Investment in Education for The Nigerian Economic Development

Adetula Dorcas (), Adesina, Kehinde, Owolabi, Folashade and Ojeka Stephen
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Adetula Dorcas: Department of Accounting, Covenant University, Canaan land, Nigeria
Adesina, Kehinde: Department of Accounting, Covenant University, Canaan land, Nigeria
Owolabi, Folashade: Department of Accounting, Covenant University, Canaan land, Nigeria
Ojeka Stephen: Department of Accounting, Covenant University, Canaan land, Nigeria

Journal of Internet Banking and Commerce, 2017, vol. 22, issue 01, 01-15

Abstract: This study examines investment in education for economic development of Nigeria. Education has been recognized globally as a veritable and strategic venture pivotal to economic transformation of any nation. The study made use of secondary data sourced from Ministry of Education, National Universities Commission (NUC) and Tertiary Education Trust Fund (TETFUND) and an Ordinary Least Square (OLS) regression method was used to analyze the data obtained to show the relationship between enrolments and funding. The result shows that the education sector contribute significantly to economic development as measured by the Gross Domestic Product although the sector is still underfunded most especially the basic and senior secondary levels in view of geometric increase in yearly enrollments and poor infrastructural facilities. The study recommends that the government at all levels should invest more in education and also collaborate with private sector through Private Public Partnership (PPP) initiative to accumulate the much needed funding that will pave way for technological development. It will also guide against brain-drains and significantly alleviate overdependence on aids from the developed nations and educational organizations.

Keywords: Investment; Education; Economic Development; Enrolments; Research and Development (search for similar items in EconPapers)
JEL-codes: A11 (search for similar items in EconPapers)
Date: 2017
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