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AN
ASSESSMENT OF THE RELATIONSHIP BETWEEN EDUCATIONAL FUNDING AND ECONOMIC GROWTH
IN NIGERIA
ABSTRACT
This
research work was conducted to examine the Respondents’ responses on the
assessment of the relationship between educational funding and Economic Growth
in Nigeria. The survey research design was used in carrying out the study since
it required the collection of data from a large number of respondents within
the limited time scheduled for the completion of the project. Relevant research
questions to show the findings of the study. A questionnaire was designed by
the researcher and validated by the supervisor which was administered to the respondents
for the generation of data. However, a total number of 100 respondents
comprising male and female staff and non teaching staff were selected through
simple random sampling method to generate the sample size. The sample size was
considered adequate and representative because, all the respondents were people
of the same profession and had similar orientation, though they were drawn from
different department and faculties. The analysis of the data collected from
respondents was carried out with the use of percentage and frequency
distribution tables. In line with the findings made from this investigation. It
is recommends that adequate funding for
the provision/upgrading of necessary teaching aids, laboratory materials and
other tools. In terms ofteaching methods and improvement; steps should be taken
for continuous teaching methods review/improvement to make the teaching methods
current and relevant to contemporary needs.
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
The
researcher considers the relation that is established between education and
economic growth in Nigeria. Education, as a key component of human capital
formation is recognized as being vital in increasing the productive capacity of
people. Education, especially at the higher level, contributes directly to
economic growth by making individual workers more productive and leading to the
creation of knowledge, ideas, and technological innovation (Odeleye, 2012).
The effect
of education on technological innovation is direct following the Romer/Solow
growth theory framework. An investment in education is beneficial to the
society, both at micro and macro levels and affects the system both directly
and indirectly. Education is basic to development and is also regarded as an instrument
through which the society can be transformed. As a salient factor in transition
programme, education equips human resources with the needed knowledge, skills
and competencies, which would make them functional, and contribute to the
all-round development of the nation. It does not only help to supply the
essential human capital which is a necessary condition for sustainable economic
growth but it is also a key to poverty reduction and a major vehicle for
promoting equity, fairness and social justice (Todaro, 2007).
Education is
seen here as representing one of the primary components of human capital
formation, which is an important factor in modelling the endogenous growth.
Human capital is essentially important in achieving a sustainable economic growth;
however, the greatest contribution is accomplished through investment in the
quality and quantity of education.
Economists,
since the time of Adam Smith and David Ricardo have been interested in the
issue of economic growth and its causes. It was not until the 1950s and 1960s,
however, that the first set of theories of economic growth were formalised.
These early theories, known as the neoclassical approach to growth theory, had
a number of weaknesses. One of the key ones was that they assumed that technological
change (and hence productivity growth) was driven entirely by factors beyond
our control. Clearly, these models did not provide a good representation of the
real world. Beginning in the 1980s, a series of more sophisticated models
appeared based on so called New Growth theories. These models are not uniform.
One strand emphasis the stock of human capital as an important determinant of
economic growth. A second strand places more emphasis on the incentives that
firms have to generate new ideas. Without going into technical detail, Kerr
(2001) identified a couple of points worth noting up front:
Firstly,
specifically recognized that the growth rate of the economy is not driven
solely by outside factors; and second, shown that government policies have an
important role to play in determining the long- run growth rate of a country's
economy.
These models
are clearly more realistic in their portrayal of the economy with consumers,
firms and governments all having an impact. They also provide a much more
useful benchmark for thinking about the role of education in economic growth
and the design of education policies. In these recent models, unlike the
earlier ones, education is seen as contributing to economic growth in two ways:
It directly
affects economic growth by making individual workers more productive; and
indirectly affects economic growth by leading to the creation of knowledge,
ideas and technological innovation – either through the process of acquiring
education itself or because education is a key input into the development of a
research sector that produces new knowledge and ideas.
Education is
important not only because educated people engage in university research.
Education is also important because it generates new ideas in the private
sector. Knowledge creation is not a monopoly of either the public or private
sectors. A number of studies have confirmed the importance of education in
explaining growth. The consensus view on the direct effects of education is
that the private rate of return to an individual from an additional year of
schooling is anywhere from 5 to 15 percent. This must, to some extent, reflect
the fact that employers see educated workers as more productive.
Similarly,
Odeleye, (2012) find that increases in educational attainment account for
around 20 percent of growth in output per worker. Education also has indirect
effects and studies have shown that higher levels of human capital are
associated with significantly larger physical investments, higher rates of
technology transfer and longer life expectancy. However, remains to be done in
measuring the exact impact of education on economic growth.
Education is
the most important instrument to enhance human capabilities and to achieve the
desired objectives of socio and economic development. Education enables
individuals to make informed choices, broaden their horizons and opportunities
and to have a voice in public decision making. At the macro level, education
means strong and sustainable economic growth due to productive and skilled
labour force. At the micro level however, education is strongly correlated to higher
income generating opportunities and a more informed and aware existence.
