AN EMPIRICAL ANALYSIS OF THE IMPACT OF HUMAN CAPITAL DEVELOPMENT ON ECONOMIC GROWTH OF NIGERIA (1980-2011)

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ABSTRACT

Despite various efforts of the successive Nigerian governments, virtually all indices of human development especially those of health and education are embarrassingly low. Their effort seem abortive. It is in the light of the above that this topic is very timely “An empirical analysis of the Impact of Human Capital Development on Economic Growth of Nigeria from 1980 to 2011. The main objective of this study is to examine the nature of the relationship that exists between human capital and economic growth in Nigeria. In investigation into this, the researcher formulated null hypothesis; (H0) Human capital has no significant impact on economic growth in Nigeria (H1¬) Human capital has significant impact on economic growth in Nigeria. In evaluating this, the researcher adopted a linear regression model applying Ordinary Least Square (OLS) techniques. It was found out that human capital has a significance impact on Nigeria economy for the said period. Hence, the researcher concludes there is significance relationship between human capital variable and overall economic growth and also that human capital has some important elements of economic growth. And therefore, recommended that effort should be geared by government towards increasing education funding which is needed for our real sector in investment and industrial growth in Nigeria.

TABLE OF CONTENTS

Title Pagei

Approval Pageii

Dedicationiii

Acknowledgementiv

Abstractvi

Table of Contents viii

Chapter One:

Introduction

1.1Background of the study 1

1.2Statement of problem8

1.3Objectives of the study9

1.4Research Hypothesis10

1.5Significance of the study 11

1.6Scope and limitation of the study 12

1.7Detritions of Terms12

Chapter Two:

Literature Review

2.1Theoretical Literature14

2.2 Empirical Literature 32

2.3Limitation of the Previous Study38

Chapter Three:

Research Design and Methodology

3.1Research Methodology 40

3.2Model Specification41

3.3Method of Evaluation 43

3.2Decision Rule45

3.5Data Required and Sources 46

Chapter Four:

Presentation and Analysis of Result

4.1The Empirical Results47

4.2Examination of the Algebraic Signs of the parameters Estimate48

4.3Statistical Test of Significance 48

4.4Evaluation of the Working Hypothesis 52

4.5Implication of the Study53

Chapter Five:

Summary of Findings, Conclusion and Recommendation

5.1Summary of the Finding 55

5.2Conclusion56

5.3Recommendations57

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AN EMPIRICAL ANALYSIS OF THE IMPACT OF HUMAN CAPITAL DEVELOPMENT ON ECONOMIC GROWTH OF NIGERIA (1980-2011)

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