Impact of Poor Educational Funding on Economic Development in Nigeria

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.