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 88%. 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 sources
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 organisational 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 specialised 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.
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 revitalise 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.