CHOOSE YOUR CURRENCY

THE ROLE OF HUMAN CAPITAL IN NIGERIANS ECONOMIC DEVELOPMENT

Amount: ₦5,000.00 |

Format: Ms Word |

1-5 chapters |



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.

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.

(a)    To   determine   the   relationship   between   economic   growth   and   human   capital development.

(b)    To identify possible ways of achieving stability, material prosperity, peace and social progress.

(c)    To examine the impact of human capital formation on economic growth in Nigeria.

1.4      RESEARCH QUESTIONS

In a bid to address the issues raised in the research problem, the following questions will provide a guide

(a)    What are the relationships between economic growth and human capital development? (b)    What are the possible ways of achieving stability, material prosperity, peace and social

progress?

(c)    What are the impact of human capital formation on economic growth in Nigeria?

1.5      RESEARCH HYPOTHESES

In  order  to  prelude  an  analytical   solutions  to  the  research  questions,   the  following proportions are made. The result of the test hypothesis will provide a scientific answers to the questions.

H0:      There  is no significant  relationship  between  economic  growth  and human  capital development.

HI:       There  is  significant  relationship   between  economic  growth  and  human  capital development

1.6      SIGNIFICANCE OF THE STUDY

The findings of this study would prove useful in the following ways:

(a)       The findings  would provide  a means through  which economic  growth  and  human capital development  would be largely achieved through increased knowledge, skills and capabilities acquired through education and training.

(b)        The result  of the study  would  make it clearly  that a country  which  is unable  to develop the skill and knowledge of it’s people and to utilize them effectively in the national economy will be unable to develop anything else.

(c)       On the basis of the result of this study it will be understand that human resources are a critical variable in the growth process and worthy of development.

(d)       The result  of the study  will make  us to understand  the role of human  capital  in economic growth, socio- economic and political transformation.

1.7      SCOPE OF THE STUDY

The  data  used  for  the  study  covers  the  period  of  1990  to  2008.  This  study  examines empirically the role of human capital in Nigerians economic development. Although several theories of endogenous growth point towards a positive effect of human capital on growth, empirical evidence on this issue has been mixed.

1.8      LIMITATIONS OF STUDY

The limitations of this study are as follows.

1.  Inability  to lay hand  on  some  vital  documents  which  are  classifiable  as  security documents. This we believed would help in this analysis.

2.  Some  of the  respondents  were  reluctant  to complete  the questionnaires  as  they believe that it was another academic exercise which would not add value or influence on how issue of problem of poor human capital and economic development would be resolved.

These limitations not with standing, it is hoped that findings of this research work will help to achieve the entire objective of the study

1.9      DEFINITION OF TERMS

(a)    Human  Capital  Formation:  Refers  to the process  of acquiring  and increasing  the number of persons who have the skills, education and experience that are critical for the sustainable growth and development of a country.

(b)    Needs:   National Economic Empowerment and development strategy

(c)    UNDP: United Nation Development Project

(d)    Economic growth: Refer to as real increase in the per capital income of a country.

(e)    Unemployment: A situation whereby the people who are willing  and capable to work, were unable to get employed.

(f)     UNECA: United Nations Economic Commission for Africa


This material content is developed to serve as a GUIDE for students to conduct academic research



THE ROLE OF HUMAN CAPITAL IN NIGERIANS ECONOMIC DEVELOPMENT

NOT THE TOPIC YOU ARE LOOKING FOR?



PROJECTOPICS.com Support Team Are Always (24/7) Online To Help You With Your Project

Chat Us on WhatsApp » 07035244445

DO YOU NEED CLARIFICATION? CALL OUR HELP DESK:

  07035244445 (Country Code: +234)
 
YOU CAN REACH OUR SUPPORT TEAM VIA MAIL: [email protected]


Related Project Topics :

DEPARTMENT CATEGORY

MOST READ TOPICS