EAS Publisher | The Nexus between Human Capital Development and Economic Growth in Nigeria: A Var Methodology

The Nexus between Human Capital Development and Economic Growth in Nigeria: A Var Methodology

DOI : https://doi.org/10.36349/easjebm.2020.v03i10.005

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This study investigated the relationship between human capital development and economic growth in Nigeria within the period 1990 to 2018. Annual time series data collected from the World Development Indicators (WDI), Central Bank of Nigeria Bulletin and the National Bureau of Statistics were used. Gross domestic product (GDP) was used as proxy for economic growth. The exogenous variables for human capital development were Human Capital (HC), government expenditure on education (GXE), government expenditure on health (GXH), life expectancy (LE), and fertility rate (FE). The vector autoregressive (VAR), Augmented Dickey Fuller (ADF) and Philip Perron (PP) test were employed. The results showed that FE had an inverse significant relationship with GDP while HC, GXE, GXH, LE had a direct significant relationship with GDP. A long run relation was established in the study. The paper recommended that the Nigerian government should evolve practicable framework for improved investment in key human capital development deliverables especially education and health which remains germane to labour productivity and economic development.

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