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Assessment of Education Financing and Quality on Sustainable Development of Nigeria

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Part of the Global Education Systems book series (GES)

Abstract

This study assesses the impact of education financing and quality on sustainable development from 1990 to 2016. The study employs error correction modeling and fully modified ordinary least square. The short-run result shows that school enrollment inversely affects human capital development while public expenditure on education posits a positive effect on human capital development. However, none of the school enrollment and public expenditure on education is significant enough to explain the human capital development in the short run. The long-run result shows that both school enrollment and public expenditure on education have a positive effect on sustainable development in Nigeria. However, only school enrollment is significant enough to drive human capital development in Nigeria; public expenditure on education is not statistically significant to human capital development. The explanatory power of the model explained that approximately 91.5% of the total variations in the human capital development are explained by school enrollment and public expenditure on education. The study recommended that there is a need for the private investors to adequately and conscientiously fund education sector in the light of weak and sluggish trend of public expenditure on education in Nigeria. This effective collaboration between the government and private sector is considered indispensable for the development of education sector in particular and the development purposes in Nigeria in general.

Keywords

Sustainable development Education quality Education financing 

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Authors and Affiliations

  1. 1.Department of EconomicsOlabisi Onabanjo UniversityAgo-IwoyeNigeria
  2. 2.Glob-Afrique Research ConsultancyIjebu OdeNigeria

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