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Human Capital and Sustainable Development

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Submitted By computeraffairs
Words 4067
Pages 17
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 of a nation.

Thus, according to Lyakurwa (2007) human capital development has the capacity to enlarge people’s choices and opportunities, improve healthy living through acquired skills and knowledge and eventually facilitate sustainable development through increased productivity.

Nonetheless, it is important to note that sustainable development need not lose sight of the human

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