Global economic recession has micro and macro effects on all sectors of a country’s economy. The study examined economic recession and human capital development in Nigeria. The training and development of university lecturers in Ogun East Central District were related to the human capital development. The study adopted the research survey design approach and the simple random sampling technique was used to select 453 lecturers in different positions and departments in Babcock University, Ilishan and Tai-Solarin University of Education, Ijebu Ode. Data were sourced through the use of a well-structured questionnaire and the data collected were analyzed using descriptive statistics approach and chi-square. Findings from the study revealed that global economic recession has significant impact on human capital development of lecturers in terms of inability to receive sponsorship for local and international conferences, inability to attend seminars, workshops, symposiums and other training and development programs. Based on this, the study suggested that government and major stakeholders in tertiary education should adequately fund tertiary institutions. Tertiary Education Trust Fund (TETFUND) should be disbursed promptly to deserving institutions. There should be easy accessibility to fund by academic staff in need of it without ‘politics or bureaucracy’.