Abstract
Human capital is an important factor used in converting all resources to mankind’s use and benefit. In an attempt to examine the nexus between human capital development and real sector growth indicators (Agriculture and Petroleum and Natural Gas), this study investigated the relationship between human capital development and real sector growth in Nigeria. Annual time series data from 1990 to 2018 was employed. The Augmented Dickey Fuller (ADF), Johansen-Cointegration, and Error Correction Mechanism (ECM) were employed in the study. The result indicated long run relationship between human capital development and output growth in the two sectors investigated. The result revealed that current public expenditure on education and health translated in increase in output for Petroleum & Natural Gas in Nigeria but not in the Agricultural sector. Also, expenditure in research and development (R&D) had significant impact on output growth in the two sectors. It was recommended that the federal government should endeavor to increase their expenditure on education to boost quality education infrastructure needed in schools.
Highlights
This study examines the relationship between human capital development in two real sectors (Agriculture and Petroleum) in Nigeria from 1990-2018
In an attempt to examine the nexus between human capital development and the real sector growth from a disaggregated approach; this study investigated the relationship between human capital development and sectoral growth in Nigeria
This study examined the impact of human capital development on some selected real sector between the period of 1999 and 2018
Summary
The United Nations Development Programme [2] identified that there are nine global indicators of human capital development in any given nation Some of these indicators include: national income and composition of resources indicators; work and employment indicators; population trend indicators; human security indicators such as number of internally displaced and homeless people; international integration indicators, such as net official development assistance, remittance inflows, stock of immigrant, number of internet users and mobile phone subscription; and status of fundamental human right treaties. This rational expectation justifies the reason government and stakeholders in most developing nations in Sub-Sahara Africa advocate for free, compulsory and quality education for its citizens, at the primary and basic levels
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