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THE RELATIONSHIP BETWEEN HUMAN CAPITAL INDEX AND ECONOMIC DEVELOPMENT WHAT IS THE IMPACT OF EDUCATION POLICY ON NIGERIA’S GDP
Abstract. Human capital index (HCI) quantifies the contribution of education and health to the productivity of the next generation of workers. (World Bank) The obvious presence of education in the definition of human capital index shows that these two points are key to economic development which cannot be ignored. It is worth to mentioning that knowledge is the basis of innovation in any country and the embodiment of technological change that promotes all factors of production.
In this article, we mainly study the impact of the historical background of Education in Nigeria on Nigeria’s GDP. We cover the popularization of simple historical background, and select relevant data fromNigeriafrom1978 to 2020 for data analysis. The blind pursuit of socialism in Nigeria before, it only changed people’s thinking, but it was not implemented in educational actions, which limited the subsequent development. And then we combine the financial crisis with education to discuss their impact on Nigeria’s GDP.
In general, education needs to be tailored to the development of the society of country itself.
Keywords: Nigeria education policy · GDP growth rate · economic impact · Nigeria education history · health impact