Human Capital, Industrial Output And Economic Growth In Nigeria
Sunday Anderu Keji, Olubunmi Omotayo Efuntade, Oluwabusola Ikeoluwa Olaosebikan
Keywords: Human Capital Skills; Industrial Output; Economic Growth. JEL CLASSIFICATIONJ24; L11; and O57
Abstract
Despite Nigeria’s vast size in human capital, physical capital, and natural
resources, her economic growth still needs improvement. This is because
of low productive skills and the dilapidated industrial tools which have
constrained rapid human capital skills, industrial output growth thereby slowing economic growth. Using unit root tests, trend analysis and Ordinary Least Square (OLS) techniques, this study examined the impact of human capital skill and industrial output on economic growth in Nigeria. Findings disclosed that human capital skills and industrial output jointly influenced economic growth in Nigeria. Notably, the study systematically revealed that labour participation rate, proxy as human capital skills and industrial output, catalyzed economic growth in
Nigeria. The overall outcomes via the F-statistics showed significant effects of industrial output and human capital skill on the Nigerian economic growth. Consequently, to improve economic growth in Nigeria, the study suggests that governments at all levels should draft policy to prioritize productive factor inputs such as improving school
enrolment rate at the secondary schools to enhance human capital skills, vocational skills and infrastructure technology so as to reduce real cost and money cost of production for rapid industrial output.
Author Biography
Sunday Anderu Keji
Federal University Oye-Ekiti, Nigeria. Corresponding
Email: [email protected]
Olubunmi Omotayo Efuntade
Federal University Oye-Ekiti, Nigeria.
Email: [email protected]
Oluwabusola Ikeoluwa Olaosebikan Federal University Oye-Ekiti, Nigeria.
Email: [email protected]