Affiliations: Department of Economics, Faculty of Social Sciences, University of Lagos, Lagos, Nigeria. <[email protected]>
Abstract: Nigeria has been experiencing low levels of economic development over the years. It has been observed that education plays a vital role in the economic development of any nation. It is the aim of this study to empirically establish whether the low level of education in Nigeria has influenced its low level of economic development. This will be achieved by carrying out an empirical analysis of the impact of education on economic development in Nigeria over the period 1980–2000. For this purpose, endogenous models are formulated and regression analysis using the Ordinary Least Squares method is applied. The results reveal that education has a statistically significant impact on economic development in Nigeria. Therefore, the level of education must be improved in order to spur economic growth and development.