Education As A Key To Economic Growth And Development In Nigeria

Abstract

The aim of this paper is to analyze the impact of education on economic growth of Nigeria using ordinary test squares (OLS) to determine the relationship between education as human capital and Real Gross Domestic Product (GDP). The study therefore found that there is statistically significant relationship between GDP and all the variables used in the study with the exception of primary school enrolment (PRYE). The negative coefficient of the PRYE is also an indicator that there are problems at this level of education in Nigeria. The variables to be used are Real Gross Domestic Product, Capital Expenditure on Education, Recurrent Expenditure on Education, Primary School Enrolment and Secondary School Enrolment from 1970 to 2006 which is latest data for Nigerian education sector by Central Bank of Nigeria.