Human Capital Development: Student Financing Through Scholarship for Sustainable Development in Nigeria
Abstract
Human capital development through scholarships and student financing is a panacea for sustainable development, reducing educational inequality, and enhancing national and global economic growth. This chapter examines the theoretical and practical foundations of student financing, drawing on Human Capital Theory, the Capability Approach, and Development Theory to illustrate how financial support enhances access, academic performance, retention, and social mobility. Different financing mechanisms, including scholarships, grants, bursaries, student loans, and mixed models, are analysed, with attention to their benefits, challenges, and economic implications. The chapter also explores equity and inclusion, global perspectives, and the Nigerian context, highlighting the critical need for sustainable, targeted, and innovative financing systems. Future directions focus on digital scholarship platforms, public- private partnerships, and innovative models to maximize the impact of education funding. Overall, effective student financing is essential for developing skilled manpower, promoting social mobility, and achieving sustainable national development.
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