The place of human capital development in today's economy: further evidence from Nigeria

The place of human capital development in today's economy cannot be over-emphasised. This study uses the augmented Solow human-capital-growth model to empirically determine its role in enhancing economic performance in Nigeria as well as relate the findings to similar studies in Sub-Sahara Africa countries. The results indicate that gross total capital formation, total stock of human capital and total government health expenditure are all significant growth drivers. However, the contribution of total government education expenditure to growth remains meagre in relations to other variables within the periods under review. The elasticity of output with respect to the explanatory variables returns relatively inelastic measures for all the variables.