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HEALTH EXPENDITURE, EDUCATION AND ECONOMIC GROWTH IN NIGERIA

Authors

  • T. J. Ojo Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun-State, Nigeria
  • S. I. Ojo Department of Economics, University of Lagos, Akoka, Yaba Lagos State, Nigeria

DOI:

https://doi.org/10.52417/ojssh.v3i1.308

Keywords:

Education, Health Expenditure, Economic Growth And ECM

Abstract

Education and health are crucial ends in and of themselves, as well as important development objectives. Both are critical to the broader idea of expanded human strength, which is at the centre of the notion of growth. The research looks at Nigeria's health expenditure, education, and economic growth, spanning from 1981 to 2019. This paper used principal component analysis (PCA) to calculate variables such as the education expenditure index (EEI) and the health expenditure index (HEI), as well as other explanatory factors such as inflation (INF), life expectancy rate (LER), maternal mortality rate (MMR), and GDP growth. The dependent variable is real GDP. The study used an error correction model (ECM) as an estimating approach. According to the empirical data, government disbursement on education and health has a positive and considerable impact on economic growth and interaction. The results further demonstrate the absence of serial autocorrelation. Furthermore, the report suggests that the government enhance current health and education facilities to encourage economic growth. However, because of the availability and improved health and education services in Nigeria, this policy will decline the appalling state and quality of education and health care, resulting in fewer Nigerians fleeing the country searching for better health and education facilities.

Published

2022-01-22

How to Cite

Ojo , T. J., & Ojo, S. I. (2022). HEALTH EXPENDITURE, EDUCATION AND ECONOMIC GROWTH IN NIGERIA. Open Journal of Social Science and Humanities (ISSN: 2734-2077) , 3(1), 01-17. https://doi.org/10.52417/ojssh.v3i1.308