ECONOMICS TEACHERS PERCEPTION ON THE INFLUENCE OF EDUCATION ON ECONOMIC DEVELOPMENT IN NIGERIA

ECONOMICS TEACHERS PERCEPTION ON THE INFLUENCE OF EDUCATION ON ECONOMIC DEVELOPMENT IN NIGERIA

Background of the study

Human capital is a key factor of economic success. As a component of human capital, education improves socioeconomic indices. Endogenous growth theory has highlighted the importance of the relationship between education and economic development since the 1980s and early 1990s (Afzal et al., 2015). Productivity might be increased by investing more in education (Lucas, 2015). Scholars in the previous century focused on the impact of human capital on economic growth through improved educational facilities (Afzal et al., 2015). In general, education and economic growth are likely to be interwoven.

On the one hand, having more educated employees enables organizations to capitalize on new economic opportunities, resulting in higher production. Economic expansion, on the other hand, may result in increasing prosperity, which broadens the available resources and educational opportunities (Earle, 2016). Overall, education is connected to long-term advancements in economic growth.

In terms of enhancing growth rates, education appears to provide large economic benefits. A better educated society results in higher rates of economic development and, as a result, the capacity of governments to alleviate poverty. Since the work of Mankiw, Romer, and Weil, there has been a substantial literature on the beneficial association between education quantity and economic progress (2017).

Every budget, the Nigerian government declares tremendous gains in the education sector, with significant government spending dedicated to it. The reasoning behind this increase originates from the belief that children's education is vital for future economic growth and long-term democracy in developing countries, resulting in more stability and improved living standards. According to Afzal (2015) and Lucas (2015), it is vital to convey the benefits of education using the notion of human capital investment. This notion emphasizes the fact that, like tangible forms of capital such as buildings and industrial equipment, investing in people yields a steady stream of future benefits. Human capital is one of the biggest unknowns in economic growth study. The great majority of empirical and theoretical research suggests that social indices and economic progress are inextricably intertwined. Education is considered as an investment in human capital since benefits accrue to an educated individual throughout a lifetime of activity.

There is disagreement on whether changes in educational attainment have an effect on an economy's long-run growth rate. The macroeconomic data on the level impact is consistent with microeconomic estimates of private rates of return to schooling; nevertheless, it appears that there are also large long-term growth benefits, i.e., the more qualified the workforce is to adopt technological developments (Adewara,  2016). Many growth models take education into account and estimate the consequences of changes in educational policy on macroeconomic performance. Given the United Nations' current emphasis on education and the Millennium Growth Goal (MDG) of achieving universal education, the goal of this study is to analyze economics professors' perspectives of the impact of education on economic development in Nigeria.

1.2 Statement of the problem

The economy of Nigeria is mostly dependent on oil exports. With global oil prices decreasing, Nigeria's Ministry of Finance said in March 2020 that the current fiscal year's record 10.59 trillion naira ($29.42 billion) budget will be reduced by nearly 15%. Ciuci(2020). At the time, she stated that the underlying expected oil cost of $57 per barrel will be cut to a worst-case scenario of $30 per barrel. Because of the enormous reduction in oil prices, there has never been a greater need to diversify the economy.

To remedy this problem, the government must prioritize education. Government expenditure, according to Keynesian Theory, should support economic progress. As a result, educational spending should be tied to long-term economic growth. According to Iyoha and Itesde (2018), the human component and level of education are the first and most essential aspects in a country's economic success. The educational sector in Nigeria has mostly gone unnoticed by the Nigerian government. Nigeria has one of the lowest commitments to education investment in Africa, and hence the world. In 2022, education will account for around 5.2 percent of the national budget. The UNESCO benchmark for education is 26 percent of the annual national budget, and Nigeria has consistently fallen short of this requirement, allocating 10.7 percent in 2016, 6 percent in 2017, 7.1 percent in 2018, 5.9 percent in 2019, and 5.2 percent in 2020, with recurrent expenditure accounting for approximately 85.2 percent of the total allocation (Ciuci Consulting, 2020).

The ramifications of insufficient educational financing cannot be stressed. Inadequate education funding has resulted in intermittent strikes by some unions, including the Academic Staff Union of Universities (ASUU), Academic Staff Union of Polytechnics (ASUP), and Non-Academic Staff Union of Universities, as well as inadequate state infrastructure, irregularities in teacher remuneration, and insufficient staffing. This condition has the potential to increase illiteracy in the country and reduce employees' marginal output. To break the vicious loop, the view of economics professors on the influence of education on economic growth in Nigeria will be investigated.

1.3 Objective of the study

The objectives of this study are:

i.To examine the perception of economic teachers on the impact of education on economic development in Nigeria?

ii. To examine the perception of economics teachers on the causes of economic decline in Nigeria?

iii. To examine the perception of economics teachers on the strategies that can be used to improve education in other to foster economic development in Nigeria?

1.4 Research Questions

The following research questions have been prepared for this study

i.What is the perception of economic teachers on the impact of education on economic development in Nigeria?

ii. What is the perception of economics teachers on the causes of economic decline in Nigeria?

iii. What is the perception of economics teachers on the strategies that can be used to improve education in other to foster economic development in Nigeria?

1.5 Research hypotheses

The study shall test the validity of the following hypotheses:

H0: Education does not have any positive impact on the economic development of Nigeria.

HA: Education has a positive impact on the economic development of Nigeria.

 

1.6 Significance of the study

This study will be significant to policy makers because, it will provide them with information on the impact of education on economic growth and as such aid in policy formulation.

The study could also beneficial to educational authorities and administrators, as it will help propel reforms and transformation where necessary.

This study will be of benefit to the academic community as it will contribute to the existing literature.

1.7 Scope of the study

This study will aim at the failure of the impact of education on economic development in Nigeria. With all the skilled manpower that has been produced the economy of the case study is still underdeveloped. The study will also seek to identify the causes of such and what must be done to obtain development in Nigeria. Hence this study will be delimited to Wamakko local government area in Sokoto state.

1.8 Limitation of the study

for the researcher.This study was constrained by a number of factors which are as follows:

just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data

Financial constraint , was faced by  the researcher ,in getting relevant materials  and  in printing and collation of questionnaires

Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy

 

1.9 Definition of terms

Perception: the ability to see, hear, or become aware of something through the senses.

Impact: the action of one object coming forcibly into contact with another.

Education: the process of receiving or giving systematic instruction, especially at a school or university.

Economic development: the creation of wealth from which community benefits are realized.

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