Impact of Poor Educational Funding on Economic Development in Nigeria

Abstract

This paper examined the impact of poor educational funding on economic development in 
Nigeria. Using theoretical approach, the study specifically examined the levels of education in 
Nigeria, funding of education in Nigeria, and Nigeria’s experience of the impact of education 
on economic development. Data was obtained from published scholarly reviewed articles. It 
was revealed that budgetary allocations for education, in Nigeria, as a fraction peaked in 2015 
at 11%, which suggests that the required 26% indicated by UNESCO was never met. The 
observed low funding has necessitated drastic declined in the country’s Human Capital 
Development Index; increase in the prevalence of impoverishment, and low productivity of the 
agricultural sector. It was, therefore, recommended among others that, as is customary in 
developed nations, alumni, endowments, and contributions from large corporations should take 
on a more important role in education financing in Nigeria; and that through bilateral 
agreements with external organizations like the World Bank and United Nations Children 
Education Fund (UNICEF), among others, the Nigerian government should also mobilize 
outside resources.