Education, Entrepreneurship And Economic Growth In Nigeria: An Autoregressive Distributed Lag Analysis

Abstract

Education and entrepreneurship are twin engines that can power Nigeria's economic growth, as they fuel innovation, enhance skill sets, and create a dynamic workforce capable of tackling the challenges of a rapidly evolving global market. Therefore, this paper examines the effect of education and entrepreneurship on economic growth in Nigeria. The paper makes use of annual time series data over the period 1990 to 2023 and the data set was estimated using the Autoregressive Distributed Lag model. The result shows that entrepreneurship has no significant short run or long run effect on economic growth while education has significant effect on economic growth in the short run but the effect becomes weak in the long run. In order to improve the situation, it was recommended that efforts be made to address those constraints that might be hindering the relevance of entrepreneurship to the growth of the Nigerian economy such as infrastructural deficiency and paucity of capital while the education system should also be strengthened via curricula that emphasize practical entrepreneurial training, innovation and skill development.