...Topic of Research Proposal: HUMAN CAPITAL AND SUSTAINABLE DEVELOPMENT OF THE NIGERIAN ECONOMY. Background of the Study Human Capital has been recognized globally as one major factor that is responsible for the wealth of nations. According to Smith (1776) and Folloni & Vittadini (2010), human capital refers to the acquired and useful abilities of all the inhabitants or members of the society. Without adequate investment in developing the human capital which is the process of increasing knowledge, skills and the capacities of people in the country, the possibility of sustainable development might be minimal. Investment in the human resource determines the type, quality, availability and productivity of the nation’s manpower. It involves the socio-economic development strategies (European Commission, 2007) critically needed to facilitate sustainable development. One major challenge facing Nigeria as a nation within the global community, is how to achieve sustainable development. According to the IMF (2002), sustainable development is made of three pillars. They are economic development, social development and environmental development. The essence of these pillars are to maintain and enhance the capacity and capability of future generations while meeting the needs of the present generation. To accomplish these multi-dimensional tasks, human capital should be strategically cultivated and positioned for the preservation of both the present and the future economic growth and development...
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...Assignment 2: Lending Institutions, Health Care, and Human Capital Monique Ashley Val Margarit, MA, Ed. S, ABD Sociology 300 December 3, 2013 Abstract This paper is about Nigeria and their health care, lending institutions and human capital. It is how this country can grow because this country is capable of great things. They need help and It seems that they are trying to fix the problems in their country, but it s very hard to climb yourself out of a hole that seems impossible. They need a assistance but the World Bank and IMF see unable to provide the amount of care that they need or give them the financial push that is required to keep their country a float. Lending Institutions, Health Care, and Human Capital Nigeria is a fail state that democracy has been tried in but they failed to miserably because they are so many corrupt officials. (Ditimi & Nowsa, 2011) Now Nigeria is so far in debt it will never be able to climb its way out. (Ditimi & Nowsa, 2011) The need of human capital is apparent because things can’t continue the way they are going and people surviving. (Ditimi & Nowsa 2011) “Not having sustainable development it what is keeping them a third world country and a fail state. (Dauda, 2011) In this regard, policy-makers in conjunction with employers and individuals need up to date information on the real labour market value of different qualifications, in order to help them navigate through the increasingly complex education system...
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...Nigeria, located in West Africa, is Africa’s most populous country with the recent estimate at 170 million. In spite of possessing huge human capital, fertile soils and being oil-rich, Nigeria can teach the mineral rich world a lesson or two about what not to do. Corruption, political instability, pollution and poor management are some of the reasons Nigeria has not been able to rise and gain the status it should have in the African continent. Macro-economic factors • Gross Domestic Product (GDP) A look at the real GDP growth of Nigeria shows that it has ranged between 6.4% and 7.8% from 2007-2013. It reached its peak of 7.8% in 2010 and is forecasted to be 6.4% in 2012 as compared to the world average of 2.2% and 3.9% for Sub-Saharan Africa. Economists say that it is in fact the non-oil sector that has pushed the economy forward, and will continue to do so. Growth can largely be attributed to activities in telecommunications followed by building and construction, and the services sector in general. Regulatory body, the Nigerian Communications Commission (NCC) was established in 1992, and commenced full market liberalization and reform in 2000. It is sensed that investment in telecom has triggered off an economic chain which has positively impacted other sectors of the economy. GDP growth has not improved the living standards of the Nigerian people. They continue to be inundated with increased unemployment, poverty, poor healthcare among various others. As seen below...
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...management styles to local businesses" (Rothgeb,1989). In recent years many developing countries have increasingly turned to FDI as a source of the capital, technology, managerial skills and market access needed for sustained economic growth and development. It is against this backdrop that most nations seek to attract foreign direct investment. However, several doubts have been raised as to the perceived...
