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Investment in Education for The Nigerian Economic Development

Adetula, D. T. and Adesina, Kehinde and Owolabi, F. and Ojeka, Stephen (2017) Investment in Education for The Nigerian Economic Development. Journal of Internet Banking and Commerce. ISSN 1204-5357

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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.

Item Type: Article
Uncontrolled Keywords: Investment; Education; Economic Development; Enrolments; Research and Development
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HF Commerce > HF5601 Accounting
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 20 Jun 2017 15:45
Last Modified: 23 Jun 2017 09:45
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/8406

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