International Journal of Social Sciences and Humanities Innovations, Volume 7, Number 2, 2016

ISSN: 2856-2111





= Fashina, Oluwatoyin Abiola

        =             &nb= sp;  Department of Business Adminatration and Management

= Rufus Giwa Polytechnic, Owo ,Ondo State, Nigeria



= The study examines human capital investment as a determinant of sustainable economic growth in Nigeria, and assesses the impact it has on the growth of= the Nigeria economy. The data employed were drawn from secondary sources namely time series data as published by CBN statistical Bulletin of various issues= , the yearly allocation of human capital (Health & Education) during the peri= od under review were analysed. The study reveals that there is a casual relationship between investing in human capital and sustainable economic gr= owth of the country in the period under review. However, for any sustainable gro= wth to occur in a country, government should increase is budgetary allocations = in human capital development and ensure proper evaluation, implementation and = monitoring of expenditure is disbursed in both education and health sectors.

Keywords: Capital Formation, Economic Growth, Government Expenditure, Durable Growth, Labour Force.



     In recent times,= the debate on investing in human capital, has come to limelight as a result of people’s quest for education and health care. The role education and health play in the development of individual citizens and the nation as a whole, has for long, been appreciated by individuals, voluntary agencies, organized groups and the government at various levels starting from the precolonial era to the present. Education empowers citizens mentally and physically and also provides for the state the required human capital for i= ts growth; politically, socially and economically (Adedeji, 2001)     

 &n= bsp;        The benefits accruable from education have been the motivating factor behind the actions of the early missionaries and voluntary organizations who establish= ed the early modern education institutions in the country and those individual Nigerians, who sought for higher education outside the shore of this nation prior the establishment of such levels of educational institutions in the country. Consequently, many health programmes rely on basic skills from such educational schools being sought after, and reports have shown that improve= ment in productivity efficiency raises the return on a lifesaving investment in health.

 &n= bsp;        Over the years, in Nigeria, there had been various health and educational proble= ms as a result of inadequate funding of education and health services. The cur= rent education and health status shows that a large proportion of the labour for= ces is not too well prepared to contribute to sustainable economic growth. The = goal of the government towards health and education is not directed towards measurable variables in the indices of sustainable development. For example= if the health sector had been properly funded, there ought to be a measurable impact in the level of the heath care delivery system in the country. The clinics will not be mere consulting outlets where thousands of Nigerians st= ill die from major diseases such as malaria, HIV/AIDS and maternal/infant deaths etc. Similarly the science and technology driven development are still in t= heir infancy. We rely heavily on importation of goods and services and there is = no value added to the raw materials before export that will generate revenue w= hich will boost better standard of living for all even though there are politics= on health and Education which advocate better Health and Education for all by = the year 2020. The world is talking about globalization, international property rights and information technology, and these are only be achieved through s= ound education and good health care of the citizen. Since health and educational status affects the individual’s participation in economic activities = and consequently the level of the labour force in an

Human Capital Investment as a Determinant of Sustainable Economic Growth in Nigeria=


economy, the study therefore tends to ask questions why the expenditure on education and health has not contributed to the GDP of the Nation, The study also intends to know if there is any relationship between Human Capital and Sustainable Growth in Nigeria?, and = what effort is the Government making at developing the country’s Human Resources? etc. Hence, a re-examination of the level of investment in human capital and sustainable growth is imperative, and this re-examination is the principal focus of this study.



 &n= bsp;        The overall objective of this study is to examine the impact of human capital investment on sustainable economic growth in Nigeria for the period between 1983 and 2013. Specifically other objective is to:

<![if !supportLi= sts]>     &uum= l;  <![endif= ]>assess the imp= act of human capital investment on sustainable economic growth



= Study area

 &= nbsp; Towards examining Human Capital Investment as a determinant of Susta= inable Economic Growth in Nigeria, the Augmented Solow Growth Model (mankiw et al (1992) Caselli et al (1996) is adopted and log-linear regression is carried= out on the model.

