Capital Accumulation and Economic Development in Nigeria

Aggregate Economic performance in Nigeria for the past three decades had been poor and disappointing in contrast to the robust economic performance of other developing countries. For instance Nigeria's Real Per capita GDP in 1995 was 260 dollars almost the same as it was in 1972 despite huge investment in the private and public sectors of the economy while the Real Per capita GDP OF South Korea was 3,890 dollars in 1995. Nigerians are poorer today than they were in the 1960's and 1970.s. The study disaggregated capital accumulation into public, foreign and domestic private and empirically measure their impact on economic development and advise policy makers the sector to play leading role in the development process The study use time series data. Group unit root test was carried to ascertain the stationary status of the data in order to avoid spurious regression result. Co-integration and ECM test was also carried out. The result shows a significant positive contribution of Foreign private and positive but insignificant contribution of public and domestic private capital to economic development. The public, private sectors, undergraduate and graduate students are the target.