Human Capital Accumulation and Economics Growth in Nigeria

Sources of economic growth have variously been empirically analyzed. Traditionally, explanation of growth considered physical capital factors and then effective labour. In the past, much of the planning in Nigeria was centered on the accumulation of physical capital without recognition of the important role played, by human capital on rapid growth and development process. This informed the researcher to see how human capital accumulation affects growth in Nigeria. Answer was also sought to whether (or not) the level of education attainment significantly determine rate of economic growth. A number of estimation procedures were carried out. The data series were tested for stationarity using the Augmented Dickey-Fuller (ADF) test as the starting point to assess the order of integration with the aid of econometric views (E-view version 3.1) and two multiple regression models were estimated using ordinary least square method. Based on the findings of this study, physical capital, labour force and human capital were significant factors determine growth in Nigeria over time.