Abstract:
Nigeria's human capital development has been a goal rather than a reality, despite abundant resources.
The country's development challenges are likely to persist, and the impact of human capital on economic
growth is underexplored. The study was an attempt to empirically examine the impact of human capital
development on Economic growth in Nigeria. The study made use of secondary data which spanned
from 1990 to 2022. The ex-post facto research design was adopted while the Fully modified ordinary
least square (FMOLS) approach and the bound test were used for the estimation of the long and short run impact of human capital development on economic growth in Nigeria. Based on the coefficient and
probability values the results revealed that government spending on education sector in Nigeria has an
inverse and significant impact on economic growth in Nigeria, the government spending on the health
sector in Nigeria has a positive and significant impact on economic growth in Nigeria, the per capital
income has a positive and significant impact on economic growth in Nigeria,. Therefore, the study
recommended that Government spending on education and health significantly impacts real domestic
product, requiring increased investments and efficient utilization. Addressing corruption and
inadequate infrastructure is crucial. Health policies should improve healthcare infrastructure and
reduce disease burdens for a healthier population and robust economy. Labor and employment
ministries should focus on increasing per capita income, stimulating job creation, skill development,
and entrepreneurship.
