THE IMPACT OF GOVERNMENT EDUCATIONAL EXPENDITURE ON ECONOMIC GROWTH OF NIGERIA (1990-2017)
Figures and abstract
Nigeria has invested significantly over the years to improve labor-force educational attainment and productivity, but it still faces declining real output and slow economic growth. The paper examines the effect of education spending on economic growth as a means of achieving the desired socioeconomic change in Nigeria.
The study makes use of time series data spanning the years 1981 to 2012. The Johansen co-integration analysis and ordinary least squares (OLS) econometric techniques were used to investigate the relationship between GDP and recurrent education expenditure.
The findings show that, while there is a positive relationship between education spending and economic growth, there is no long-run relationship over the study period. According to the study, this puzzle is caused by “labor market distortions,
workforce redundancy, industrial disputes, and job discontinuities, as well as leakages in Nigerian society such as brain drain,” among other things. In conclusion, the preceding study revealed that the educational sector has not been as productive as expected.
This is demonstrated by the low quality of graduates, rising cultism in schools, and high dropout rates. The paper also suggests that the education system be improved by making better use of public resources through good governance, accountability, and transparency. Additionally, policymakers should make efforts to develop policies that will check, preserve, and protect the plight of educational capital to other countries.
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