S.O. Igbenedion

Health spending is viewed as a wise investment in human capital because it increases labor productivity. Wellness is a substantial productive asset and the heart of economic growth, according to Barro (1996). A vital component of well-being, good health affects morbidity and labor productivity, which boosts economic growth. Immediate household (out-of-pocket) payments, private insurance, charitable contributions, and direct services payments by private enterprises are all considered private health expenditures (Jhingan, 2017). Labor productivity is a measure of the efficiency with which labor is used to produce goods and services. It is often calculated as the ratio of output to input, with output being the value of goods and services produced and input being the amount of labor and other resources used to produce those goods and services. In general, a country's labor productivity is an important indicator of its economic health and competitiveness. In Nigeria, labor productivity has historically been relatively low compared to other countries in the region and around the world. There are a number of factors that contribute to this low productivity, including a lack of investment in education and training, inadequate infrastructure and technology, and low levels of investment in research and development. The quantity of products and services produced in a nation per hour of labor is known as labor productivity. Because it particularly measures the volume of actual gross domestic product manufactured by an hour of labor, there has been an increase in interest in examining the link among economic and health-related growth (through labor productivity), which has been significantly sparked by a Report Of the world bank on health (World Bank, 2023). Health expenditure refers to the financial resources that are dedicated to the provision of health services and the promotion of good health. These resources can come from a variety of sources, including governments, private insurance companies, and individual households. Labour productivity, on the other hand, refers to the amount of output that is produced by a unit of labor within a specific period of time. It is often used as a measure of economic growth and competitiveness, as well as a way to gauge the efficiency of a country's workforce