Nigeria Ecoinfo Blog

In this concluding part of the Knowledge-Based Economy and Nigeria economy, we shall be discussing 5 benefits of knowledge-based economy in Nigeria economic development quest. What makes the difference among academics all over the world is their ability to use acquired knowledge to solve real life problems in the society. Drucker, (1993) considers the knowledge one has today as knowledge that enables action. And such knowledge is information in action and information focused on results. As stated with emphasizes in the first and second posts of the series, knowledge has always been at the core of any country’s economic development processes, this is where in fact all levels of education have their roles to play in the pursuant of knowledge-based economy: primary education is the “foundation for lifelong learning” (Utz 2006); secondary education, through general and vocational courses, raises the productivity and trainability of the labor force; and tertiary education te

We in our last post titled, Knowledge-Based Economy andYouth Unemployment: The Role of the 21st Century Nigerian Graduates introduced the subject matter. In this post, we shall be continuing with review of related literatures, knowledge-based economy and Nigeria, and we shall be rounding up with an insight into youth and universities graduates unemployment challenges in Nigeria. The pivotal position occupied by knowledge-based economy in relation to employability (and productivity) of labour has led to intensive study into the subject matter. The specific attention given to university graduates employability in this study is not just a Nigeria phenomenon, employability and individual skill development has been of growing importance for most developed and developing countries alike. The Organization for Economic Cooperation and Development (OECD) for example actively aims to place employability in the forefront of national educational and labour market policies and stres

Introduction Citizens’ economic empowerment is one of the major challenges facing most developing countries such as Nigeria. The visible problems of economic development in developing countries (Nigeria inclusive) which are equally the characteristics of underdeveloped economies enter-play and are responsible for the continuous existence of undesirable economic underdevelopment features such as high rate of labour unemployment, high poverty level, technology backwardness and low level of industrialization, high level of illiteracy, under-developed agriculture practices (e.g subsistence agriculture), balance of payment deficit problem, low per capita income, high population growth rate (Dan-Abu, 2016). The economic underdevelopment problems associated with youth explosion and high level of unemployment among universities graduates in Nigeria have resulted into socio-political and economic problems such as high rural-urban migration in search of white-collar jobs, underemplo