Authors : Dr. Adeniyi Idowu Okeowo; Herbert Onodingene

Volume/Issue : Volume 11 - 2026, Issue 4 - April

Google Scholar : https://tinyurl.com/ywuva3rz

Scribd : https://tinyurl.com/3ndsp66r

DOI : https://doi.org/10.38124/ijisrt/26apr1373

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : The paper analyzes the nexus between education and economic growth. Using a time series analysis from 1990 to 2024, Dynamic Ordinary Least Squares (DOLS) was employed to analyse the co-integration relationship among the variables. The findings reveal a negative correlation between basic education and economic growth. This implies low learning outcomes, an outdated curriculum, and poor teachers quality. It was recommended that there should be investment in teachers’ training, modern learning materials, and the development of an effective monitoring system to improve learning outcomes. This can turn basic education into a positive engine for economic growth. The Gini coefficient showed a positive but insignificant relationship with growth. It implies that inequality is rising in Nigeria. To turn this tide, programs such as scholarships for disadvantaged groups, school feeding programs, and conditional cash transfers can be initiated and adopted. These support the poor and prevent inequality from worsening as the economy grows.

Keywords : Economic Growth, Basic Education, Inequality, Gini-Coefficient, Dynamic Ordinary Least Squares (DOLS).

References :

1. Aladejana, S, A., Okeowo, I. A., Fayisayo, A. O. & John, A. A. (2021). Debt burden and infrastructural development in Nigeria. International Journal of Academic Research in Business and Social Science, 11(1), 419-432.
2. Alan, B. and Mikael, L. (2021). education for growth why and for whom. Journal of Economic Literature, 39(4), 1101-1136.
3. Baya, A., Abdelwahab, B. and Touitou. M. (2004). The relationship between education and economic growth for the period 1990-2020: a dynamic panel data model. International Journal of Economic Perspectives,18(12), 2358-2369. Retrieved from: https://www.ijepon/ine.org/index.php/journal/article/view/781
4. Becker, G. S. (1964). Human capital a theoretical and empirical analysis. https://www.nber.org/books-and-chapters-special-reference-education.
5. Borro, R. J. (2001). Human capital and growth. America economic review. 91(2), 12-17.
6. Falade, A. O. O., Aladejana, S. A., Okeowo, I. A. & Feyisayo, A. O.  (2021). Migrants’ remittances, financial development and economic growth in Nigeria: the interaction effect. International Journal of Academic Research in Accounting, Finance and Management Sciences, 11(1), 271-284.
7. Hanushek, E. A. and Woessmann, L. (2012). Do better schools lead to more growth? Cognitive skill, economic outcome and causation. Journal of Economic Growth, 17(4), 267-231.
8. Okeowo, I A. (2020). Macroeconomic modeling of investment, unemployment and inflation rate. Samuel Adegboyega University Journal of Management and Social Sciences, 5(2), 100-108.
9. Okeowo, I. A. (2019). Modeling inequality adjustment in West Africa sub region for sustainable development: application of autoregressive distributed lag technique.  Samuel Adegboyega University Journal of Management and Social Science, 4(1&2), 121-129.
10. Okeowo, I. A. (2020). The impact of economic growth on inequality; empirical application of Gini-coefficient. .International Journal of Media, Security and Development, 6(1&2), 146-151.
11. Okeowo, I. A. (2023). Industrialisation and industrial output nexus in Nigeria: a new empirical evidence. Journal of Economics and Allied Research, 8(3), 123-130.
12. Okeowo, I. A. (2023). Unemployment and inflation trade-off; the Nigerian experience in the context of Philip curve. Journal of Economics and Allied Research, 8(2), 109-119.
13. Okeowo, I. A. (2024). Classic theory of development, a review of literature. DS Reviews of Commerce and Economics, 1(1), 44-49.
14. Okeowo, I. A. and Awotade, J. A.  (2024). Money supply, exchange rate and output growth volatility in Nigeria. Journal of Economics and Allied Research, 9(2), 27-32.
15. Okeowo, I. A. and Ozekhome, H. (2020). Price level, economic growth and macroeconomic performance in Nigeria: A granger causality modeling and ARDL approach. International Journal of Economic Development, 13(2), 191-221.
16. Okeowo, I. A., Gilbert, I., Oni, O., Adewale, S. A., Bakare, A. and Sadiq, J. M. (2023). The Effect of Inflation Rate, Exchange Rate, Oil Price and Wage Rate Structure on Nigeria economy. Journal of Economics and Policy Analysis, 8(1), 71-90.
17. Okeowo, I. A., Oladoke, S. O., Abu, Z., Isaac, O. O. and Adenika, O. A. (2024). Investigation of inflation and wage dynamics in Nigeria: new empirical insights. Asian Journal of Economics, Business and accounting, 24(11), 297-306.
18. Ozekhome, H A., Esan, B. A. and Okeowo, I. A. (2023). Monetary policy and credit 2023).intermediation nexus in Nigeria: further evidence. African Development Finance Journal, 5(5), 101-117.
19. Ozekhome, H A., Okeowo, I. A. and Adesokan, A. J. (2024). External-induced shock of COVID-19 pandemic on stock market volatility in African countries. Journal of Applied Financial Econometrics, 5(2), 201-215.
20. Ozekhome, H A., Okeowo, I. A. and Adesokan, A. J. (2024). External-induced shock of COVID-19 pandemic on stock market volatility in African countries. Journal of Applied Financial Econometrics, 5(2), 201-215.
21. Ozekhome, O. H. and Okeowo, I. A. and (2022). Do economic and institutional policies matter for sustained economic growth for an oil-dependent Nigerian economy in recession? International Journal of Economic Development, 15(2), 93-121.
22. Ramcharan, R. (2004). Higher of basic education? The composition of human capital and economic development. IMF staff paper; 51(2), 309-326. https://doi.org/10.3386/w/0028
23. Schultz, T, W. (1961). Investment in human capital. American Economic Review, 51(1), 1-17.
24. Sebki, W. (2021). Education and economic growth in developing countries: empirical evidence from GMM estimators for dynamic panel data. Economic and Business, 35(1),14-29.https://doi.org/10.2478/eb-2021-0002
25. Senadza, B. and Hodey, L. S. (2020). Effect of public education expenditure on economic growth in Sub-Sahara Africa. Retrieved from: https://doi.org/10.10520/ejc-ghajecoN_vio_ni_a7
26. UNESCO, (2020). global education  monitoring report 2020; inclusion and education. retrieved from: https://www.unesco.org/gem-report/en/publication/inclusion-and-education.
27. Okeowo, I A., Adewale, A. S. & Onodingene, H., (2025). Rethinking African in the Global Development Agenda: Pathway to Economic Transformation. Sinergi International Journal of Economics, 3(3), 156-169