Emerging globalisation offers immense opportunities and challenges in a
competitive environment, and only those nations can benefit from it, which has
acquired the required knowledge base and skills. (Akram,2007). It is typically
on this basis that governments expend substantial amount of money in the
financing of education with or without considering the economic returns to such
investment.
Human
capital is a broad and multifaceted concept encompassing many different types
of investment in people. Health and nutrition are certainly an important aspect
of such investment, particularly in developing countries where deficiencies in
these respects may severely limit the population's ability to engage in
productive activities. In advanced countries, however, the key aspect of human
capital has to do with the cognitive and non-cognitive abilities that are
acquired at home, in the work place and in formal and informal training and are
useful in the production of goods, services and further knowledge (Fuente,
2006). Human resource development relates to the education, training and
utilisation of human potentials for social and economic progress. Hallak, 1990
identified five energy boost of human resource development: education; health
and nutrition; the environment; employment; and political and economic freedom.
These energisers are interlinked and interdependent, but education is the basis
of all the others, an essential factor in the improvement of health and
nutrition, for maintaining a high- quality environment, for expanding and
improving labour pools, and for sustaining political and economic
responsibility.
For the
attainment of economic growth and development in an economy, there is a serious
need to develop human resources in that economy. Schultz (1961) as quoted in
Adamu (2003) identified five ways of developing human resources, out of these,
education of different form accounted for the highest number of ways of
developing human resources.
Investment
in health facilities and services, broadly conceived to include all
expenditures that affect the life expectancy, strength and stamina, and the
vigour and vitality of the people. On-the-job training, old-type
apprenticeships organized by firms. Formally organised education at the
elementary, secondary and higher levels. Study programme for adults that are
not organized by firms, including extension programmes notably in agriculture,
Migration of individuals and families to adjust to changing job opportunities.
Human capital is a broad and multifaceted concept encompassing many different
types of investment in people. Health and nutrition are certainly an important
aspect of such investment, particularly in developing countries where deficiencies
in these respects may severely limit the population's ability to engage in
productive activities.
There are
good reasons to expect that human capital should be an important determinant of
productivity, both at the individual and at the aggregate level, and that its
role should be particularly crucial in today's globalized knowledge economy.
Workers with greater problem-solving and communications abilities should
perform better than their less skilled counterparts at any task that requires
more than the routine application of physical labour and will also learn faster
and adapt better to changing circumstances. Hence, skilled workers can be
expected to be more productive than unskilled ones for any given production
process, and should be able to operate more sophisticated technologies that
place greater demands on their capacities. If skill does carry with it a
greater ability to learn, produce new knowledge and adapt to change, moreover,
a more educated labour force will also be able to achieve faster productivity
growth, both through gradual improvements in existing production processes and
through the adoption and development of more advanced technologies, and should
be in a better position to respond flexibly to rising worldwide competition. These considerations suggest that the
importance of human capital as an input has grown over time as production
processes have become increasingly knowledge intensive and footloose.
Today,
relatively few occupations involve only mechanical physical tasks, and a large
and growing fraction of jobs either reduce to the processing of information or
require the application of specialized knowledge and skills to the production
of increasingly sophisticated goods and services. Education remains the most effective
instrument through which the society can be transformed. The extent to which a
country invests in education, among other sectors, will determine the level and
rate of its transformation. Education does not only make use of physical
materials but also human resources to make up for the resources needed for
transformation. As a stringent and unique factor in transition programmes,
education equips human resources with the needed knowledge, skills and
competencies which would make them functional, and contribute to the all round
development of the nation.
The
structure of the formal education consists of six years primary education,
three years of junior secondary, three years of senior secondary education and
four years at the tertiary school (the 6-3-3-4 system). This replaced the old
system of 6-5-2-4 system inherited from the colonial masters in 1984. The
attendance of primary and junior secondary schools, which is also called basic
education, is compulsory and free. However, in practice, basic education is not
truly free because all schools collect obligatory contributions from students
to supplement the government subsidies. The collection of fees is mainly
feasible in secondary and post secondary levels. At the secondary level, it
came as a disguise of Parents Teachers Association (PTA) fees, Development
fees, Computer fees to mention but a few. At the post secondary levels however,
it is broadly called school fees. Although both the local and state governments
mainly finance basic education, there are also a significant number of private
schools, especially at the primary and JSS levels. However, higher education is
composed of three levels namely collegiate from colleges of educations,
diplomas from Polytechnics and degrees from Universities in various
disciplines. In addition, the University degrees are in three phases, they are
bachelors, masters and doctorate degrees in various areas.
The National
Policy on Education assured nine years of free and compulsory basic education
for all Nigerian children. The scheme failed for inadequate planning and lack
of resources, but resulted in doubling primary education enrolment in a decade.
