SUMMARY OF FINDINGS, RECOMMENDATIONS AND CONCLUSION OF ECONOMIC GROWTH IN NIGERIA


This chapter constitutes the final and concluding chapter of this research work. It opens with a report of the findings or summary of the major findings, followed by implications in the light of the revealed relationship. Lastly the researcher concluded the study with some recommendations.


SUMMARY OF FINDINGS
          The main concern of this study is to ascertain the impact Human Capital Development on Economic growth of Nigeria within 1980-2008. To accomplish this, an economic model comprising multiple regression was specified and estimated.

          However, the regression results revealed the summary of t-test showed whether the hypothesis postulated in chapter one should accept or rejected while coefficient of multiple determination was used to explain the extent of the significant of the variable and the variation observed from the data.
          Interestingly, the overall regression results revealed that the coefficient of determination (R2) is statistically significant, averaging about 85%. It means that the model has a good fit. By implication, Gross Domestic Product (GDP) has a significant relationship with government expenditure on Health, Government expenditure on Education which are the indicators of Human capital development. The Durbin Watson test revealed that there is evidence of positive first order serial correlation.
          Finally, we also tested the hypothesis postulated in chapter one using 5% level of significance. The result of the test concluded that there is significant relationship between human capital development and economic growth in Nigeria within the period under study.

CONCLUSION
          Human capital development has been regarded as the basic instrument for economic growth in Nigeria over the years. In this study however, several theories were adopted in accessing the extent to which economic growth has been empowered through training. Such indices include gender, related investment index, human poverty index, gender empowerment measures and among others.
          Judging by these measures, it is imperative to note that Human capital development in resources skills, mental, knowledge and desired work attitude has helped greatly in many organizational survivals. However through investment on Human capital in Nigeria, it has helped and saved the economy from borrowing experts, managers, and diverse technicians from other countries of the world. It has also increased the personal earning of individuals as well as the supply of skilled and highly health educated manpower needed for economic development of Nigeria’s economy
          In this research work, Human capital theories established that basic literacy enhances the productivity of workers in low skill occupation. It was found that an instruction that demands technical and specialized knowledge increase the marginal productivity of work in high skill or professional provision. Their theories supported the notion that state that there is great stock of Human capital in society, consequently, they will be increase in national productivity and economic growth.

RECOMMENDATION
This study has a lot of implication for policy recommendation in this country. The major ones are that

  • There are needs for the authorities to improve funding expenditure relating to education and health with particular emphasis on infrastructure e.g maintaining standard libraries and laboratories.
  • Health should be seen as the basis of Human capital development hence, governments should improve the health sector in Nigeria as this will contribute to the growth of Nigerian economy.
  • Nigeria’s educational system tends to produce graduates who lack job skills for employment, hence government should revitalize the academic institutions by infusing the needed skills acquisition courses
  • More so, undue inflation of government will definitely march whatever measures it takes to ensure economic growth. To ensure a positively strong relationship between growth and education, wealth it might be imperative to emphasize on qualitative education and focus more attention on science, technology and research institution. However this requires adequate infrastructural facilities and good maintenance habits.
  • In addition, training and development must not be seen to be lopsided, in which cases, some group of people will be trained where as other as left because of political ethnic, religious or social consideration.

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