INVESTMENT IN HUMAN CAPITAL IN NIGERIA: A PHILOSOPHICAL PERSPECTIVE

Abstract

The importance of Human capital investment in the growth, development and advancement of any country cannot be over emphasised. Taking a philosophical approach, the paper examined the centrality of human capital investment as conceived by great thinkers and scholars over the years. It also undergird the rationale for human capital investment as expressed in the National Education Policy, and captured in Chapter II sub section 18 of the 1999 Constitution of the Federal Republic of Nigeria, dealing with Fundamental Objectives and Directive Principles of State Policy, which requires the government to direct its policies towards providing for all citizens suitable and adequate shelter, suitable and adequate food, a reasonable national minimum living wage, old age care and pensions, employment for the youths, sickness benefits and welfare of the disabled, adequate medical and health facilities for all persons, opportunity for securing an adequate means of livelihood, equal pay for equal work without discrimination, equal and adequate educational opportunities at all levels and just and humane conditions of work. Based on this philosophy, this paper argues that human resources are the most valuable assets of a country. With machines, materials, land and money, nothing gets done without human efforts. Accordingly, for Nigeria to compete favourably among the comity of nations, high premium should be given to purposeful and result-driven investment in Human Capital. A major finding of the study revealed that there is a significant relationship between human capital investment and the level of a country's development. The paper therefore recommends that Nigerian government should take education more serious while organizations both public and private are enjoined to note that knowledge and its investment should be seen to be sacrosanct