The new democratic Government responded to the crisis in the education sector
with the launch of Universal Basic Education (UBE) in 1999, but it was not
passed into law until 2003. Not unlike the defunct UPE, emerging statistics
show evidence of an increase in enrolment.
Some tiers
of government capitalize on the aspect of the UBE law that gives a grace period
of five years before the full implementation of the bill, to charge fees. Also
interestingly, since Nigeria operates a federal system of government, the state
government owned the UBE and Child Rights Act, passed in the federal
legislative house, do not bind schools. As a signatory to the 2000 World
Education Conference, and the 6 Dakar Goals towards achieving Education for All
(EFA), Government has also established a National EFA Coordination unit under
the Federal Ministry of Education mandated to prepare a National Action Plan
for the delivery of EFA in Nigeria. Perhaps the greatest challenge facing
government is the inadequate spending on education. The Federal Government also
established the Education Trust Fund (ETF) with the aim of assisting the
education sector. However, as at April 2009 about ₦22.6 billion Education Trust
Fund money lies unutilized in the Central Bank of Nigeria1. The scenario is
dismay in the face of glaring financial inadequacies due to serious under
funding, poor or/and dilapidated facilities and other degrading features in
education, sector. Nonetheless, the ETF still assist largely in rebuilding the
already dilapidated education sector.
1.2 Statement of the Problem
Of all the
problems plaguing schools in Nigeria today, the financial state of the schools
is the key focal point of interest to the nation and administration in process
of attaining the goals of education.
The main
problem faced by governments is allocating scarce resources across competing
activities and sectors. The choice between alternative investments such as
investment in education versus investment in physical infrastructure depends on
society's objectives, which are represented by governmental decisions, and on
the analysis between costs of the investment versus the future benefit to be
derived from that investment. Since economists see education as an investment,
therefore, it is important to estimate its contribution to economic growth
and/or its rate of return. Education represents both consumption and investment
items in an economy. Education is valued for its immediate as well as its
future benefits. This means that the distribution of educational investment
affects future income distribution, thus, equity plays an important role in
educational investment decisions. Different societies give different weight
between the objectives of efficiency and equity in defining an educational
investment. In general, centrally planned economies placed a higher weight on
equity grounds in defining their educational policy investment than capitalist
economies (Manuel Madrid-Aris, 2000).
Inadequate
funding of schools has had a lot of effects on the schools and education as a
whole which include fall in the standard of education, indiscipline,
examination malpractice, secret cults, and teachers’ commitment to their job,
bribery and corruption in the school to mention few. All these shall be looked
at as the research work continues. In view of this study aims at finding out
how educational funding can promote economic growth in Nigeria.
1.3 Purpose of the Study
The main
purpose of this study is to carry out an assessment of the relationship between
educational funding and economic growth in Nigeria.
Other
purpose of study include the following:
i.
To determine the relationship between educations and economic
growth in Nigeria
ii.
To examine how inadequacy of funding affects secondary school
effectiveness.
iii.
To find out government’s provision of instructional materials for
teachers.
iv.
To investigate the effects of inadequate funding on teachers commitment
to their duties.
v.
To examine the extent to which lack of funding has affect the standard
of education.
1.4 Significance of the Study
The study
would help to update information about the effect of funding in the secondary
schools, adequacy and their relationship to education growth.
The
information thus discovered would be an eye-opener to the parents and guardian
on the effects of funding on secondary school effectiveness.
It would
help to improve the quality of education in the state and it is hoped that the
funding would further reveal more areas for possible research studies.
It is hoped
that the result of this study will undoubtedly fully be valuable for teachers,
administrators and the government because it would expose and also provide them
with useful information on the area in which effect of funds on secondary
school effectiveness.
1.5 Research Question
The study
intends to provide answers to the following questions:
i.
Is there any relationship between educations and economic growth in
Nigeria?
ii.
To what extent does inadequacy of funding on education lead to secondary
school effectiveness?
iii.
Does the government provide enough instructional materials for the
teachers?
iv.
Is inadequate funding of education by government responsible for
teachers less commitment to their duties?
v.
To what extent does lack of funding affect standard of education?
1.6 Scope and Limitation of the Study
This study
is limited to Lagos State. It does not intend to go beyond this zone because of
financial and time constraint.
1.7 Definition of Terms
Effective:
Producing the result that was wanted or intended, impressive or interesting
enough to notice.
Fund: Amount
of money that has been made available for a particular purpose.
Secondary
School: It is the post-primary institutions where students are prepared for the
West African School Certificate (WASC) Examination for a minimum period of six
years.
Teaching: it
is the act of engaging in interactive behaviour with one or more students for
the purpose of affecting a change in the students attitudinal, cognitive or
psychomotor thereby promoting the psycho-social development and growth of the
students.
Learning: Is
a relatively permanent change in an individual’s behaviour as a result of
experience of training.
Academic
Performance: This is how well or how bad an educational work or activity is
done.
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