An Analysis of the Effect of Human Capital Investment on Economic Development in Nigeria: Does a New Indicator Alter Existing Evidence?

Adeyemi A Ogundipe (), Olasinde Mobolaji () and Oluwatomisin M Ogundipe ()

Asian Economic and Financial Review, 2021, vol. 11, issue 1, 17-29

Abstract: This study adopted a broader perspective of economic development using access to clean, affordable and reliable energy services over GDP per capita, which was used in existing studies. To investigate whether the new measure altars existing evidence, the study employed the Johansen cointegration technique. The model follows the specification of the AK model and augmented Rostow’s stages of growth to account for the adoption of development indicators. The empirical result using energy access as a measure of economic development differs significantly and seems to portray the realities in the Nigerian economy. Compared with earlier studies, this reassessment shows that indicators of human capital investment do not significantly impact economic development in Nigeria. It is clear that the growth experienced in recent decades occurred independent of human capital capability of the economy, in fact, recent statistics from the Global Competitiveness Index 2018 show that in terms of competitiveness in education quality and on-the-job training, the Sub-Saharan Africa (SSA) regions underperformed when compared with other regions of the world.

Keywords: Human capital investment; Economic development; GDP per capita; Energy access; Co-integration; Time series. (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://archive.aessweb.com/index.php/5002/article/view/2041/3257 (application/pdf)
https://archive.aessweb.com/index.php/5002/article/view/2041/7299 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:asi:aeafrj:v:11:y:2021:i:1:p:17-29:id:2041

Access Statistics for this article

More articles in Asian Economic and Financial Review from Asian Economic and Social Society
Bibliographic data for series maintained by Robert Allen ().