Health human capital is a fundamental asset and the economic consequences can be serious when not adequately attended to. This paper examines the investment in health and other health related environmental factors, critical to health human capital accumulation. This is done, applying descriptive analytical framework to secondary data obtained from Central Bank of Nigeria’s Annual report and Statement of Account, and the Federal Office of Statistics’ Annual Abstract of Statistics. The study shows that the quantity and quality of health establishments, health care personnel, pharmaceuticals and consequently budgetary allocations are inadequate to meet the health human capital stock need. It also indicates that preventive care is still very weak in Nigeria, especially in the area of access to safe water, sanitation and nutrition. Besides, is the prevalence of high health risk behavior traceable to problem of illiteracy and poverty? The study, therefore, argues that to transform health human capital in Nigeria a comprehensive approach that lays more emphasis on preventive care services and sustainable cost-effective management of curative care is important. Besides, it recommends increased budgetary allocation to influence improvement in quantity and quality of health establishments, health care personnel and pharmaceuticals.