The paper discussed the challenges of research and human capital development in Nigeria. Research and human capital development are critical to the development of any nation. Research facilitates human capital development. A high rating in human capital development indices places a country among the leading countries of the world. The paper identified inadequate funding, lack of equipment, facilities and materials, lack of awareness, lack of implementation of research results, low rating in human capital indices, brain-drain, underemployment, etc., as challenges of research and human capital development in Nigeria. The paper concludes with some recommendations that will help meet these challenges.