Public Spending on Education and Economic Growth in Nigeria: The Synergy

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Public Spending on Education and Economic Growth in Nigeria: The Synergy

November 4, 2020 Economics and Management 0

In order for a state or community to achieve sustainable growth, it is important to improve the quality of its education. Over the years , Nigeria has invested heavily in improving the labour force’s educational attainment and rising competitiveness, but still faces declining real production and slow economic development. This research, however, examines the effect of public spending from 1981 to 2019 on education and economic development in Nigeria. The Augmented Dickey-Fuller ( ADF) test and the cointegration test for ARDL bounds were used in the study. Research findings have shown that spending on education has a negative but substantial effect on Nigeria’s economic development. Education spending also has a negative, but significant, effect on Nigeria’s standard of living. The negative effect of spending on education may not be unconnected with the fluctuating existence of Nigeria ‘s expenditure trend in the education sector. However, schools at all levels in Nigeria are characterised by humiliating characteristics in which schools lack teachers, basic facilities and suffer from poor management , poor sanitation, overcrowding , poor intra-sectoral allocation, inadequate funding, poor service conditions, among others, leading to the current strike of the Academic Staff Union of Universities (ASUU), which consequently manifests The study therefore recommended that the government create a conducive learning environment, allocate adequate funds for education growth, prevent gender disparity in education through an educational programme, and Establishing a trustworthy committee to oversee and supervise Nigeria’s education system. Training is also important to economic development, and raising the standard of living and investing in human capital is necessary for sustainable growth in any economy. Increasing government allocation to social welfare, such as education and health, however, is not adequate to raise living standards. The effectiveness of allocation and distribution is also needed in order to achieve the desired result.

Author(s) Details

Dr Obi, Cyril Ogugua
Department of Economics, Faculty of Social Sciences, Chukwuemeka Odumegwu Ojukwu University (COOU), Anambra State, Nigeria

Obi, Zita Chika
Department of Educational Foundations, Faculty of Education, Chukwuemeka Odumegwu Ojukwu University (COOU), Anambra State, Nigeria.

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