Global economic meltdown and its effects on human capital development in Nigeria: Lessons and way forward
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Global economies around the world have experienced the most traumatic moments in the last
one-decade. The crisis has been described by scholars, as perhaps been the worst financial crisis
since the great economic depression of the 1930s. This paper lucidly examines the effects of
global economic recession on the development of human capital with reference to Nigeria
nation. The objectives of the paper among others are (i) To establish the level of the impact of
global economic recession on development of skills of human capital in Nigeria (ii) To examine
if there is any significant relationship between global economic recession and the motivation of
human capital development in Nigeria among others. The paper uses survey method with two
research hypotheses. Questionnaires were administered among academic staff of two Nigerian
universities in the southwest part of Nigeria. Findings showed that the global economic
recession has great impact on the development of skills of human capital in Nigeria. Findings
also revealed that there exists a positive relationship between global economic recession and
training and development of human capital in Nigeria. The paper offers useful policy
recommendations, which include the need for government and appropriate agencies to put in
place policies such as enabling environment that will lead to the growth and development of
human capital in Nigeria. Government needs to put forward policies that minimize cost at all
levels, maximize efficiency of output, training and retraining of goods hands; and that there is
need to encourage better motivation of workers at every sector of the economy amongst others.
Keywords
H Social Sciences (General), HJ Public Finance