991). This has
been largely achieved through increased knowledge, skills and capabilities
acquired through education and training by all the people of these countries.
It has been stressed that
the differences in the level of socio-economic development and growth across
nations is attributed not so much to natural resources and endowments and the stock of physical capital but to the
quality and quantity of human resources. According to Oladeji and Adabayo
(1996), human resources are critical
variable in the growth process and worthy of development. They are not only
means but, more importantly, the ends that must be served to achieve economic
progress. This is underscored by Harbinson (1973) who opines that “human
resources constitute the ultimate basis for the wealth of nations. Capital and
natural resources are passive factors of production, human beings are the
active agents who accumulate capital, exploit natural resources, build social,
economic, and political organizations and carry forward national development
and growth. Clearly a country which is unable to develop the skills and
knowledge of it’s people and to utilize them effectively in the national
economy will be unable to develop anything else”.
In order to ensure the
economy delivers on it’s potentials, the country experimented with two
development philosophies – a private sector – led growth in which the private
sector served as the “engine house” of the economy and a public sector driven
growth in which the government assumed the “commanding heights” of the economy.
The initial low level of private sector development however, led to public
sector dominance of the economy, encouraged by growth in the oil sector
(UNDP,2009). It is not worthy that since the advent of civilian role in 1999,
growth performance has improved significantly. The last seven years witnessed
an average growth rate of about 6 percent (UNDP, 2009:5; CBN, 2008). However,
economic growth has not resulted in appreciable decline in unemployment and
poverty prevalence.
1.2 STATEMENT OF PROBLEM
Over the years, successive
Nigerian governments recognized the importance of human capital formation in
the development process and have embraced on various programmes and projects
which led to the establishment of educational institutions and health centres
throughout the country.
However, in the late 1970s
and early 1980s, federal government spending grew substantially resulting in
fiscal crisis, inflation, and heavy borrowings. Subsequently, through the
austerity measures adopted in 1982 and structural adjustment programme
introduced in 1986, the country attempted to bring down fiscal deficits as part
of its stabilization and adjustment programmes, often by reducing public
spending on across the board basis.
These reductions resulted
in unprecedented economic and social costs as human resource development was
neglected with adverse long – term development consequences (Oyinlola and Adum,
2003). Thus, the ultimate goal of economic growth which underscored the need to
improve the well – being of people was overlooked.
1.3 OBJECTIVES OF THE STUDY
This study was embarked upon to achieve the following
objectives.
THE ROLE OF HUMAN CAPITAL IN NIGERIANS ECONOMIC DEVELOPMENT
