Human Capital Development and Organizational Performance in Selected Manufacturing Companies in Nigeria

Olusola James Oladejo, Mary Etigale Ochom and Opadotun Tunde Adewumi
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Olusola James Oladejo: Department of Management & Accounting, Lead City University, Ibadan oladejo.oluwasola@lcu.edu.ng; oladejoja@gmail.com; +234 (0) 808 6065155
Mary Etigale Ochom: FIRS, Kubwa, Emerging Tax Audit, Abuja, maryochom43@gmail.com; +234803 206 4021,
Opadotun Tunde Adewumi: Department of Accountancy, Adeosun Ogundoyin Polytechnic Eruwa tundeopadotun16@gmail.com, +234 (0) 802 213 0589

Lead City Journal of the Social Sciences (LCJSS), 2026, vol. 11, issue 1, 89-104

Abstract: Human Capital Development (HCD) has increasingly become a critical driver of organizational performance, particularly within knowledge-intensive manufacturing sectors. This study adopts an ex post facto research design to investigate how selected publicly quoted manufacturing companies in Nigeria account for and disclose HCD expenditures, and to examine relationships between these investments and financial performance. Using secondary data sourced from annual and sustainability reports of ten listed firms over five years (2018 2023), the research examines HCD disclosure extent and evaluates relationships between HCD expenditures (training and development, recruitment, and staff costs) and firm performance indicators: Return on Assets (ROA), Return on Equity (ROE), and Tobin's Q. Firm size was included as a control variable to account for organizational differences. Results demonstrate that training and development significantly impact ROA (F = 11.25, p

Keywords: Financial Performance; Human Capital Development; Training and development; Staff Cost (search for similar items in EconPapers)
Date: 2026
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