The magnitude of university education cannot be neglected when regarding the economy of our
nation, Nigeria. A University has broadly known as one of the best form of tertiary institution
where subjects are studied and researched in depth and degrees are offered. University, coined
from the word ‘universus’, is an institution for higher education which offers widespread
knowledge on different fields of academic studies. The effect of university on the economy of
Nigeria will be checked through in succeeding paragraphs.
Talking about economy, we come to discuss about the state of a country or region in terms of the
production and consumption of goods and services and the supply of money. The economy of
Nigeria is a middle-income, mixed economy and emerging market with expanding
manufacturing, financial, service, communications, technology and entertainment sectors. It is
ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 22nd largest
in terms of purchasing power parity.
University is a stimulus to the rapid growth in a nation’s economy. The impact of university on
Nigeria’s economy reflects socially, economically and in productive co-existence. It facilitates
the development of the areas and spontaneous augmentation of the areas. Location of university
in an area hassled to an increase in the standard of living, foster unity among people of different
ethnic backgrounds and also brings congruent and peaceful living of the inhabitants.
Years over years, university graduates have been found holding the helm of affairs of different
sectors in the economy of Nigeria due to their idiosyncratic intelligence which has been.
diligently and skillfully harnessed through university education thereby administering the sectors
of Nigeria’s economy by the book.
Furthermore, the revenue generated from the universities helps to render the nation’s economy.
Universities have sub-organisations within it location such as businesses which generates
internal revenue, for instance printing press, pure water factory, bakery, private hostels and other
franchise. Trillions and more are university students across the country and are authorized to pay
certain amount though little compared to polytechnics, from which certain and reasonable
amount of revenue are generated. Analysis of data collated from research has it that university
revenue has been helpful to boosting the economy.
However, it is relevant to understand that the non-existence of university in this nation is an
adversity on economic growth. If Nigeria will conserve her economic stability, there must be a
look into the university sector to ensure normalcy in a way to maintain spontaneous and healthy
growth of her economy.