Abstract
This paper examined issues dealing with the effectiveness of the Nigerian educationsector in meeting the human capital needed for economic development in an era of reforms. The paper is essentially a descriptive analysis of a set of indicators to assess the readiness of the sector in providing the needed human capital for the diverse segments of the Nigerian economy. The indicators used to assess the effectiveness of the education sector include: level of funding, the rate of return to investment in the sector, the HDI ranking, expenditure on R&D,and contributions to major patent offices. The study revealed that the sector lags behind in all the indicators used to assess its effectiveness. The paper recommends major reforms in the sector including increased funding, overhaul of school curricula and introduction of a new incentive structure for school workers.
Highlights
This paper examined issues dealing with the effectiveness of the Nigerian educationsector in meeting the human capital needed for economic development in an era of reforms
Indication of the different social and private rates according to various disciplines. These findings are vital for planning and funding in the education sector in Nigeria. 2.2 The Human Development Index (HDI) and Educational Achievement in Nigeria The Human Development Index (HDI) is a composite index that combines the three indicators of human development
The corresponding figures for North America, Western Europe and Japan are 37.9%, 28% and 18.6% respectively. Given this low level of expenditure on research and development in Sub-Saharan African it could be argued that the educational system in Nigeria lacks what it takes to build the capacity for sustained scientific and technological innovations for increased production that would lead to economic growth and development
Summary
This paper examined issues dealing with the effectiveness of the Nigerian educationsector in meeting the human capital needed for economic development in an era of reforms. From tables 3 below, the weak position of Sub Saharan Africa in gross expenditure in research and development is revealed. Given this low level of expenditure on research and development in Sub-Saharan African (inclusive of Nigeria) it could be argued that the educational system in Nigeria lacks what it takes to build the capacity for sustained scientific and technological innovations for increased production that would lead to economic growth and development.
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