Qualitative Study on the Economics of a Sustainable Higher Education in Nigeria: A Theoretical Approach

Abstract

It has been documented that higher education plays a pivotal role in human capital development and national growth and development. This paper conceptualizes economics of education as a vital field that examines the allocation of educational resources, the economic returns on education, and the broader implications of educational investment on national development.  Functionalism theory which addresses society as a whole in terms of the function of its constituent elements was adopted for the paper.  It views higher education as one of the most relevant social institutions in the society. However, the capacity of higher education in manpower development is being gradually eroded due to resource allocation inefficiency in Nigerian higher institutions of learning. The paper thus explores how economics of education can enhance resource mobilization, efficient allocation, and equitable access to education strategic planning, and accountability. The synergy between higher education and economics of education is essential for cost-effectiveness in educational programmes, and implementation of sustainable practices. The paper concludes that in order to enhance higher education capacity and sustainability for national development, there is a need for higher education managers to have the basic knowledge of economics of education and its applicability in the management of higher education for sustainable institutional and national development. It recommends that educational policies in higher institutions in relation to finance and resource allocation should be made by specialists in economics of education for institutional sustainability