Economic growth and human capital development the case of Nigeria

Abstract

The paper examines empirically the relationship between economic growth and human capital development in using Nigeria data. The basic macroeconomic variables of concern derived from the literature review are: Growth rate of real gross domestic product (RGDPG), capital expenditure (CE) on education, recurrent expenditure (RE) on education, real gross capital formation (RGCF) was used to proxy physical capital formation, enrolments into primary (PRYE), post-primary (PPE) and tertiary (TERE) educational institutions were used to proxy human capital development. With the aid of Econometric Views (E- Views, version 3.1), the model was estimated using annual data from 190-2003. The application of the cointegration theory incorporating the error correction mechanism was explored.