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Human Capital Investment and Economic Development: The Nigerian Experience

Orthodox theories, especially endogenous growth theories, have revealed that countries and regions which invest heavily in human capital achieve higher growth rates than countries with lower investment. Thus, investment in human capital is a major determinant of economic growth and development. It is in recognition of this glaring fact that Nigeria now places growing emphasis on human capital investment in its economic recovery and growth plan. Study focused on determining the extent to which human capital investment impacts on growth and development. It covered the period, 1981-2018. Data were sourced from National Bureau of Statistics and CBN, and include household human capital investment which has been neglected in previous studies. Data were analyzed using Augmented Dickey-Fuller, Phillips-Perron, Johansen cointegration and Vector Error Correction Mechanism. Results indicate that: (1) Public investment in education had significant positive impact on economic development in the short run but not in the long run (2) Public investment in health did not impact significantly on economic development (3) Household investment in education impacted negatively on economic development (4) Household investment in health had significant positive impact on economic development. It was concluded that public investment in education and health failed to stimulate growth and development and also that while household expenditure on health enhanced growth and development, household expenditure on education did not. Study recommended, inter alia, that government at all levels should investment massively in human capital in order to achieve desired rate of growth and development.