Appraisal of Human Capital Development on Nigeria’s Economic Growth Rate: The Role of Leadership

Abstract

The study employs the autoregressive distributed lag cointegration framework, using annual data over the period 1986 to 2020. The objectives of the study were to determine the impact of human capital development on Nigeria’s economic growth rate and the role of leadership. The theoretical review adopted are the three theories of Human Capital Theory, Schultz's Theory of Human Capital, and Mincer's theory of Human capital. The methodology adopted for the theoretical framework is the Endogenous Growth Theory is the theoretical foundation for this research. Investment in education in the short-run was seen to have a negative impact on industrial sector while in the long-run both investment in education and secondary school enrolment was seen to have a positive impact on industrial sector growth, also government investment in health was seen have a negative and insignificant impact on industrial sector. Also, in the services sector investment in education was seen to have a negative impact in the short-run while in the long-run Its impact was seen to be positive, for government investment in health its impact was seen to be negative both in the short-run and long-run. The study recommends that both government investment in education and health should be increased to have a positive impact on, Service sector both in the short-run and long-run

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