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The development of human capital has been identified as the most important component of all the factors employed in production economics. Since independence in 1960, Nigeria has placed great emphasis on training and education for human capital formation. However, the education process as the primary means of developing human resources has failed, in its conventional mode, to fulfil the needs of the country. This paper therefore examines the impact of open and distance learning on the human capital development processes in teacher education and other areas in Nigeria, presenting an overview of human capital development efforts in Nigeria with a focus on the tertiary education system. The study also maps out the potential benefits and logical justifications for the application of distance learning systems in the training and development of professionals for the industrial and corporate sectors of the economy. In conclusion, a proposal is made for the full-scale adoption of open and distance learning as a fundamental strategy for human resource development in the country.