IMPACT OF PUBLIC EDUCATION EXPENDITURE ON NIGERIA’S ECONOMIC GROWTH(1980-2023)
Abstract
This study investigates the impact of public education expenditure on Nigeria’s economic
growth from 1980 to 2023. Annual time-series data sourced from the Central Bank of
Nigeria was used in the research and other reliable sources, the research uses Ordinary
Least Squares (OLS) regression and Granger causality analysis to assess the relationships
between education expenditure, GDP, government spending, inflation rate, and population
growth rate. The findings from the research reveals that education expenditure positively
and significantly impacts GDP, while government spending and inflation rate show a
negative influence. Population growth demonstrates a significant positive correlation with
economic growth. The study emphasizes the need for targeted investments in education to
maximize returns and foster sustainable economic development
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