THEORETICAL PERSPECTIVE ON HUMAN CAPITAL DEVELOPMENT AND SOCIO-ECONOMIC DEVELOPMENT

In the traditional neo-classical growth model, developed by Robert Solow and Trevor Swan in the 1950s, the output of an economy grows in response to larger inputs of capital and labor (all physical inputs). To the neo-classical growth models, non-economic variables, such as human health, skills, knowledge, etc., have no function in the growth process of an economy. This line of thought was described as the Exogenous growth theory and it does not explain why countries with little capital and labor grow more than countries with abundance of these resources. 
A new theory described as the endogenous growth theory emerged in the 1980s, particularly due to the works of Paul Romer and his associates in response to the postulations of the exogenous theorists. They argued that economic growth and development in most fast developing economies, particularly, those of the East Asian developing countries, where the economies have continued to grow for well over three decades, demonstrated quite the contrary. The argument is that, it is not only technology, which is the main driving force accountable for maintaining such high growth performance in the economies, but that there were other factors which are outside the realm of the neoclassical growth model.

THE CONCEPT OF VISION 202020

The Nigerian government is known for rolling out good development plans and programs over the years. Apart from the first, second, and third national development plans, there was also the vision 2010 development program, all of which were not implemented to the latter so as to achieve the desired result. With the relative political stability in the country following the sustainable democratic order and the acceptance of the country by the international committee, the nation envisions a great future ahead.
Furthermore, Goldman Sachs’ classification of countries identified Nigeria to be one of the N-11 countries, which are countries that have the potential for attaining global competitiveness based on their economic and demographic settings and the foundation for reforms already laid. Following these assurances for growth, the government of the Federal Republic of Nigeria conceptualized the vision 202020 program. This is a development program of the Federal Government to join or become one of the 20 largest economies of the world by the year 2020. This, it is believed, would enable it to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and political arena.

VISION 202020 DEVELOPMENT PROGRAMME

INTRODUCTION
Successive administrations in Nigeria, since independence, have designed and conceptualized various development programs to make the country one of the developed countries of the world. The development programs in the country include First National Development plan (1962-1968), Second National Development plan (1970-1974), Third National Development plan (1975-1980), and other policy statements, such as education for all, health for all, and housing for all by the year 2000, vision 2010,

THE CONCEPT OF HUMAN CAPITAL DEVELOPMENT

 To understand the concept of human capital development, we must first examine the term human capital and move on to its development. The human being is the most important asset anywhere in the world. Natural scientists opined that the human being is very unique among living things. This is because of the high level of reasoning human beings demonstrate in their relationships within their environments. This reasonableness has made men to rapidly change their living conditions and their societies; hence, many scholars view human beings as capital to organizations and nations, though this view is not without criticism. In this sense, human capital refers to the stock of productive skills and technical knowledge embodied in labor.  Lev and Schwartz (1971) fall short of proffering a formal definition to the concept of human capital, but stated that it is, “… a source of income embodied in a person, in the form of his brute force and his natural and acquired skills …”. This notion of human capital treats a person’s values as though it were totally an intrinsic phenomenon, that is, as though it were determined entirely by the individual’s inherent qualities, traits, and skills.

THE CENTRALITY OF HUMAN CAPITAL DEVELOPMENT TO THE ATTAINMENT OF NIGERIA’S VISION 202020 DEVELOPMENT PROGRAMME

ABSTRACT 
This article examined the centrality of human capital development as a way of achieving Nigeria’s vision 202020 development program. The paper argued that human beings are the greatest wealth and resources of a nation, which will coordinate all other resources to achieve development, therefore any country, which fails to lay the foundation of its development on its human resources, will also fail to achieve development.