Private universities and human capital development in Nigeria: an analysis of growth, benefits and challenges in a knowledge-demanding economy

Abstract

In Nigeria private universities have exhibited an impressive growth over the past one and half decades, becoming one of the fastest growing higher education systems in the country. The number of private registered universities in the country increased from three in 1999 to fifty in 2012 representing 27.5% annual growth rate while enrolment also increased from just 653 in 2000/2001 session to 59,022 students in 2008/2009 session indicating an increased enrolment of 58,269 students during the period. However, despite these positive trends in the industry, the HCI for Nigeria has continued to pale into insignificance when compare with other similar countries. Thus, threatening the country’s drive towards achieving sustained economic growth by the year 2020. Having x-rayed the prospects and challenges confronting private universities and human capital development in Nigeria, this paper suggests possible ways to improve private universities' contribution to the human capital production with the potential to increase economic productivity in the country