Perspectives on Nigeria's Economic Development Volume I by Pascal G. Dozie download in iPad, ePub, pdf
Earlier in neoclassical model, human capital was not seen as a prominent input in the production process and as such was not part of the growth model. However, this prediction failed empirical testing in the nineteenth century, as Campbell and Agbiokoro pointed out. It is, in fact, no longer safe for Nigeria to depend entirely on oil as the main revenue earner. In a world that has grown furiously competitive, no nation can afford to rely on one export commodity.
Prettner and Trimbon argued and emphasized the fact that building a viable human capital is a necessary, but not a sufficient condition for gaining from population growth. Malthusian theory, formulated before the agricultural revolution, presumes that the productivity of environmental resources such as land is fixed. To him, population increase is a threat to growth and stability of any nation. As such, the relationship between each unit of labour and capital in production does not vary with the variation in the quantity of labour and capital in the economy. Introduction Nigeria is the most populous nation in Africa.
Isola and Alani lent support to developed human capital as agent of national development in any country of the world. Journal of World Economic Research. Fertility rate fell generally instead of increase as income rose at that time. The human population grows without restraint, our activities are steadily destroying the global ecosystem in which we evolved, and we occupy and dominate all major ecosystems.
Malthus suggested that population demands thus place direct limits on the availability of resources and that resources, in turn, place a direct restriction on population growth. He also recognized the dynamic leadership style, guidance and support of the Minister of Mines and Steel Development, Dr. Bremner et al therefore concluded that, empirical research on the impact of population growth on poverty is still largely inconclusive. Increased population mounts pressure on a nation by influencing the demand level of the people for essential needs of life. The model is therefore amendable for our purpose for its labour human capital component.
Undoubtedly, the Buhari administration has demonstrated real commitment to this national endeavour. Human Capital For a country to have a productive population, substantial expenditure on education and health is imperative. Where human capital development efforts are dwindling in the face of increasing population, then adverse consequences on economic growth should be expected Nwosu et al. Our adaptations have become maladaptive. Thus, we evaluate the contributions on agricultural and manufacturing subsectors apart from the aggregated equation, since this disaggregated evaluation will give clearer picture of growth behaviour.
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