Analysis of the Impact of Education on Poverty Reduction and Economic Development in Nigeria

Abstract

This work investigated the impact of education on poverty reduction and economic development in Nigeria.  Data was a time series monthly data between January 2000 and December, 2016. Autoregressive Distributed Lag model was employed for the analysis and the findings revealed that Primary and Secondary school enrolment, Primary school completion rate, Children out of school, literacy rate and government spending on education did not have short run effect on poverty, although they carried the correct signs, but the long run effect was significant. It was therefore recommended among other things, that government spending on education should be more targeted on vocational and practical training that can help the beneficiaries translate to income generation so as to lift them out of poverty.

Keywords: Education, Poverty, Economic Development, Government Spending

DOI: 10.7176/EJBM/13-23-03

Publication date: December 31^st 2021