CHALLENGES OF HUMAN CAPITAL FORMATION IN NIGERIA: A DISCRIPTIVE ANALYSIS
Résumé
This paper examines the trends and challenges of human capital formation process in Nigeria from 1981 to 2016. In achieving these objectives, the paper adopts a descriptive statistical method such as ratios, percentages, standard deviation, skewness, kurtosis analysis among others. Our results show that the funding of the education and health sectors fell far short of the 15% and 26% of annual budget for education and health sectors recommended for developing countries by the Abuja 2001 declaration, and UNESCO respectively. For example, in the case of education sector in Nigeria, it has been mostly less than 8% and less than 5% of annual budget allocated to the health sector in our review period. Thus the poor funding (especially the capital expenditure funding of both sectors) has resulted in brain drain, medical tourism as well as education tourism, further blighting the human capital formation process in Nigeria. This results in huge foreign exchange loss where about $1billion dollar (N400b) are lost annually to medical tourism, and about N1trillion is also lost to education tourism in Nigeria. This work found that a lot of challenges such as abysmal funding and curtailing the huge exodus of education and other health experts to other countries were basically responsible for poor human capital formation in Nigeria. Some recommendations including proper funding, and policy streamlines where proffered to encourage innovation and motivation in other to sanitize the two sectors to enhance economic growth and human capital utilization in Nigeria.
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