Page 1 of 21
Journal for Studies in Management and Planning
Available at
http://edupediapublications.org/journals/index.php/JSMaP/
ISSN: 2395-0463
Volume 03 Issue 11
October 2017
Available online: http://edupediapublications.org/journals/index.php/JSMaP/ P a g e | 21
ICT and Development of Human-Capital on Performance of Nigerian Deposit Money
Banks
Nwakoby Nkiru Peace,
Department of Business Administration,
Nnamdi Azikiwe University, Awka
Ajike Ada Kalu
Department of Business Administration,
University of Nigeria, Enugu Campus
Abstract: This study is to explore the critical need of ICT in development of human-capital with regard to
the performance of Nigerian deposit money banks. Specifically, this paper seeks to: ascertain the extent at
which ICT has significantly contributes to human capital development in Nigerian deposit money banks
and determine the effect of ICT on efficient performance of human capital development in Nigerian
deposit money banks. Survey research was adopted for the study. The population of the study consists
of the staff three selected commercial banks situated in Onitsha metropolis. The total population is 62
staff. Data obtained from questionnaire administered and hypotheses formulated were presented in
tabular form and analyzed using five point likert‟s scale. The hypotheses formulated for this study were
tested with one sample t-test statistics with aid of SPSS version 20.0 software to arrive at a logical
conclusion. Based on this, the study found that ICT has significantly contributes to human capital
development as well contributes to the efficiency performance of human capital in Nigerian deposit
money banks. The study therefore recommended among others that Nigerian bank should emphasis more
on motivational policies that will enhance productivity of their staff after engaging them on the basic ICT
training and development exercise.
Key words: ICT, Human Capital Development and Nigerian deposit money banks
Introduction
Information and communication
technologies played a significant role in
redefining social relations, facilitating the
linkage between individuals, groups and
institutions across the globe. Vast swathes
of human populations, divided along ethno- cultural and geographical lines, have been
united in an intriguing interconnectedness
enabled by ICT tools. Increasingly, too,
ICTs are becoming more affordable to
those Collier in Spence and Smith (2009)
tag the “bottom billion” or “next billion‟ or
“bottom of the pyramid”, thus empowering
the world‟s poorest and offering them, at
the same time, massive opportunities and
possibilities that were considered mere
Shangri-la many years ago. ICTs through
globalization or globalization through ICTs
have continued to drive human civilization
by the scruff. A corollary of the hegemonic
posture of ICTs in the global society is
typified by the patent dependence of the
social structure on technology.
Page 2 of 21
Journal for Studies in Management and Planning
Available at
http://edupediapublications.org/journals/index.php/JSMaP/
ISSN: 2395-0463
Volume 03 Issue 11
October 2017
Available online: http://edupediapublications.org/journals/index.php/JSMaP/ P a g e | 22
Information and communication
technology (ICT) offers the promise of
fundamentally changing the lives of much
of the world‟s population. In its various
forms, ICT affects many of the processes of
government and business, how individuals
live, work and interact, and the quality of
the natural and built environment. The
development of internationally comparable
ICT statistics is essential for governments
to be able to adequately design, implement,
monitor and evaluate ICT policies
(Madueme, 2010). Information and
Communication Technology (ICT) has now
been accepted as one of the main driving
force behind organizational
competitiveness in the present day business
environment. Presently, ICT is having
dramatic influence on almost all areas of
human activities and one of the areas of
economic activities in which this influence
is most manifest is the banking sector. The
banking industry is one of the critical
sectors of the economy which makes
invaluable contributions to the pace of
economic growth and development of
nations (Ajayi, 2003; Madueme, 2010).
Nigeria is endowed with abundant natural
and human resources. It is expected that
with such abundance of natural and human
capital resources, Nigeria would have
become a prominent figure among the most
industrialized nations in the world. Sadly,
the situation appears to be the reverse.
Nigeria continues to wallow in economic
under-development and technological
backwardness.
Efforts in the past which attempted to
reverse this trend were unsuccessful
primarily because Nigeria has an economic
system which suffers from a plethora of
deficiencies. Prominent among these is the
relegation of human capital to a secondary
role in the production process. Beginning
with the four National Development Plans,
through Austerity Measure, Structural
Adjustment Programme (SAP), the vision
2010 (later shifted to 2020), to the present
political leaderships Seven Point Agenda,
the various administrations failed to nurture
economic growth and development through
clearly defined human capital development
strategies to evolve competitive market- oriented economy. Most developing nations
including Nigeria have embarked on
various reforms that foster the use of ICTs
in their economies. These reforms tend to
yield little or minimal benefits to economic
growth and development, especially when
compared with the developed countries of
the world. Technological advancement is
known to impact fast rate of economic
Page 3 of 21
Journal for Studies in Management and Planning
Available at
http://edupediapublications.org/journals/index.php/JSMaP/
ISSN: 2395-0463
Volume 03 Issue 11
October 2017
Available online: http://edupediapublications.org/journals/index.php/JSMaP/ P a g e | 23
development. In Nigeria, policy on
adoption of Information and
Communication Technologies was initiated
in 1999, when the civilian regime came into
power of government. The operations of
the licensed telecommunication service
providers in the country has created some
well-felt macroeconomic effects in terms of
job creation, faster delivery services,
reduced transport costs, greater security and
higher national output (Emmanuel &
Adebayo, 2011).
Attempts to ensure sustainable economic
development and poverty reduction of most
nations usually involve the development of
agriculture, mining, industrial as well as the
service sectors. The Industrial Revolutions
in Europe and America, generally and
specifically, have been premised on
technological breakthroughs. During the
late 1990s, Information and
Communication Technology (ICT) was the
largest contributor to growth within capital
services for both Canada and the United
States (Harchaoui, 2002). Similar trend has
been observed with the economic
development of China, Korea, Taiwan,
India, South Africa, and other emerging
economic powers (Fuss & Waverman,
2005). In Nigeria, provision of public
infrastructure is grossly inadequate and
poor.
Past studies on the developing economy
have bothered on the challenges and roles of
ICTs on economic growth (Carayamis and
Popescu, 2005; Ndukwe, 2003, 2004; Igwe,
2005), hence Nigeria, the giant of Africa‟ is
faced with the intimidating and
overwhelming challenge of developing her
human capital. Developing countries spend
much less on ICT. So far, however, there
have been very little empirical studies for
the developing countries in this field.
However, similar to studies in developing
countries, a major conclusion is that ICT
will not be productively utilized without
changes in the structure, organization and
business models of firms and without
improvement in ICT skills of the labor force,
nor without institutional or regulatory
change. In the light of the above, this study
set out to determine the impact of ICT on
human capital development in financial
institution.
This study explores the critical need of ICT
in development of human-capital with
regard to the performance of Nigerian
deposit money banks. Specifically, this
paper seeks to:
