A Dynamic Analysis of Education and Economic Growth in Nigeria

Abstract

The paper focuses on Nigeria, which has over the years invested substantially to improve the educational attainment of the labor force and to raise productivity but yet still faces declining real output and slow economic growth. The study observes that this puzzle is attributable to labor market distortions, redundancy of the workforce, benefit captured syndrome, industrial dispute and job discontinuities as well as leakages in the Nigerian society such as brain drain, among others. The paper further suggests the improvement of the education system, appropriate pricing of teachers labor and prevention of industrial disputes in order to upgrade and internalize the contributions of educational capital to economic growth in Nigeria.