Impacts of Human Capital Development on Real Sectors Growth in Nigeria
Journal of Finance and Accounting
Volume 8, Issue 1, January 2020, Pages: 24-33
Received: Dec. 3, 2019; Accepted: Jan. 10, 2020; Published: Feb. 14, 2020
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Authors
Obasanmi Jude Omokugbo, Department of Economics, Ambrose Alli University, Ekpoma, Nigeria
Idogun Henry Imogiemhe, Department of Economics, Ambrose Alli University, Ekpoma, Nigeria
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Abstract
Human capital is an important factor used in converting all resources to mankind’s use and benefit. In an attempt to examine the nexus between human capital development and real sector growth indicators (Agriculture and Petroleum and Natural Gas), this study investigated the relationship between human capital development and real sector growth in Nigeria. Annual time series data from 1990 to 2018 was employed. The Augmented Dickey Fuller (ADF), Johansen-Cointegration, and Error Correction Mechanism (ECM) were employed in the study. The result indicated long run relationship between human capital development and output growth in the two sectors investigated. The result revealed that current public expenditure on education and health translated in increase in output for Petroleum & Natural Gas in Nigeria but not in the Agricultural sector. Also, expenditure in research and development (R&D) had significant impact on output growth in the two sectors. It was recommended that the federal government should endeavor to increase their expenditure on education to boost quality education infrastructure needed in schools.
Keywords
Human Capital, Real Sectors, Agriculture, Petroleum, Education and Natural Gas
To cite this article
Obasanmi Jude Omokugbo, Idogun Henry Imogiemhe, Impacts of Human Capital Development on Real Sectors Growth in Nigeria, Journal of Finance and Accounting. Special Issue: Financial Inclusion , Accounting Perspectives and Development. Vol. 8, No. 1, 2020, pp. 24-33. doi: 10.11648/j.jfa.20200801.14
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Copyright © 2020 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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