Building Human Capital for Sustainable Economic Development in Nigeria

Abstract

This paper examined issues dealing with the effectiveness of the Nigerian education sector in meeting the human capital needed for economic development in an era of reforms. The paper is essentially a descriptive analysis of a set of indicators to assess the readiness of the sector in providing the needed human capital for the diverse segments of the Nigerian economy. The indicators used to assess the effectiveness of the education sector include: level of funding, the rate of return to investment in the sector, the HDI ranking, expenditure on R&D,and contributions to major patent offices. The study revealed that the sector lags behind in all the indicators used to assess its effectiveness. The paper recommends major reforms in the sector including increased funding, overhaul of school curricula and introduction of a new incentive structure for school workers.