Does Public Debt Matter for Human Capital Development? Evidence from Nigeria

Ebele Nwokoye (), Stephen Dimnwobi (), Favour Onuoha () and Chekwube Madichie ()
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Ebele Nwokoye: Nnamdi Azikiwe University Awka, Nigeria
Stephen Dimnwobi: Nnamdi Azikiwe University Awka, Nigeria
Favour Onuoha: Evangel University Akaeze, Nigeria
Chekwube Madichie: University of York, United Kingdom

No 24/006, Working Papers of the African Governance and Development Institute. from African Governance and Development Institute.

Abstract: An inquiry into the impact of external and domestic borrowings is considered timely for Nigeria, given the growing public debt profile amid deteriorating human capital development. Using data from 1990 to 2021, the study estimates the effects of domestic and external debts on Nigeria’s human capital development. The study employed the fully modified ordinary least squares (FMOLS) and canonical cointegration regression (CCR) as the main estimation technique and the robustness check respectively. The study discovered that domestic and external debt, economic growth and debt servicing exert positive and significant influence on human capital development in Nigeria while environmental pollution has an inverse and significant impact on human capital development in Nigeria. Premised on the outcomes, policy suggestions aimed at enhancing human capital development in Nigeria have been put forward.

Keywords: Nigeria; Domestic debt; External debt; Human capital development (search for similar items in EconPapers)
JEL-codes: H63 H68 I24 O15 (search for similar items in EconPapers)
Pages: 25
Date: 2024-01
New Economics Papers: this item is included in nep-afr, nep-fdg, nep-inv and nep-mac
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Forthcoming: Journal of Public Affairs

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