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...THE EMPIRICAL ANALYSIS OF IMPACT OF FOREIGN DIRECT INVESTMENT ON ECONOMIC GROWTH IN NIGERIA BY OKUNLOLA TUNDE S. MATRIC NO: 139191 September 2011 Being research work submitted to Department of Economics, Faculty of Social Sciences, University of Ibadan, in partial fulfillment of the requirement for the award of Bachelor of Science (B.Sc) in Economics CERCTIFICATION I hereby certify that this work was carried out by OKUNLOLA TUNDE S. of Matric No 139191 in the Department of Economics, Faculty of Social Sciences, University of Ibadan. …………………………………. ……………………………… Date Dr. B. Fowowe Supervisor DEDICATION My sole dedication goes to God almighty whose mercy has never ceased in changing me despite all odds, whose boundless love and vast grace is bringing to pass my childhood dreams and fantasies. ACKNOWLEDGMENT My deepest gratitude goes to my parents who always, tirelessly and sacrificially support me, trust me, care for me and love me despite all my short comings and even when it so difficult. May the lord reward you abundantly. And also to my supervisor, Dr. B. Fowowe, I say thank...
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...development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria. Nigeria as the most populous country in Africa is naturally endowed with millions and millions of acres of arable land, 38.5 billion barrels of stated oil reserves, vast gas reserves, a variety of unexploited minerals, and a wealth of human capital by virtue of its estimated population of 150 million. It is the world’s eighth largest exporter of oil, and Africa’s second largest economy, after South Africa. Nigeria accounts for 15 per cent of Africa’s population, contributes 11 per cent of Africa’s total output and 16 per cent of its foreign reserves while it accounts for half of the population and more than two-thirds of the output of the West Africa sub-region. It has been at the forefront of the resolution of many political challenges in Africa. Over the last decade, Nigeria has implemented far reaching economic reforms aimed at improving macroeconomic management, liberalizing markets and trade, and the business environment. The recent developments on the Niger Delta agenda is a sign of the commitment and determination of the government to address its seven-point reform...
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...development covering the individual, firm and macro levels, and outlines the roles of stakeholders at each level, in fostering national development. It concludes by calling on all stakeholders to play their part in leveraging entrepreneurship and all aspects of business economics to unleash the wealth of human capital that Nigeria is endowed with so that more people can participate in the transformation of Nigeria. Nigeria as the most populous country in Africa is naturally endowed with millions and millions of acres of arable land, 38.5 billion barrels of stated oil reserves, vast gas reserves, a variety of unexploited minerals, and a wealth of human capital by virtue of its estimated population of 150 million. It is the world’s eighth largest exporter of oil, and Africa’s second largest economy, after South Africa. Nigeria accounts for 15 per cent of Africa’s population, contributes 11 per cent of Africa’s total output and 16 per cent of its foreign reserves while it accounts for half of the population and more than two-thirds of the output of the West Africa sub-region. It has been at the forefront of the resolution of many political challenges in Africa. Over the last decade, Nigeria has implemented far reaching economic reforms aimed at improving macroeconomic management, liberalizing markets and trade, and the business environment. The recent developments on the Niger Delta agenda is a sign of the commitment and determination of the government to address its seven-point reform...
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...The sector was characterized by small sized banks with high overheads; low capital base averaging less than $10million; heavy reliance on government patronage and loss making. Nigeria’s banking sector was still characterized by a high degree of fragmentation and low levels of financial intermediation up until 2004. In the light of the foregoing, banks are compelled by the Central Bank of Nigeria to raise their capital base from N2 billion to 25 billion on or before 31st December, 2005. Most banks resorted to mergers and acquisition as a survival strategy, which saw a reduction in the number of banks from 89 to 25. This study contributes to the concept of bank recapitalization by critically examining the impact of bank consolidation on the performance of banks using a sample of randomly selected Nigerian banks. It is the intention of the researcher to give more validity to empirical evidence that have been obtained by previous researchers on the subject matter. Relevance of the study The earliest set of studies evaluates the effects of bank consolidation through mergers and acquisitions comparing pre- and post- merger performance by measuring performance using either accounting or productive efficiency indicators.The results from both indicators have varied and at sometimes been contradictory. This can be explained by performance-influencing variables like size, brand name, diversification and cost reduction, there is still no reconciliation between these indicators. I intend...
