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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