Impact of Innovation for 21st Century Educational Sector in Nigerian Economic Growth

The paper examined the impact of innovation for 21st century educational sector in Nigeria. The paper employed the secondary data and sourced from the National Bureau of Statistics (NBS), Statistical Bulletin of Central Bank of Nigeria. With the aid of statistical package (E-views, version 7.2); the model was estimated using annual time series data from 1960 to 2012. The paper employed the characteristics of each time series by testing their stationarity using Augmented Dickey Fuller (ADF) tests, including co-integration tests and Error Correction model through over-parameterization and parsimonious of the variables to enable the researcher to ascertain both short run and long run equilibria. The result of the findings had a strong implication on government expenditure in Nigeria. The paper recommended that there is the need for government to increase budgetary allocation to the educational sector, as to the recommendation of the United Nations that 26% budgetary allocation to education, ensure that information communication technology (ICT) is introduced at least for the teachers and students to have fundamental knowledge about computers and internet. This will facilitate the new approach to teaching and learning, ensure that zero corruption tolerance exist in educational sector since it has a direct relationship with economic growth.