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...ATPC African Trade Policy Centre Work in Progress No. 77 ATPC Economic Commission for Africa The Impact of Chinese Investment and Trade on Nigeria Economic Growth 2009 Djeri-wake Nabine Abstract This paper examines the impact of Chinese foreign direct investment and bilateral trade with Nigeria economic growth. The study use an augmented aggregate production function (APF) growth model, three methods are performed to test the hypothesis that there is no causal relationship between foreign direct investment, exports, imports and economic growth. The statistical methods used are: the Ordinary Least Squares Method (OLS) and the Granger causality test. Using time-series and panel data from 1990 to 2007, The estimated both short and long-run analysis for Nigeria-China relationship shows that in short term the bilateral trade doesn’t contribute to Nigeria economic growth but the long term relationship can enhance Nigeria economic growth; it should then be the policy priority for Nigeria to make sure that FDI inflows from China and its trade relationship with China exert the reinforcing and beneficial effects on GDP and exports through active acquisition of advanced technology and open trade regime. A - CEA EC E ATPC is a project of the Economic Commission for Africa with financial support of the Canadian International Development Agency (CIDA) Material from this publication may be freely quoted or reprinted. Acknowledgement is requested...
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...Primary education [edit] Primary education , Yoruba, and Igbo. Private schools would also offer Computer science, French, and Fine Arts. Primary school students are required to take a Common Entrance Examination to qualify for admission into the Federal and State Government Secondary schools, as well as private ones. The Universal Basic Education, UBE, came as a replacement for Nigeria’s Universal Primary Education scheme of the 6-3-3-4 system of primary education. The 9-3-4 system of education was designed in conformity with the MDGs and Education For All, EFA (Kayode, 2006). The UBE involves 6 years of Primary School education and 3 years of Junior Secondary School education, culminating in 9 years of uninterrupted schooling, and transition from one class to another is automatic but determined through continuous assessment. This scheme is monitored by the Universal Basic Education Commission, UBEC, and has made it "free", "compulsory" and a right of every child.[1] Therefore, the UBEC law section 15 defines UBE as early childhood care and education. The law stipulates a 9-year formal schooling, adult literacy and non-formal education, skill acquisition programs and the education of special groups such as nomads and migrants, girl child and women, Al-majiri, street children and disabled people (Aderinoye, 2007). [2] Secondary education [edit] Students spend six years in Secondary School, that is 3 years of JSS (Junior Secondary School), and 3 years of SSS (Senior Secondary...
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...A COMPARATIVE ANALYSIS OF THE NIGERIAN BUDGET FROM 1999 – 2013 ONOWA SIMON +2348064034407 Simoncy2k@gmail.com ABSTRACT This study examines the Federal Government budget in Nigeria between 1999 and 2013. The analysis of this study showed that for more than a decade of democratic dispensation in Nigeria, there has been a consistent increase in the total recurrent expenditure of the Federal Government. This has led to budget deficits. Thus a key macroeconomic issue addressed in this study is the rationale underlying government fiscal deficit, the significance of the rational expectation hypothesis in Nigerian economy and the consequences and impact of this action on the economy. Data for this study were collected from CBN statistical bulletin and gazette of the Federal Ministry of Finance. The study employed a descriptive analysis. Government has been allocation more fund to recurrent expenditure over the period under study. Using key fiscal indicators the study recommended that for overall sustained economic growth and development; federal government should increase substantially allocation to capital projects in rural Nigeria to trigger economic growth and development. Introduction A Budget is focused on the Government’s drive to achieve its developmental goals as entrenched in its Vision. It is also anchored on the commitment of the Government to improve the socio-economic status its people by strategically implementing plans and programmes to boost economic activity...