GDPt =3D ƒ(ED)tα0 +ƒ(HE)tα1 + ƒ(DF)t^= 5;2 +..……(1) Where GDPt =3D Gross Domestic Product, Ed<s= ub>t is Education Expenditure, Het is Health Expenditure and DFt= is Defence Expenditure.  =

Taking the natural logarithm of both sid= es, equation 1 is redefined as:

Ln GDPt =3D α= 0+ α1 Ln ED + α2 Ln HE+ = α3LnDF + Ut …….(2)  <= /span>

However, the a= bove equation (i.e. equation 2) being a static equation, do not provide any insi= ght into the behaviour agents out of equilibrium. Thus the appropriate specification of the relationship between the long-run theory and short run dynamics within the context of Co-integration and error correction has led = to important revision in the modeling of macroeconomic relationships and hence, dominated the most of the time series economic researches in recent years (Adebiyi, 2002).

 In view of this, the attempt to cap= ture the short-run dynamic properties of the model, has necessitated the inclusi= on of the error correction factor/mechanism (ECM). Thus the model is modified = as follows:

LnGDPt =3D α<= sub>0+ α1LnED+ α2LnHE+ α= ;3LnDF+ ECM + Ut ……. (3)

  Therefore, equation 3 of the model = will be the equation to be estimated. It should be noted that all other variable= s in the equation are to provide an enabling environment for education (i.e. The major argument variable).

A Prior Expectation

 It is excepted that

∂GDP/∂HE>0, ∂GDP/&#= 8706;ED>0, ∂GDP/∂DF>0,

 <= /span>The scope covers the period between 1983-2013 and the period is chosen because during this period the major objective of the government was the promotion = of development and stability. This is seen in the Strucutural Adjustment Progr= amme of the government, the deregulation exercise etc. This means the attainment= of a steady growth of the National Income and Price Stability which are indica= tors for achieving sustainable economic growth.



     Data employed in= this study were secondary data from Central Bank of Nigeria statistical Bulletin= of various issues from which government yearly budgetary allocations to Educat= ion, Health and Defence for the period under review were obtained.



=     The concept of= human capital refers to the abilities and skills of human resources of a country (Adamu; 2002), while human capital formation refers to the process of acqui= ring and increasing the number of persons who have the skills, education and experience that are crucial for the

International Journal of Social Sciences and Humanities Innovations, Volume 7, Number 2, 2016


economic growth and political developmen= t of a country (Okojie, 1995). Human capital formation, Okojie concludes, is thus associated with investing in man and his development as a creative and productive process.

 &n= bsp;        Effective investment in human capital is a key component of long term economic growth= and increased productivity. (Adenuga;1998). A well educated population is an objective in itself as well as the conduct to accelerated social and econom= ic development. According to the 1998 African Development Bank Report (ADB), h= uman capital development can be described as an essential means for sustained economic growth and poverty reduction and also as an end in itself. World Bank’s (1995) assessment for 192 countries indicates that human capit= al, on average, accounts for 64 percent of the total wealth while physical and nat= ural capital account for 16 and 20 percent respectively.

 &n= bsp;        Of all the contributory factors to economic development, human resources stand= out as the major factor that determines the manner in which all other factors should be combined and spur the development process (Ojo, 1996).The United Nations Development Programme (UNDP; 1997), supports this view, arguing that development should focus on human development that should be seen in the li= ght of how economic growth is managed and distributed for the benefit of the pe= ople.

