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1.1 BACKGROUND TO THE STUDY
Overtime, various scholars have affirmed the role of investment in human capital on economic growth. Human capital is considered as the most valuable asset and needs to be mobilized (Awopegba, 2003). Human capital as an economic term encompasses health, education and other human capacities that can raise productivity (Todaro and Smith, 2003). Capital and natural resources are passive factors of production while human resources are active factors of production. Human capital constitutes the most valuable resource of a country; in its absence there will be the non-performance of physical capital (tools, machinery, and equipment) which will impede economic growth.
In political terms, investment in human capital prepares people for participation in the political processes, particularly as citizens in a democratic society. From the social, economic and cultural points of view, human capital investment helps to lead fuller and richer lives, less bound by tradition. It is a way to empower people; this in turn will help them contribute substantially to the growth process in the economy. Human capital investment is crucial in the growth process of the Nigerian economy. Vision 20:2020 seeks to improve the educational system in terms of access, equity, infrastructure, teacher quality, and cumulative relevance, funding and planning. The millennium development goals (MDGs) slated to be fully achieved in 2015 also places emphasis on human capital. As a result of this, this research work will greatly explore the contribution of health and education in the growth process of Nigeria. Lack of funding is the major problem of human capital. This has led to shortage of skilled personnel, unemployment and above all poverty. There can be no significant growth in any country without adequate investment in human capital. A typical example is the Asian tigers; Taiwan, Singapore; whose economies experienced sharp improvements via substantial investment in human capital.
Beside the contribution of education on national economic growth, it also plays significant role in reducing income inequality, research done by Phillipe, Peter and Fabrice, (2011) and Kakar, Khilji and Khan (2011) concluded that educational achievement as well as human capital development would positively reduce income inequality. In general, there is a consensus among the researchers that education influenced economic growth by reducing poverty incidence, social imbalances as well as income equality. Moreover, it gives a positive impact to the poor and needy to improve their live. As information grows exponentially and as its incorporation in the production processes becomes increasingly complex, the ability to acquire, adopt, and adapt a new knowledge will be an important determinant of economic growth. This perhaps must have heightened the need to investigate the link between education and economic growth (Isola, 2012).
Beside the contribution of education on national economic growth, it also plays significant role in reducing income inequality, research done by Phillipe, Peter and Fabrice, (2011) and Kakar, Khilji and Khan (2011) concluded that educational achievement as well as human capital development would positively reduce income inequality. In general, there is a consensus among the researchers that education influenced economic growth by reducing poverty incidence, social imbalances as well as income equality. Moreover, it gives a positive impact to the poor and needy to improve their live. The World Development Report (2007), examined how knowledge influences development. Human capital refers to the stock of competencies, skills, knowledge and personalities attribute embodies in individuals which facilitate their ability to perform labor for the creation of personal, economic and social vale (OECD, 2001), labor is one of the factors of production and can also be referred to as workforce. One of the major investments on human capital is education and that is why Schultz (2005) and many other American economists in the early 60s found that investment on education is one of the significant factors responsible for the swift growth of the American economy, they pointed that a dollar investment on education brings greater increase in their country’s GDP relative to a dollar expenditure on physical capital like dams, road, street light etc. Thus human capital is a means of production into which additional investment yields addition output. Human capital is sustainable, but not transferable like land and other fixed capital. An effort to promote investment in human capital will be seen to result in rapid economic growth for society (Olaniyan and Okemakinde, 2008). Adebayo (2009) observed that it is the human resources of any nation, rather than its physical, capital and material resources, which ultimately determine the character and pace of its economic and social development. Human capital is similar to “physical means of production” e.g factories and machines. According to (Babalola, 2003) the rationale behind investment in human capital is based on the following arguments; that the new generation must be given appropriate part of knowledge which has already been accumulated by previous generation, that the new generation should be taught how existing knowledge which has already been accumulated by previous generation, that the new generation should be taught how existing knowledge should be used to develop new product to introduce new process and production methods and social services, the people must be encouraged to develop entirely new idea, product processes and methods through creative approaches.
1.2 STATEMENT OF THE PROBLEM
Nigeria as one of Africa’s biggest economies has been faced with the problem of human capital development over the years. In spite of all the abundant resources the Nation has been endowed with, Nigeria has failed to realize her full development potential in terms of sustainable human capital development or people oriented development like many other prosperous economies of the world that have adopted a similar strategy to boost their economic growth. A large percentage of Nigeria’s population estimated to be 182.2 Million according to World Bank, (2016) remain at rather low levels of literacy and often with insufficient access to education and health care. This may be attributed to various measures used to measure human capital development as Education, Health, Productivity, youth empowerment with no universal agreement on the measures. However life expectancy as an important health indicator whose importance as a component of human capital development continues to rise has seldom been used even though it remains at extremely low levels in a number of sub-sahara Africa countries of which Nigeria is one. Further enrollment rates at both primary, secondary and tertiary level in a considerable number of existing studies have not all been used together in a single model exploring human capital development and economic growth (for example see, Adeyemi and Ogunsola 2016; and Jaiyeoba, 2015) whereas, primary school enrolment feeds into secondary school enrollment and secondary school enrollment feeds into tertiary school enrollment overtime, and hence all three school enrollment rates are important as human capital development measures which must consequently be used together in a single model Further, as no recent study has explored the contribution of human capital development on the growth of Nigeria to the best of the researchers’ knowledge.
1.3 OBJECTIVE OF THE STUDY
The main objective of this study is to investigate the effect of proper and effective class management on teaching and learning process, specifically the study intends to:
1. Find out the factors impeding growth and development in Nigeria
2. Discover the percentage rate of human capital exist in Nigeria
3. Investigate the impact of human capital on the economic growth and development in Nigeria
1.4 RESEARCH QUESTIONS
The following research questions was formulated to guide this research arrive at a valid conclusion:
1. What are the factors impeding growth and development in Nigeria
2. What is the percentage rate of human capital exist in Nigeria
3. Is there any significant impact of human capital on the economic growth and development in Nigeria
1.5 RESEARCH HYPOTHESIS
Ho: there is no significant impact of human capital on the economic growth and development in Nigeria
Hi: there is a significant impact of human capital on the economic growth and development in Nigeria
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