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PROJECT TOPIC: EXAMINE THE CAUSAL RELATIONSHIP BETWEEN HUMAN CAPITAL DEVELOPMENT AND INDUSTRIAL GROWTH IN NIGERIA BETWEEN 1981 AND 2019.

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CHAPTER ONE:

INTRODUCTION

  1. Background to the study

Human capital is stated as a source of national development to all countries of the world. According to Khilji (2005) Education and health are the two major basics of human capital so, therefore, improving the quality of education and health services of the people is among the major ways of improving the quality of human capital given that the economy is provided with healthy trained human resources required for economic growth. Human capital is the term economists often use for education, health, and other human capacities that can raise productivity when increased (Todaro and Smith, 2009). According to Adekola (2014) the economic prosperity and functioning of a nation depend on its physical and human capital stock.Whereas the former has traditionally been the focus of economic research, factors affecting the enhancement of human skills and talent are increasingly figuring in empirical research especially due to its role in industrial growth and economic prosperity of anation.

Although there are many ingredients of human capital but education and health is undoubtedly the most important component. It has been discovered that if an economy is to develop its human capital base, there must be the support of capital resources to complement human capital development. These capital resources could include Federal funding through increased budgetary allocation to the educational sector, infrastructural development, enactment It has been argued that the success or achievement of any development plan will depend largely on the realization of the critical role of human capital and that investment in human capital accounts for the rapid economic development of most countries. Olayemi (2012) pointed out that human capital development stands out as a major catalyst to Industrial development and consequently economic growth. Thus, Babatunde and Adefabi (2005) argued that human capital development is triggering economic growth through factors like enhancing the employment opportunities and industrial development by increasing the number of knowledgeable workers and improving their skills and enabling them to new challenges.

On the other hand, Industrialization is generally accepted by policy makers, economic planners, researchers and professionals as one of the most desirable means for achieving objectives such as improvement in welfare, securing of vi-able employment, increasing of consumer and capital goods as well as expanding people’s choices generally. During the process of Industrialization, the use of extensive technology to boost productive patterns cannot be overemphasized. As a result, the development of the industrial sector, which is central to industrialization will involve the use of skilled personnel, extensive technology innovative management techniques, and other re-sources will be used to move an economy from inefficient means of production to the use of more sophisticated system. Therefore, as part of the human capital development process, there is the need for acquiring and increasing the number of persons who have the skills, education and experience in different fields of endeavour, as this is critical for the sustainable growth of a country


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