 &n= bsp;        Economic Growth is an important objective of economic policy particularly in Nigeria because it is the key to improved standards of living. It brings an increas= ing revenue which means more and better schools, hospitals, and other social services. Economic growth has been defined as the process whereby the real = per capita income of a country increases over a period of time (Meier, 1984; Obadan, 1996). Durable growth (Obadan,1996) requires sustainable policies- = ones that do not give rise to accelerating inflation for its attainment, and tha= t a sound fiscal policy creates a hospitable climate for private and public investments and thus promote productivity. There can be no significant econ= omic growth in any country without adequate human and natural resources. In esse= nce, human capital formation is fundamental to a nation’s socio-economic progress and seeks to improve the quality of life, which is the ultimate go= al of economic development and growth. In support of this view, Ojo (1996), ar= gues that improved human beings will not complain about their education, health, food, housing and security among other things, therefore the improved human beings are better producers who contribute positively to economic growth and its sustainability.





Pp test statistic

Critical Value

Order of intergration<= /span>

Level of significance =









1 (1)





1 (1)












= Source: Author’s computation based on E-View software, 2012.


= Co-integration test

= (Eagle and Granger Approach)

 &n= bsp;        As posited by Obaseki (1998), co-integration techniques arose from the need to integrate short-run dynamics with long-run equilibrium through the inclusio= n of an Error Correction Mechanism (ECM= ) in the dynamic formulation of the model estimation. Furthermore, co-integra= tion analysis helps explore the long-run relationship status of the variables included in the estimated models. In respect of this, Eken et al, (1995) explained that the integration series will have linear combination that will converge to stationary long-run equilibrium relationship. The result of the= co-integration test is presented in table 2.



Human Capital Investment as a Determinant of Sustainable Economic Growth in Nigeria=


= Table 2:Co-intergration Test Result


Pp test statistics

Critical value

Order of integration

Level of significance




1 (0)


= Source: Author’s computation based on E-View Software, 2012.













Dependent variable


LN Health







PR (Fstat)
































=   <= /span>Source: Author’s computation bas= ed on E-View Software, 2012.<= /b>

Values paranthesis  (0) are t- statistics values<= /o:p>

Value paremthesis (   )   are standard error values<o:= p>

* =3D) 1% significance level =

** =3D) 5% significance level=

*** =3D) None significance level



     The results of t= he estimated equation show that all parameters of the model except health expenditure impinge positive impact on GDP. It should be noted that expenditures on defence, and health included are to provide an enabling environment for the major argument variable; expenditure on Education in the equation is a priori expected to be growth improving. This is premised on t= he fact that education is the process of developing the congnitive, effective = and psychomotor faculties of the people in order to equip them with knowledge a= nd skill necessary to survive and make progress in the society (Ethusani, 2002= ). This shows that the result of the coefficient of education in the estimated equation signed-in with the positive theoretical underpinning. The result s= hows that a unit change (increase) in the investment in education would generate about 0.39 unit change (increase) in GDP of the nation. The result, however= , is statistically insignificant. This could find expression in:

i] =        The Piracy Argument: that is, the newly created educational capital has gone in= to piracy; such that it becomes privately remunerative but socially unproducti= ve activities.

ii]&nbsp= ;      Retarded growth in the demand for educated labour so that the supply of educational capital has outstripped demand and returns to schooling.<= /p>

iii]&nbs= p;      Failure of the education system in which a year of schooling provides few (or no) skills. This results in production of misfits and incompetent workers.=

iv]   Another reason is the job Mi= smatches, in which qualified doctors or an engineer may be employed as a school teach= er in their quest for survival.

v] =       The precarious ‘brain drain’ syndrome, just to mention a few.<= /o:p>

 &n= bsp;        All these factors are capable of neutralizing the impact of investment in educa= tion on the economic growth of a nation and render it insignificant. However, th= is result corroborate the works of Hicks, (1980), Weeds (1983), Barro (1991), = Ojo and Oshikoya (1995), Grammy and Assane (1996), Tsauni (2004) and Fashina (2006), just to mention a few.

