Strategic Investment in Education: a Catalyst for Accelerated Economic Growth in Nigeria.

High levels of illiteracy, a shortage of skilled labour, and low marginal productivity have collectively created a detrimental impact on various aspects of Nigeria's economic landscape. These issues have resulted in a decline in real income, savings and capital formation. Despite the government's efforts to achieve a minimum adult literacy rate of 65% and promote skill acquisition and knowledge development as pillars for a dynamic economy, these persistent challenges continue to cast a shadow over the economy. In response to these pressing concerns, this study investigates the relationship between investment in education and economic growth in Nigeria between 1980 and 2021 utilizing Autoregressive Distributed Lag bound models. The study reveals that a consistent sustained investment in education is foundational elements for driving Nigeria's future economic growth. Education, with its capacity to enhance human capital, productivity, and innovative capabilities, emerges as a pivotal factor in the journey toward economic prosperity. In light of this, the study emphasizes the critical importance of effective governance in the domain of education. It advocates for a rigorous and vigilant approach by the government in monitoring and evaluating the outcomes of education policies and initiatives. This level of scrutiny is imperative to ensure their efficacy and alignment with the overarching objective of fostering economic growth. [ABSTRACT FROM AUTHOR]