The Impact of Funding on Educational Development in Nigeria

Abstract

Education is a veritable tool for the social and economic development of any nation. Adequate funding is crucial for the deployment of necessary resources and interventions needed to improve educational outcomes. Previous studies have stressed the importance of effective allocation and utilization of funds for the promotion of sustainable educational development. Low funding has been identified as a key challenge in the educational sector of many developing nations including Nigeria and addressing this challenge is essential for improving the quality and accessibility of education, reducing poverty, and promoting peace and stability in these nations. Nigeria’s allocation to its education sector has continued to fall short of the UNESCO standard. This paper examines the impact of funding on educational development in Nigeria and how adequate funding can be leveraged to improve educational outcomes in the country. A quantitative research method was used to analyse data collected including interviews with key stakeholders in the education sector in Nigeria. The findings of the study revealed that inadequate funding in Nigeria has contributed to low enrolment rate, teacher training and professional development, infrastructure and learning materials, and lack of relevance to the needs of the labour market, all of which have significant implications for the country’s social and economic development. The paper concludes by stressing the urgent need for increased funding and interventions to improve the education system in Nigeria and recommends that the government should urgently increase public funding for education, encourage private sector investment in education, and prioritize education funding and development to ensure that the country’s human capital is equipped with the necessary skills and knowledge to drive the nation’s economic and social development.