Relationship between Education as Human Capital and Economic Growth

Filed in HELPFUL GUIDES by on September 12, 2019 0 Comments
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QUESTION 2

NIGERIA/EDUCATIONAL SECTOR

Relationship between Education as Human Capital and Economic Growth.

Human capital development is one of the most important requirements, to ensure the sustenance and improvement of an economy, whether at micro or macro levels. Human resources or capital development is a continuum, a continuing process from childhood to old age, and a must for any society or enterprise that wishes to survive under the complex challenges of a dynamic world. For the individual it should be a life-long process, because of the continuously changing environment to which one must also continuously adapt.  Such development enables the persons involved to move vertically or laterally in the economic and social environment.

Governments in pursuit of economic growth love to invest in physical capital- new roads, beautiful bridges, gleaming airports, and other infrastructure. But they are typically far less interested in investing in human capital, which is the sum total of a population’s health, skills, knowledge, and habits. That’s a mistake, because neglecting investments in human capital can dramatically weaken a country’s competitiveness in a rapidly changing world, one in which economies need ever-increasing amounts of talent to sustain growth.

Nelson Mandela, the first president of post-apartheid South Africa, once said, “Education is the great engine of personal development. It is through education that the daughter of a peasant can become a doctor, that the son of a mineworker can become the head of the mine that the child of a farmworker can become the president of a great nation. It is what we make out of what we have, not what we are given, that separates one person from another.”

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The declining standard of the Nigeria educational system should trouble the mind of any well-meaning Nigerian, because, Education is the bedrock of development. But unfortunately, a lot of problems bedevil the education system in Nigeria.

If Nigeria must move forward into the age of technological and scientific dependence, government and the contributing private sector must begin to pay full attention to solving the myriads of problems surrounding the educational sector in Nigeria. Below are a few problems and solutions to the falling educational standard system in Nigeria.

Poor funding and neglect of the Educational sector: both the government and the private sector should put in more fight and resources towards developing the education sector. The educational system of Nigeria is suffering from decades of underfunding, and is therefore necessary for the government to design a workable plan towards funding education. For example, UNESCO recommended 26% of a nations’ total budget to go to the educational sector but since 1991, budgetary allocation to education has never crossed 10%. As efforts intensify to improving the current allocation, there is also need for monitoring how the funds that are currently allocated are being managed.

Relationship between Education as Human Capital and Economic Growth

Poor infrastructure and training facilities: There should also be  proper educational infrastructure, most schools and institutions in Nigeria are in very bad conditions.in most states, the teaching environment is not conducive. The buildings are in bad shape and most of them lack teaching materials.

Poor infrastructure and training facilities There should also be proper educational infrastructure, most schools and institutions in Nigeria are in very bad conditions.in most states, the teaching environment is not conducive. The buildings are in bad shape and most of them lack teaching materials.

Lack of quality teachers, it is not a secret that there are teachers in Nigeria schools that are either unqualified or underqualified especially at the primary education level. Proper training of teachers with current and up to date materials and technology also will improve the condition of education in Nigeria. Necessary vetting measures should be taken to make sure that only qualified teachers are employed.

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High level of examination malpractices. There is a rate of examination malpractices in Nigeria. They are practiced both by students and teachers. The inability of Government to curb this has caused a serious decline in the quality of the Nigerian education system level of knowledge. This needs to be curbed by a joint effort of the government and examination regulatory bodies.

Relationship between Education as Human Capital and Economic Growth

Quality and affordable education should be made available Acquiring quality education is supposed to help in fighting poverty, ignorance and diseases. But acquiring this knowledge has become an expensive burden for so many poor people who are in need of this knowledge. Government should take responsibility of enrolment fees for secondary school external examinations and the primary six examinations.

Summary Education lay strong foundations for the future acquisition of cognitive and sociobehavioral skills. They also make future skills acquisition more resilient to uncertainty. Thirty years after World War II, Europe grew faster than the U.S. even though it invested mainly in primary and secondary education.  Similarly, the “Asian miracle” (high productivity growth in Asian countries like South Korea) is associated more with investments in primary and secondary education than with investments in higher education. Learning is cumulative—skills acquired at an earlier stage facilitate skills formation in subsequent stages. The returns to early investments are the highest of those made over the life span, and the advantages conferred by these investments grow over time.

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