 &n= bsp;        Furthermore, the theory supports that expenditure on health facilities and services would improve the life expectancy, strength and stamina, and the vitality of the people, which are all key factors of growth. The result of this work shows a negative relationship between total health expenditure and GDP. It reveals = that a unit increase in health expenditure will cause about -1.14 decrease in GD= P. The reason for this is not difficult to explain it could be explained given the following:



International Journal of Social Sciences and Humanities Innovations, Volume 7, Number 2, 2016


i} =        The administrative fraught in the system especially in the process of channeling the fund to the appropriate areas of need. This is what people termed as the “Nigeria factor” which could be captured under the auspice of corruption.

ii}&nbsp= ;      The attitude of some health personnel in the course of delivering and dischargi= ng their services are questionable, unjustifiable and growth-neutralising. <o:= p>

iii}&nbs= p;     The incessant strikes of health workers in the recent times and the brain drain= in the sector are growth-killing. However, this result is similar to that of C= heter and Adenikinju (1996), Tsauni (2004) and Fashina (2006).<= /p>

The findi= ngs also show that government expenditure on defence is positively related to G= DP. It shows that a unit increase in investm= ent expenditure on defence and security will produce about 1.89 unit increases = in GDP, and the effect is statistically significant at 1% level.

The short-run dynamics of the model can be captured to the tune of about 26.5% as shown by the ECM coefficient, though not significant. Furthermore, the R2= of the equation with the value of 0.84 explains that the independent variables= of the model have 84% explanatory power in the total variation of the GDP. Thi= s is justified by the R-2 of the value of 0.81 (81%) the E-value of 3= 0.4 is significant at 1% levels as revealed by the F-stat (prob) of 0.0005. This further suggest a strong linear relationship between the regressors and the regress and. The D.W statistics of 1.88 rules out auto-correlation.



     The result of the findings has revealed that all macroeconomic/social indicators (i.e.  growth of the (GDP, etc.) point to= the fact that the economy is still on the path of sustained growth and developm= ent. Based on the findings, the study recommends as follows:

* &= nbsp;      For any sustainable development to occur in the country, government should incr= ease its budgetary allocations in human capital development and ensure proper evaluation, implementation and monitoring of expenditure disbursed in both Health and Education sectors. And not only that, effort should be made by t= he government to maintain a steady increase in the yearly budgetary allocation that will develop the human resources.&nbs= p;

* &= nbsp;      The development of a broad-based basic health and Education is a prerequisite f= or sustained and equitable growth, therefore government should increase the le= vel of spending on social services, and the public resources usage should be efficient. Government should concentrate more on financing health and educa= tion rather than servicing our external debt because the release of funds from d= ebt service to health and education, through debt relief, will go a long way to develop the country’s human resources.

* &= nbsp;      Government should ensure rapid progress in quality education and the delivery of effec= tual health care system as a means of human capital formation. Good education and health policies should formulated and properly monitored and sustained. Maj= or diseases should be seen as an emergency development challenges and should be tackled with all seriousness. In addition, concrete efforts should be made to reduce significantly the pace of brain drain form the country, through good govern= ment and employment security.



Adamu P.A. (2002): Traffic policy and the development of Nigeria’s

        =    manufacturing ector In: The Structural Growth and Development of = The

        =     Nigeria Economic. Essays in Honour of T.M. Yesufa, Iyoha, M.A= .


Adebiyi M.A. (2002): Debt Services Educa= tion Expenditure Nexus: The Nigeria

        =     Experience Human Resources Development in Africa. NES selected =

        =     Papers.


Adenuga A.O. (1998): Analysis of Educational Expenditure and Performance in

        =    Nigeria, Proceedings of the Nigeria Statistical Association.<= o:p>


Human Capital Investment as a Determinant of Sustainable Economic Growth in Nigeria=


African Development bank (1998): African Development Bank Report, 1998:

        =    Abidjan ADB.


Barbeir, E. (1998): Economic Natural Resources, Scarcity and Development,

        =   Earthscan, London, UK.


