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

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.