Abstract:
This paper focuses on the empirical examination of the impact of education sector on economic growth in Nigeria. Time series data were used and the
study employed ordinary least squares (OLS) tools of analysis in the
investigation of the impact and relationships among the economic variables,
multiple regression model was also used and the data was estimated using e-views
9.0 software. The results revealed that the education sector has a positive impact
on economic growth in Nigeria. This implies that economic growth can be
improved by increasing education investment in Nigeria. But Government
Expenditure on Education is negatively related to Real Gross Domestic Product
in Nigeria and statistically significant at 5 percent level of significance in
explaining variation in the Real Gross Domestic Product in Nigeria, this may be
due to the fact that education funds are not fully or properly utilized in Nigeria.
Therefore, the study recommends that the government through budget planning,
implementation and monitoring should ensure that education funds are properly
and fully utilized in Nigeria to improve the impact of education sector on
economic growth in Nigeria.