Barro. (1991): Government Consumption Expediture and Economic Growth. In

        =   Kweka, and Morrisey (2000): Government spending and Economic Growth =

        =   in Tanzania, CREDIT Research Paper No 00/6.


Becker G.S. et al (1998): Human Capital, fertility and Economic Growth. J= ournal

=         =    of Political Economy 98 (5).  


Caseli F.G. (1995): Reopening the convergence debate: A new look at cross

        =    country growth empirics. = Journal of Economic Growth 1 (3).


Chete. L.N. and G. Akpokodje (1997): = Macroeconomic Determinants of Domestic

         Private Investment in Nigeria: An empirical Exploration.   


Dernburg, T.F. & D. M. McDougall (19= 80):  Macro-Economics: The McGraw-<= /o:p>

        =   Hill, Kogakushua, Ltd.


Eken, S. (1995): Economic Dislocation= and Recovery in Lebanon, IMF

        =   Occasional Paper, No 120, February.


Ekins, P. (1997): Sustainability as t= he Basis of environmental Policy. In New

        =    Dragun, A.K. and Jakobsson, K.M. (eds) Environmental Policy.   

        =    Perspective Edward elgar, Cheltenham, UK.


Ethusani, G. (2002): The Plight of Education and the Status of Teachers in

         Nigeria: Issues and challenges. Paper presented at the Forum = on Cost and

         Financing of Education in Nigeria.


Fashina (1996): The Impact of Human capi= tal Investment on Sustainable

         economic Growth in Nigeria (1982-2002) Unpublished M.Sc Thesis  

         Submitted to the Department of Economics Ekiti State University, Eki= ti

        =   State.


Grammy A.P. and Assane D. (1996): “= ;New Evidence on the effects of Human    

         Capital on Economic Growth”. Applied Economic Letters 4. =


Gujarati N.D. (1995): Basic Econometr= ics. International Edition Singapore

         McGraw Hijill Inc.


Gupta C.B. (1993): An introduction to statistical methods 9th Edition New Delhi =

        =    Vikas Publishing House Limited.


Hicks, N (1980): Economic Growth and Human Resources. World Bank Working

        =    Paper No 408.


Jhighan, M.L. (2001): The Economic of Development and Planning. 34th Edition

        =   New Delhi, Vrinda Publication (P) Ltd.


Mankiw N.G (1992): Contribution to the Empitics of Economic Growth.


International Journal of Social Sciences and Humanities Innovations, Volume 7, Number 2, 2016


        =    Quarterly Journal of Economics CV II, Issues 2 (429) May.


Meier, G.M. (1984): Leading Issues in Economic Development. New York:

         Oxford University Press.


Obadan, M. (1996): “The Macroecono= mic Framework of Economic

        =   Management” Nigeria Economic Society (NES Annual Conference).<= o:p>


Obaseki J.P. (1998): “Purchasing P= ower Parity (PPP). Measure of Naira’s

        =   Equilibrium Exchange Rate” CBN Economic and Financial Revie= w. 36 (1)

Ojo M.O. (1996): “The Role of Human Capital Formation and the Public and

        =   Private Sectors in Revitalizing the Nigeria Economic”. Nigerian Economic    

        =   Society Seminar Series.


Ojo O. and Oshikoya (1995):  Determinants of Long-term Growth: S= ome African

          Results: Journal of African Economics 4(2).


Okojie C.E.E. (1995). Human Capital Formation for Productivity Growth in

        =      Nigeria. Nigeria Economic and Financial Review. 1 (1):


Solow, R.M. (1956): A Contribution to= the theory of Economic Growth: Swan, T.

        =   (1956) “Economic Growth and Capital Accumulation. In Khan, M a= nd D.

        =    Villaneva, AERC special paper 13, May 1991.


