ECONOMIC RECESSION AND THE STATE OF BUSINESS EDUCATION PROGRAMME IN NIGERIA

Abstract

The importance of education to a nation cannot be over emphasized. It’s very evident that a knowledge-based economy is the backbone of development and growth. Everyone is aware that great economies are built on the bedrock of a qualitative educational system. Education is undoubtedly the gateway to the world of possibilities and the opener to the path of achieving greatness and prosperity.In the past, companies used torush to the universities every year-end and later to the NYSC camps to recruit skilled workers. At that time, a certificate guaranteed a job, and a better life. This was a period when education was seen as a tool of social advancement. Education is the best legacy, once it is lost, nothing can avail us in this country. The effect of the economic recession has extended into the education system in Nigeria, particularly, business education programme. Inadequate government funding paralyzed the operations of business education programme leading to dilapidated structures, poor research capacity, poorly motivated staff that lack expertise to conduct world class researches, epileptic power supply, industrial strikes, sub-standard and in some cases, absence of teaching facilities.This makes stakeholders believe that the country had not yet recognized education as a veritable key to development and economic empowerment.The recession had brought about an undeniable feeling of disappointment in the economy, affecting the naira and generating series of discussions.Nigeria is the sixth largest exporter of oil and at the same time hosts the third largest number of poor people after China and India and currently challenged with economic downturn. When the Ghanaian economy failed in the late 70s, Ghanaians trooped to Nigeria to look for jobs but reverse is the case today. Nigeria has retrogressed to become one of the 25th poorest countries at the threshold of the 21st century.Even the higher institutions of learning that seem to be of more importance to the government are still struggling with out-dated syllabuses that only groom ill-prepared and unseasoned graduates - graduates that are unprepared for the challenges of a fast changing world. The paper therefore recommends that enoughfunds need to be injected into business education programme to enhance quality learning and also to curb parents from sending their children to schools abroad.For instance, enough funds is needed to purchase equipment, to constantly service the machines, to replace outdated accessories and to purchase necessary materials that can aid teaching and learning process.

Keywords: Economic Recession, Poor Research Capacity,Poor Motivated Staff, Epileptic Power Supply, Industrial Strike Actions, Absence of Teaching Facilities. High Rate of Unemployment andBusiness Education Programme