Human Capital Development and Utilization: The Panaceas for Industrial Development in Nigeria

Abstract

Industrialization is considered central to advancement and prosperity of every nation. It has been one of the key explanations for the lofty progress attained by most advanced economies of the world. This however, was not accidental; rather it was due to conscious and deliberate policy enactment and implementation. This study examines the critical role of human capital formation and utilization in industrial development in Nigeria. It focuses on three fundamental human capital development processes (education, health and migration), based on human capital theory, using the methodology, which involves stylized facts, descriptive statistics and review of related literatures. The findings suggest that the performance of Nigeria in various indicators of human capital development and utilization falls short of what is required for industrial development. It is therefore imperative to enact precise human capital development and utilization policies, which should be vigorously pursued and implemented within specific time frame to enhance industrial development of the country.