THE ROLE OF HIGHER INSTITUTIONS IN ECONOMIC DEVELOPMENT OF NIGERIA

Abstract

Tertiary institutions are among the major drivers of the global economies. Apart from the primary objective of providing higher educational learning and skill training, tertiary institutions can through research and development provide possible innovations with positive and valuable commercial relevance. In Nigeria, tertiary institutions have lost their key role of driving innovations through research with the vision of finding lasting solutions to national and global challenges in important areas like healthcare, security, environmental degradation, and economic development. Using qualitative method of research and relevant data from secondary sources, this paper identifies that the failure of tertiary institutions in Nigeria in the areas of research and development rests heavily on government neglect on the pertinence of education in policy making and economic development. It thus recommends that Nigerian government should adopt an inward approach towards economic development through the provision of heavy funding for innovative based researches as a catalyst for solving economic developmental problems as well as other national issues.