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Human Capital In Nigeria

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2.3.1 Human Capital

Human capital is not only an important asset with a vital role in the growth and development of an economy, it is also a good investment for promoting a better nation. Son (2010) highlighted human capital as a key factor of production, which contributes effectively to production function by transforming physical inputs into outputs in the form of goods and services. The findings also explained that the accumulation of human capital would improve labour productivity, facilitates technological innovations, increase returns on capital, enhance a more sustainable growth, which in turn facilitates a reduction in poverty in the macroeconomic perspective. Human capital was considered as a component of education that contributes …show more content…

This study also identified human capital as taking on different forms: education, experience and management in business endeavours. The study employed three methods of data collection, which includes administering a questionnaire, personal interview and observation of natural phenomenon to achieve the set objective. The findings of the study demonstrated that the majority of women entrepreneurs in Nigeria does not have previous training and entrepreneurial experience in their business enterprises. The findings also identified gaps as business activities were not optimized in their performances due to a shortfall in the access to credit facilities and information asymmetry. These are required to help exploit greater business opportunities in the future (Yusuff & Andrew, …show more content…

Marshall and Oliver (2005) identified three capitals that contribute to a successful entrepreneurial endeavour: human capital, financial capital and social capital. The study identified human capital, which is very dominant in a business success as an individual’s knowledge, skills and objective judgment. Unger et al., (2011) explained human capital as the capability of an individual to exploit potential business opportunities and an ability expressed in the transformation of work experience to knowledge and skills. Malugeta (2012) reported that there is a positive correlation between business performance and human capital (women entrepreneurs), and that they possess an average level of education and experiences in their

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