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Investment in Education for The Nigerian Economic Development

Author

Listed:
  • DORCAS, ADETULA

    (Department of Accounting, Covenant University, Canaan land, Nigeria)

  • KEHINDE, ADESINA,

    (Department of Accounting, Covenant University, Canaan land, Nigeria)

  • FOLASHADE, OWOLABI,

    (Department of Accounting, Covenant University, Canaan land, Nigeria)

  • STEPHEN, OJEKA

    (Department of Accounting, Covenant University, Canaan land, Nigeria)

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.

Suggested Citation

  • Dorcas, Adetula & Kehinde, Adesina, & Folashade, Owolabi, & Stephen, Ojeka, 2017. "Investment in Education for The Nigerian Economic Development," Journal of Internet Banking and Commerce, , vol. 22(01), pages 01-15, April.
    • Handle: RePEc:ris:joibac:0097
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    More about this item

    Keywords

    Investment; Education; Economic Development; Enrolments; Research and Development;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

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