Tsauni A.M.  (2004): Impact of Government Expenditure on Economic Growth in

           Nigeria 1980-2001): Unpublished M.Sc Thesis submitted to the =

        =    Department of Economics, Bayero University Kano. <= /span>


UNDP. (2000): Human Development Repor= t. New York: Oxford University

        =    Press.


Weeds, E. (1983): The impact of Democ= racy on Economic Growth: Some

        =    Evidence from Cross National Analysis. Kyklos.


Yesufu T.M. (2000): The Human Factor = in National Development Nigeria,

        =   Ibadan: Spectrum Books Ltd.

------=_NextPart_01D36F70.ADCA4150 Content-Location: file:///C:/EB679E14/HUMANCAPITALINVESTMENT_files/themedata.thmx Content-Transfer-Encoding: base64 Content-Type: application/ UEsDBBQABgAIAAAAIQDp3g+//wAAABwCAAATAAAAW0NvbnRlbnRfVHlwZXNdLnhtbKyRy07DMBBF 90j8g+UtSpyyQAgl6YLHjseifMDImSQWydiyp1X790zSVEKoIBZsLNkz954743K9Hwe1w5icp0qv 8kIrJOsbR12l3zdP2a1WiYEaGDxhpQ+Y9Lq+vCg3h4BJiZpSpXvmcGdMsj2OkHIfkKTS+jgCyzV2 JoD9gA7NdVHcGOuJkTjjyUPX5QO2sB1YPe7l+Zgk4pC0uj82TqxKQwiDs8CS1Oyo+UbJFkIuyrkn 9S6kK4mhzVnCVPkZsOheZTXRNajeIPILjBLDsAyJX89nIBkt5r87nons29ZZbLzdjrKOfDZezE7B /xRg9T/oE9PMf1t/AgAA//8DAFBLAwQUAAYACAAAACEApdan58AAAAA2AQAACwAAAF9yZWxzLy5y ZWxzhI/PasMwDIfvhb2D0X1R0sMYJXYvpZBDL6N9AOEof2giG9sb69tPxwYKuwiEpO/3qT3+rov5 4ZTnIBaaqgbD4kM/y2jhdj2/f4LJhaSnJQhbeHCGo3vbtV+8UNGjPM0xG6VItjCVEg+I2U+8Uq5C ZNHJENJKRds0YiR/p5FxX9cfmJ4Z4DZM0/UWUtc3YK6PqMn/s8MwzJ5PwX+vLOVFBG43lExp5GKh qC/jU72QqGWq1B7Qtbj51v0BAAD//wMAUEsDBBQABgAIAAAAIQBreZYWgwAAAIoAAAAcAAAAdGhl bWUvdGhlbWUvdGhlbWVNYW5hZ2VyLnhtbAzMTQrDIBBA4X2hd5DZN2O7KEVissuuu/YAQ5waQceg 0p/b1+XjgzfO3xTVm0sNWSycBw2KZc0uiLfwfCynG6jaSBzFLGzhxxXm6XgYybSNE99JyHNRfSPV kIWttd0g1rUr1SHvLN1euSRqPYtHV+jT9yniResrJgoCOP0BAAD//wMAUEsDBBQABgAIAAAAIQCq UiXfxgYAAIsaAAAWAAAAdGhlbWUvdGhlbWUvdGhlbWUxLnhtbOxZXYvbRhR9L/Q/CL07/pL8scQb bNnOttlNQuyk5HFsj63JjjRGM96NCYGSPBYKpWnpQwN960NpG0igL+mv2TalTSF/oXdGtjxjj7ub