Higher Education and Africa's Economic Development: Challenges for the Nigerian Economy

Abstract

The paper tried to determine the impact of higher education and Africa's economic development: challenges for the Nigerian economy. It was observed from the study that high quality and of course market relevant education is capable of providing a genuine cure to economic problems. The paper employed the Solow growth model where on the process to promote economic growth and development, factors of production like capital and labour are employed. However the efficient use of these factors (capital and labour) demands that the workers are well trained and skillful through education. This study assumes a straight forward production function in which changes in output are due to changes in the quantity and quality of inputs, economies of scale and advances in knowledge. The findings of the study suggest that some of the chosen variables conform to theoretical predictions and as such affect economic development. The researcher recommends governments can induce changes in labour demand and supply through specific labour market policies and social protection programmes and offering opportunities for workers to upgrade their skills, and offering education and training at an affordable cost, help raise a corporation's and an economy's productivity and also Educational budget allocation stakeholders should focus more on increasing capital expenditure, recurrent expenditure, and human capital development to foster economic growth in the country.