The paper was undertaken to find out if the level of financial deepening affects the level of human capital development in Nigeria. To achieve the objectives, four research hypotheses were formulated and relevant data were sourced from the central bank of Nigeria (CBN) statistical bulletin (2019) and the united nation development programme (UNDP) database (2019), 1997 to 2019. The study used the human development index (HDI) as a proxy for human capital development (HCD) while the ratio of Broad Money Supply (M2) to Gross Domestic Product (GDP), the Credit to Private Sector (CPS) to GDP, the ratio of Commercial Banks Deposit (CBD) to GDP, and the ratio of Liquid Liabilities (LL) to GDP as independent variables. The ordinary least square (OLS) estimation results show that the independent variables M2/GDP, CDB/GDP, have a positively insignificant effect on HDI in Nigeria while CPS/GDP and LL/GDP have a negatively insignificant effect on HDI in Nigeria. The study, therefore, recommends amongst others that; the government should make the economy more liquid (i.e financial assets), the government should continuously reform the financial sector to meet with the best global practices, the government through the CBN should bring out policies that will encourage banking habits among the citizens (financial inclusion) and government should make the financial sector more responsive to investors and access to credits should be made easier for investment in order to improve human capital development vis-à-vis the economy.