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...welfare. This essay focuses on how we can create and expand employment opportunities in Nigeria in order to solve Nigeria’s security challenges. This essay starts by giving an overview of the Nigerian employment landscape since Independence, it then adapts Joachim Von Braun’s Employment generation chain to schematically explain the economic impact of employment creation, and finally it proffers solution on how Nigeria can create jobs for its population in order to live in a safer Nigeria. The Nigerian Employment Landscape Employment generation is a primary economic development goal of every industrializing nation. More jobs generally mean more economic activities, more tax revenues for the government, and less idle time. Job growth permits the expansion and improvement of public goods and services, leading to an improved quality of life and enhanced prospects for future employment growth. In addition, a vibrant job market provides an incentive for citizens to continue their education since the rewards for such are evident in better employment opportunities. While an expanding job market encourages workers to upgrade their skills in order to qualify for available higher wage jobs, sustained job growth stimulates improvements in the education and skills of the labour force, making the nation a more attractive location for businesses in the future. The present employment situation in Nigeria has its roots in the country’s economic...
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...Challenges and Prospects of Entrepreneurship in Nigeria Abtsract The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, Income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship to economic development by providing the enabling environment for private sector led investment for economic development and also provide adequate infra-structural facilities (water, electricity, road network, communications etc.) Introduction A nation's ability to generate a steady stream of business opportunities...
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...E-ISSN 2281-4612 ISSN 2281-3993 Academic Journal of Interdisciplinary Studies Published by MCSER-CEMAS-Sapienza University of Rome Vol 2 No 5 July 2013 Challenges and Prospects of Entrepreneurship in Nigeria Okezie A. Ihugba Alex Odii Asoluka C. Njoku Department of Economics, Alvan Ikoku Federal College of Education, Owerri-Imo State, Nigeria Doi:10.5901/ajis.2012.v2n5p25 Abtsract The success of generating income for majority of rural and urban dwellers with no formal paid employment highly depends on Entrepreneurship. They are the backbone of economic development all over the world and play important role for employment, income and societal changes, particularly in transition economies like Nigeria. This paper is concerned with the nature and the extent to which entrepreneurship in Nigeria has been developed so far, and outlines the initiative by government and also the main current and future challenges and perspectives for the development of entrepreneurship. The study revealed that such initiatives by government failed abysmally due to over bearing bureaucracies, corruption, inadequate and inefficient infrastructural facilities and maladministration. The paper concludes that entrepreneurship miracle in other country is an engine for job creation; innovation and diversity and Nigeria’s entrepreneurs have a long way to go before they can effectively drive changes in the economy and recommends that Government (policy makers) should genuine recognize the essence of entrepreneurship...
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...CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF THE STUDY For decades now, Nigeria has been experiencing disappointing performance in terms of growth in gross domestic product (GDP) and the general development of her economy. As a result, there’s no improvement in the level of poverty. In the 90s, came the era of globalization which connotes external opening and increased role of markets domestically (i.e. the market economy). To the developing world, market economy is a modern way of turning the economy around. The essence of globalization is to move the economy towards external liberation, focusing on market oriented economic system, export-led strategy and stabilization of the economy. In Nigeria, it was the era of structural adjustment programme in collaboration with the IMF and World Bank. The governments in the developing world, believes that it is more desirable to globalize which simply means to open up the economy and penetrate international markets. In time past, the world economy has undergone a fundamental shift towards an integrated and coordinated global division of labour in production and trade. In the 1950s and 1960s, productions were within national boundaries. The increase of oil prices in the late 1970s and the contractionary monetary policies of the United States during 1979 and 1982 period led to the increased interest rates and consequently indebted developing countries found they unable to service their debts. Continual refinancing was the only...
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