The Role of Human Capital in Industrial Development: The Nigerian Case (1980-2010)

Akintoye Victor Adejumo, Phillip Akanni Olomola, Opeyemi Oluwabunmi Adejumo

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Department of Economics, Obafemi Awolowo University, Ile-Ife, Nigeria.

DOI: 10.4236/me.2013.410069                

Abstract

Human capital development is seen as a focal point for pivoting industrial development, for reducing the level of unemployment and increasing the supply of entrepreneurs in any economy. However, the effect of human capital on sustainable industrial development in Nigeriahas not been adequately explored. In view of various policies adopted by successive governments to advance industrialization inNigeria, the study examined the effect human capital development has had on industrial growth in the light of various factors that could have shaped industrial performance. In addition, the different educational enrollment rates were examined to find out if any significant positive impact will be felt in the industrial sector. Time series data covering the period between 1980 and 2010 were used with an appropriate econometric technique. It was discovered that human capital has to a large extent impacted on industry value-added, but in terms of output generated industrially, the effect of human capital remains low inNigeria.

Keywords

Education; Industrial; Capital; Labour

Conflicts of Interest

The authors declare no conflicts of interest.

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