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Bullion

Keywords

Education, Economic development, Inclusive growth

Abstract

Fundamental changes in the intellectual and social stance of any society have always been preceded by educational renaissance. This paper investigates the role of education in achieving and sustaining economic development in Nigeria. Abstracting from the theory, the paper examines education in Nigeria, its enhancing, including comparative analysis with selected African countries and its connection with economic development. The ARDL model was adopted to examine both the short run and long run relationships between education and development proxied by HDI and education and economic growth within the context of inclusive growth model. Evidence from the estimated long run ARDL model indicated that Secondary school enrolment (SSE) is positively correlated to economic development (proxied by HDI). The results further suggest a direct relationship between GDP per capita (GDPPC) and economic development. The coefficient of HDI indicates that Past economic development enhances current economic development in the short run. Evidence from the estimated error correction model indicates that School enrollment has a positive short run effect on economic growth in Nigeria. The growth rate of population is estimated to improve economic growth with lags. Given the established relationship between education and economic growth and by extension development, the paper made recommendations on admission process, teacher recruitment process, remuneration , funding, discontinuation of the quota system as well as abrogation of some institutions created in the educational sector including JAMB and the Education TED fund.

Author Bio

Prof. Emmanuel Onwioduokit is a staff of Department of Economics in University of Uyo.

Publication Title

Bullion

Issue

2

Volume

44

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