JYWlZA2LNDr3zpl7r84dSZev3I+oc4QTTljccIuXCq6D4yEbkXjScG/3u7ma63CB4hGiLMYNd465 e2X3ww8uox0R4gg7YB/zHdRwQyGmO/k8H8Iw4pfYFMdwbcySCAk4TSb5UYKOwW9E86VCoZKPEIld J0YRuL0xHpMhdvrSpbu7dN6hcBoLLgeGNOlJ19iwUNjRYVEi+JwHNHGOEG24MM+IHffxfeE6FHEB FxpuQf25+d3LebSzMKJii61m11V/C7uFweiwpOZMJoNsUs/zvUoz868AVGziOtVOpVPJ/CkAGg5h pSkX3affqrfa/gKrgdJDi+92tV0uGnjNf3mDc9OXPwOvQKl/bwPf7QYQRQOvQCne38B7XrUUeAZe gVJ8ZQNfLTTbXtXAK1BISXy4gS74lXKwXG0GGTO6Z4XXfa9bLS2cr1BQDVl1ySnGLBbbai1C91jS BYAEUiRI7Ij5FI/REKo4QJQMEuLsk0kIhTdFMeMwXCgVuoUy/Jc/Tx2piKAdjDRryQuY8I0hycfh w4RMRcP9GLy6GuTNyx/fvHzunDx6cfLol5PHj08e/Zw6Mqz2UDzRrV5//8XfTz91/nr+3esnX9nx XMf//tNnv/36pR0IK12F4NXXz/548ezVN5//+cMTC7yZoIEO75MIc+c6PnZusQgWpkJgMseD5O0s +iEiukUznnAUIzmLxX9HhAb6+hxRZMG1sBnBOwlIjA14dXbPINwLk5kgFo/XwsgAHjBGWyyxRuGa nEsLc38WT+yTJzMddwuhI9vcAYqN/HZmU9BWYnMZhNigeZOiWKAJjrFw5DV2iLFldXcJMeJ6QIYJ 42wsnLvEaSFiDUmfDIxqWhntkQjyMrcRhHwbsTm447QYta26jY9MJNwViFrI9zE1wngVzQSKbC77 KKJ6wPeRCG0ke/NkqOM6XECmJ5gypzPCnNtsbiSwXi3p10Be7Gk/oPPIRCaCHNp87iPGdGSbHQYh iqY2bI/EoY79iB9CiSLnJhM2+AEz7xB5DnlA8dZ03yHYSPfpanAblFWntCoQeWWWWHJ5FTOjfntz OkZYSQ0Iv6HnEYlPFfc1Wff/W1kHIX317VPLqi6qoDcTYr2j9tZkfBtuXbwDlozIxdfuNprFNzHc LpsN7L10v5du938v3dvu53cv2CuNBvmWW8V0q6427tHWffuYUNoTc4r3udq6c+hMoy4MSjv1zIqz 57hpCIfyToYJDNwkQcrGSZj4hIiwF6Ip7O+LrnQy4QvXE+5MGYdtvxq2+pZ4OosO2Ch9XC0W5aNp Kh4cidV4wc/G4VFDpOhKdfUIlrlXbCfqUXlJQNq+DQltMpNE2UKiuhyUQVIP5hA0Cwm1snfCom5h UZPul6naYAHUsqzA1smBDVfD9T0wASN4okIUj2Se0lQvs6uS+S4zvS2YRgXAPmJZAatM1yXXrcuT q0tL7QyZNkho5WaSUJFRPYyHaIQX1SlHz0LjbXNdX6XUoCdDoeaD0lrRqNb+jcV5cw1269pAY10p aOwcN9xK2YeSGaJpwx3DYz8cRlOoHS63vIhO4N3ZUCTpDX8eZZkmXLQRD9OAK9FJ1SAiAicOJVHD lcvP0kBjpSGKW7EEgnBhydVBVi4aOUi6mWQ8HuOh0NOujchIp6eg8KlWWK8q8/ODpSWbQbp74ejY GdBZcgtBifnVogzgiHB4+1NMozki8DozE7JV/a01poXs6u8TVQ2l44hOQ7ToKLqYp3Al5RkddZbF QDtbrBkCqoVk0QgHE9lg9aAa3TTrGimHrV33dCMZOU00Vz3TUBXZNe0qZsywbANrsTxfk9dYLUMM mqZ3+FS61yW3vtS6tX1C1iUg4Fn8LF33DA1Bo7aazKAmGW/KsNTsxajZO5YLPIXaWZqEpvqVpdu1 