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Natural Resources Endowment, Human Capital Development and Economic Growth in Nigeria

Author

Listed:
  • Rasaki O. Kareem

    (Department of Economics and Actuarial Sciences, College of Arts, Social and Management Sciences, Crescent University, Abeokuta, Ogun State, Nigeria)

  • Rukayat A. Arije

    (Department of Economics and Actuarial Sciences, College of Arts, Social and Management Sciences, Crescent University, Abeokuta, Ogun State, Nigeria)

  • Amoo O. Zakariyah

    (Department of Agriculture, School of Agriculture, Lagos State University, Epe Campus, Lagos State, Nigeria)

  • Yusuf H. Avovome

    (Department of Economics, Federal College of Education, Osiele, Abeokuta, Ogun State, Nigeria)

Abstract

This project work examined the impact of natural resources endowment, human capital development and economic growth in Nigeria using time series data from 1982 to 2016. Secondary data sourced from the Nigerian Bureau of Statistics (NBS), the Central Bank of Nigeria (CBN) and World Bank’s World Development Index were used in the study. The data properties were tested using Augmented Dickey Fuller to test for Stationarity while co-integration was used to test for long run relationship between the variables and Regression analysis was also used to determine the relationship between variables. The result showed that the R-square was 0.467314 which showed that about 47% of the changes in D (LOGRGDP) was explained by the independent variables D(LOGNR), D(LOGGEH) and D(LOGGED) respectively. The value of the Durbin Watson was 2.168293 which indicated that there was no serial correlation in the model. The value of the F-statistic was 6.140959 with probability of 0.001117 which was significant at 5% critical level. It is therefore concluded that natural resources endowment and human capital development had significant effect on economic growth.

Suggested Citation

  • Rasaki O. Kareem & Rukayat A. Arije & Amoo O. Zakariyah & Yusuf H. Avovome, 2020. "Natural Resources Endowment, Human Capital Development and Economic Growth in Nigeria," Business & Management Compass, University of Economics Varna, issue 1, pages 26-46.
    • Handle: RePEc:vrn:journl:y:2020:i:1:p:26-46
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    References listed on IDEAS

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    Cited by:

    1. Wang, Yibo, 2023. "Exploring resource endowment and human capital impact on regional energy efficiency in China in the context of COP26," Resources Policy, Elsevier, vol. 81(C).

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    More about this item

    Keywords

    Natural Resources; Human capital; Economic growth; Dutch disease; Ordinary Least Square Regression;
    All these keywords.

    JEL classification:

    • Q - Agricultural and Natural Resource Economics; Environmental and Ecological Economics
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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