Title: The place of human capital development in today's economy: further evidence from Nigeria

Authors: God'stime Osekhebhen Eigbiremolen

Addresses: Department of Economics, University of Nigeria, Nigeria

Abstract: The place of human capital development in today's economy cannot be over-emphasised. This study uses the augmented Solow human-capital-growth model to empirically determine its role in enhancing economic performance in Nigeria as well as relate the findings to similar studies in Sub-Sahara Africa countries. The results indicate that gross total capital formation, total stock of human capital and total government health expenditure are all significant growth drivers. However, the contribution of total government education expenditure to growth remains meagre in relations to other variables within the periods under review. The elasticity of output with respect to the explanatory variables returns relatively inelastic measures for all the variables.

Keywords: human capital development; economic growth; Nigeria; government expenditure; education expenditure; health expenditure; Sub-Saharan Africa; SSA; capital formation.

DOI: 10.1504/AJESD.2015.069860

African Journal of Economic and Sustainable Development, 2015 Vol.4 No.2, pp.188 - 200

Received: 18 Mar 2015
Accepted: 18 Mar 2015
Published online: 14 Jun 2015 *

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