uGU9wjodDJ6r84PdetXC0Hi5r1SRVt899E8TbHAPxKMNL4FnVHCVSvjwkCDYEPXUniSVDbhF7ovF rQFHziwhDfdBwW96QckPcoWa38l5Za+Qq/nNcq7p++Vixy8W2q3SQ2gsIoyKfvrNpQuvouh88eVF jW98fYmWb9suDVmUZ+rrSl4RV19fiqXtX18cAqLzoFLq1sv1ViVXLze7Oa/dquXqQaWVa1eCarvb DvxavfvQdY4U2GuWA6/SqeUqxSDIeZWCpF+r56peqdT0qs1ax2s+XGxjYOWpfCxiAeFVvHb/AQAA //8DAFBLAwQUAAYACAAAACEADdGQn7YAAAAbAQAAJwAAAHRoZW1lL3RoZW1lL19yZWxzL3RoZW1l TWFuYWdlci54bWwucmVsc4SPTQrCMBSE94J3CG9v07oQkSbdiNCt1AOE5DUNNj8kUeztDa4sCC6H Yb6ZabuXnckTYzLeMWiqGgg66ZVxmsFtuOyOQFIWTonZO2SwYIKObzftFWeRSyhNJiRSKC4xmHIO J0qTnNCKVPmArjijj1bkIqOmQci70Ej3dX2g8ZsBfMUkvWIQe9UAGZZQmv+z/TgaiWcvHxZd/lFB c9mFBSiixszgI5uqTATKW7q6xN8AAAD//wMAUEsBAi0AFAAGAAgAAAAhAOneD7//AAAAHAIAABMA AAAAAAAAAAAAAAAAAAAAAFtDb250ZW50X1R5cGVzXS54bWxQSwECLQAUAAYACAAAACEApdan58AA AAA2AQAACwAAAAAAAAAAAAAAAAAwAQAAX3JlbHMvLnJlbHNQSwECLQAUAAYACAAAACEAa3mWFoMA AACKAAAAHAAAAAAAAAAAAAAAAAAZAgAAdGhlbWUvdGhlbWUvdGhlbWVNYW5hZ2VyLnhtbFBLAQIt ABQABgAIAAAAIQCqUiXfxgYAAIsaAAAWAAAAAAAAAAAAAAAAANYCAAB0aGVtZS90aGVtZS90aGVt ZTEueG1sUEsBAi0AFAAGAAgAAAAhAA3RkJ+2AAAAGwEAACcAAAAAAAAAAAAAAAAA0AkAAHRoZW1l L3RoZW1lL19yZWxzL3RoZW1lTWFuYWdlci54bWwucmVsc1BLBQYAAAAABQAFAF0BAADLCgAAAAA= ------=_NextPart_01D36F70.ADCA4150 Content-Location: file:///C:/EB679E14/HUMANCAPITALINVESTMENT_files/colorschememapping.xml Content-Transfer-Encoding: quoted-printable Content-Type: text/xml

------=_NextPart_01D36F70.ADCA4150 Content-Location: file:///C:/EB679E14/HUMANCAPITALINVESTMENT_files/header.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"

<![if IE]> <![endif]>

<![if !supportFootnotes]>


<![if !supportFootnotes]>


<![if !supportFootnotes]>


<![if !supportFootnotes]>


<!= --[if supportFields]>PAGE=   <![endif]-->






------=_NextPart_01D36F70.ADCA4150 Content-Location: file:///C:/EB679E14/HUMANCAPITALINVESTMENT_files/filelist.xml Content-Transfer-Encoding: quoted-printable Content-Type: text/xml; charset="utf-8" ------=_NextPart_01D36F70.ADCA4150--

No Images


No Images