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Education and Economic Growth: Empirical Evidence from Nigeria

Author

Listed:
  • Perekunah B. Eregha

    (University of Lagos, Nigeria)

  • Roland I. Irughe

    (Adeyemi College of Education, Nigeria)

  • Joel Edafe

    (Adeyemi College of Education, Nigeria)

Abstract

Experts opined that education affects the society both at the micro and macro levels. However, the place of education has not been given its right place in Nigeria as reflected in the nation’s budgetary allocations. Hence, this study examined the impact of different levels of education on different components of growth in Nigeria. Data were sourced from the CBN Statistical Bulletin (see http://www.cbn.gov.ng/documents/statbulletin.asp), the Nigerian Bureau of Statistics (see http://www.nigerianstat.gov.ng) and The World Bank (see http://www.worldbank.org) from 1970–2015. The Fully Modified ols estimator was used and the results revealed that different levels of education impact at varying magnitude on each of the components of growth positively in Nigeria but the magnitude of the impact is much higher from completion rate. By implication completion rate explains growth at a higher magnitude than enrolment rates in Nigeria, therefore government should endeavour to provide modalities to curtail school dropout rate in the schooling system as a measure to boost completion rates that will facilitate growth.

Suggested Citation

  • Perekunah B. Eregha & Roland I. Irughe & Joel Edafe, 2018. "Education and Economic Growth: Empirical Evidence from Nigeria," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 16(1 (Spring), pages 59-77.
    • Handle: RePEc:mgt:youmgt:v:16:y:2018:i:1:p:59-77
    DOI: 10.26493/1854-6935.16.59-77
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    References listed on IDEAS

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    1. Abdoulaye Diop & Gilles Dufrénot & Gilles Sanon, 2010. "Is Per Capita Growth in Africa Hampered by Poor Governance and Weak Institutions? An Empirical Study on the ECOWAS Countries," African Development Review, African Development Bank, vol. 22(2), pages 265-275.
    2. Barro, Robert J & Sala-i-Martin, Xavier, 1997. "Technological Diffusion, Convergence, and Growth," Journal of Economic Growth, Springer, vol. 2(1), pages 1-26, March.
    3. Barro, Robert J. & Lee, Jong Wha, 2013. "A new data set of educational attainment in the world, 1950–2010," Journal of Development Economics, Elsevier, vol. 104(C), pages 184-198.
    4. Bashir, Saima & Herath, Janaranjana & Gebremedhin, Tesfa G., 2012. "An Empirical Analysis of Higher Education and Economic Growth in West Virginia," 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington 124829, Agricultural and Applied Economics Association.
    5. Abhijeet, Chandra, 2010. "Does Government Expenditure on Education Promote Economic Growth? An Econometric Analysis," MPRA Paper 25480, University Library of Munich, Germany.
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    Cited by:

    1. Yu Zhang & Jianguo Liu, 2022. "Does Education Affect Economic Growth? A Re-Examination of Empirical Data from China," Sustainability, MDPI, vol. 14(23), pages 1-23, December.

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    More about this item

    Keywords

    education; non-oil growth; oil growth; fully modified OLS;
    All these keywords.

    JEL classification:

    • I2 - Health, Education, and Welfare - - Education
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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