The Economics of Educational Planning: The Nigerian Challenge

Abstract

An increase in demand for educational services and the rising cost of satisfying the demand with the scarce resources available is a major justification for introducing economics in educational planning. This paper examined the economics of educational planning and the challenges faced by Nigerian educational planners. It looked at the concept of educational planning and the basis for introducing economics into educational planning. It also discussed economic concepts like demand for educational services, cost-benefit analysis, cost-effectiveness and the budgeting process. The challenges of the economics of educational planning were also discussed. The challenges identified include no institutional framework for labour market information to aid planners, inadequate statistics on the way people earn according to educational levels and other sources of income amongst others. It was suggested among other things that there should be a national institutional mechanism/framework to handle labour market information. Also, the Federal Ministry of Education, in alliance with the National Bureau of Statistics should develop a strategic plan that will have the computing and provision of economic data necessary for educational planning as its focal point.