IMPACT OF EDUCATION ON ECONOMIC GROWTH AND DEVELOPMENT IN NIGERIA (1990-2020)

This study examines the impact of education on Nigeria's economic growth and development between 1990 and 2020. It explores the role of educational policies and investment in the country's economic expansion, using qualitative and quantitative research approaches. The research found that Nigeria's economic growth has shown significant improvement over the past three decades, though this is attributable to a complex relationship between educational investment and economic outcomes. The findings indicate that while government expenditure on education has increased, the impact on human capital development and economic growth has been mixed, with recurrent expenditure dominating capital investment in the sector. The results reveal that recurrent expenditure on education has a positive but insignificant impact on economic growth, while capital expenditure shows a negative but insignificant relationship. However, both recurrent and capital expenditure have significant positive impacts on human capital development measured by school enrollment. The study also finds a persistent mismatch between educational outputs and labor market demands, with higher education institutions operating in isolation from industry needs. The study suggests that continued and more efficient investment in educational policy is necessary to support economic expansion, focusing on improving pre-university education, teacher preparation, specialized education programs, technology-driven training, and curriculum realignment with labor market demands. The Nigerian government should prioritize strategic investment in educational policy to create a highly educated and talented workforce, which is crucial for the country's sustained economic growth and development. Key Words: Educational Policy, Economic Growth, Human Capital Development, Educational Expenditure, Labor Market, Nigeria