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Does Educational Investment Enhance Capacity Development for Nigerian Youths? An Autoregressive Distributed Lag (ARDL) Approach
This paper employs the Autoregressive Distributed Lag (ARDL) Bound Test and Nigerian time series data spanning 1980 to 2016 to provide empirical evidence on the educational financing - (youths) capacity development nexus via secondary school enrolment channel. The greatest factor that is pivotal to developing the capacity of Nigerian youths is investment in the quantity of education, and more significantly in its quality. Our main results show that budgetary allocation to education has a positive and significant impact on secondary school enrolment, both in the long-and short-runs. We, therefore, recommend amongst others a substantial investment into the educational sector even if there has to be a trade-off with other types of unproductive investment.