Education

The Role of Education in Economic Development in Nigeria

the role of education in national development in Nigeria can never be overemphasized. Here in this post, we are going to discuss in detail the role of education in economic development in Nigeria. We hope you find this article informative.

Education and economy are two concepts that cannot be separated from each other in terms of growth and development in every country across the globe.

Education in every sense is one of the fundamental factors of development.  No country can achieve sustainable economic development without substantial investment in human capital or human training.

Read Also: The Role of Business Education in Promoting Entrepreneurship in Nigeria

The Role of Education in Economic Development in Nigeria
Education in Economic Development in Nigeria – Photo Source: https://www.indiatoday.in

Education enriches people’s understanding of themselves and the world. It improves the quality of their lives and leads to broad social benefits to individuals and society.

Education raises people’s productivity and creativity and promotes entrepreneurship and technological advances. In addition it plays a very crucial role in securing economic and social progress and improving income distribution.

A country that seeks to experience rapid economic growth must give high preference to ensuring that a high percentage of its population is entitled to quality education.

The educational sector is one that ensures an increase in output per worker and this can transcend into economic growth.

Studies  have all  revealed that  increase in  national  income and per  capita income  is a  function of  education and  that differences  among  nations  can  better  be  explained  by differences in the endowment of human, rather than physical capital.

Read Also: 14 Ways To Improve Education In Nigeria

In Nigeria, the investment in education and human capital development has brought positive changes and good effect in the economic growth and development for so many years now.

However, Every Nigerian according to the constitution shall have a right to equal educational opportunities irrespective of gender, social status, religion, ethnic background and any peculiar individual challenges.

Education should be qualitative, comprehensive functional and relevant to the needs of the society and emerging concerns. The covenant with every Nigerian child is equal access to quality education relevant to the needs of the Nigerian economy.

Education, in every sense, is one of the fundamental factors of development.  No country can achieve sustainable economic development without substantial investment in human capital.

Education enriches people’s understanding of themselves and world. It improves the quality of their lives and leads to broad social benefits to individuals and society.

Education raises people’s productivity and creativity and promotes entrepreneurship and technological advances. In addition it plays a very crucial role in securing economic and social progress and improving income distribution.

The Role of Education in Economic Development in Nigeria

The roles of education in economic development are listed as follows:

1. Education Increases Human Capital Development

Education has helped in quality human development that has being a very important tool in economic growth and development in Nigeria.

Through the teachings of professional courses such as; Engineering, Information and Communication Technology (ICT), and Economics, citizens have developed their capabilities to handle economic related problems and proffer solutions to it.

The various learning processes in the educational system have significant effect that it adds to the economic development in Nigeria.

The technological innovations, productions and industrial activities are basically carried out by those with the knowledge of how that particular section works.

This also creates job opportunities in various government and non-government sectors. The more people are educated, the better the economy because it is only through proper and adequate learning process that geniuses are discovered to handle one economic programs or another.

Read Also: Role of Industry In Nigeria Economic Development

2. Poverty Reduction

Education in Nigeria has helped in reducing the poverty rate and also balancing the social and economic injustice by providing the underprivileged resources and opportunities for upward social mobility and social inclusion.

Through the introduction of various skill acquisition programmes, for instance, the National Directorate for Employment (NDE) program, erecting of technical schools and other skill acquisition institutions, the citizens have greatly garnered gainful knowledge on how to invest and develop themselves which in turn improves the economy of the nation.

The poverty index of every country can be reduced only through proper education and Nigeria is really moving towards that.

3. Education Helps in Harnessing Of Business Potentials for Economic Gains

Education helps in maximizing the creative potentials and skills of the individual for self-fulfillment and general development of the society.

Education is also a powerful instrument for national development and social change. It is a vital tool for the promotion of a progressive and united Nigeria.

This in turn improves the economy through maximum inputs made by those that acquired various skills in terms of small and medium scale businesses (SMEs).

Furthermore, those that went to exceptional business schools always have the opportunity to attract foreign business partners which in turn boosts the economy of the country.

Most self-employed Nigerians in the information and technology sections have been tremendously doing well due to the fact that they are well groomed in the business activities.

Read Also: 10 Effects of Unemployment on Nigeria’s Economic Development

4. Education Boosts Agricultural Activities

Through education, the Nigerian market has transformed from local agricultural farming to modern and simplified way of promoting agriculture in the country.

Before the introduction of education, the local farmers made use of little agricultural equipment such as hoes, diggers and machete, but today, the introduction of tractors and other kinds of agricultural machines have boosted the output in the agro business which has added to the economic development by providing employment for about 30% of the population as of 2010. In addition, agriculture has contributed 32% to the Gross Domestic Product (GDP) in 2001.

5. Education Attracts Foreign Business Partnerships

Education has helped in attraction of foreign investors in the country. It has also placed Nigeria in the economic decision-making bodies of the world.

For example, the representatives in the Organization of Petroleum Exporting Countries (OPEC) have been educated experts in the field of petroleum, equally as a member of the Economic Community of West African States (ECOWAS), United Nations (UN) and African Union (AU), it is highly educated people that are projected for any economic summit that will be of benefits to the country.

Read Also: 5 Importance of Civic Education in Nigeria

Also, the rapid growth of Nigeria’s banking system has been the great impact of quality education in courses like economics, accountancy, mathematics and banking and finance.

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Oko Ebuka

Oko Ebuka is a Political Scientist and a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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