University education is a more profitable investment than the average returns on the stock or bond market.
Estimates show that the returns on attending university is around 14%, with Nigeria’s as high as 17%.
By “return” we mean the increase in your wages relative to not attending university. The improved employability of university graduates drives this.
In 2018, 54% of Nigeria’s labour force with post-secondary education had formal wage paying jobs. Compared with a third of students with secondary education.
But how about the remaining 46% of graduates?
Almost 10% are engaged in farming activities, 5% are unpaid house workers, and around 20% are “self-employed” in non-farm related work.
A significant number didn't even make it to the labour force. 2018 data showed that 25% of graduates are unemployed.
While the harsh job market is a significant factor, Nigerian university students are also not competitive globally. We hear stories of
