Human Capital Development in Emerging Economies: Lessons from Singapore and Nigeria

Abstract

Singapore ranks among the first in the World most competitive economies. In spite of being a nation of island in Southeast Asia, the story of Singapore’s transformation from a lower ebb of developing countries to upper heights of developed countries within a record time is still amazing to many. Nevertheless, Singaporeans’ giant feats is not lacking in strategic commitment to human capital development. As central indicator for its strategic control of trading passes, promotion of friendly policies, attraction of international investors, and institution of both political stability, efficient and transparent government, the Singapore example has shown clearly that emerging economies is premised on good leadership. In contrast, Nigeria is still struggling in the dream land of emerging economies. This paper focused on human capital development and emerging economies with aims of identifying and analyzing their relationships in the competitive global market. What are the lessons that Singapore and Nigeria have to offer the world in human capital development and emerging economies? The study relied on secondary source of data. It is a qualitative study, and descriptive in data analysis. The findings of the paper revealed that leadership, political stability, security and sustainable economic development drive human capital, development and emerging economies. It recommended among others, that, Nigeria should learn useful lessons from Singapore by its straightening human capital development strongly while Singapore too should foster its position in global economic frontiers.