Benue State University, Makurdi

Economic returns to Investment on Informatics Polytechnic Education Graduates in Southwest, Nigeria

Akinrotimi Iyiomo Oyetakin Ph.D Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria,
Gbenga Adeniyi Okediji Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria,
Temiloluwa Mabel Akinbulumo Adekunle Ajasin University, Akungba-Akoko, Ondo State, Nigeria

Abstract

The study examined the economic returns to investment on informatics polytechnic education graduates in Southwest, Nigeria based on Human Capital Theory. This study calculated the total cost and the total benefit involved in polytechnic education system in order to count for the economic returns in two aspects; the direct private return and the direct social return to investment in education. The study adopted a descriptive research design of a survey type. Purposive sampling technique was used to sample three public Polytechnics in Southwest, Nigeria. The study samples were National Diploma (ND) and Higher National Diploma (HND) undergraduates, graduates, who filled the questionnaires tagged ‘Questionnaire on Economic returns to investment in Polytechnics education (QERIPE) and workers-AgeEducation-Earning Questionnaire (WAEEQ) with reliability results of r=0.76 for PCEUQ and r=0.77 for WAEEQ. The two research questions raised were subjected to descriptive statistics while the one hypothesis generated was tested with the use of Oneway analysis of variance (ANOVA) at 0.05 alpha level. The findings revealed that an increasing private cost from average of N 174,083.05; N 198,000.50; N 202,005.20; N 300,090.10 ;and N 325,000.56 in 2012;2013;2014;2015;and 2016 respectively Average earning profile for ND, the total cost for informatics education and Engineering had the highest with N 3,598,845.18 and N 3,402,512.74 respectively. While for HND, informatics education had the highest average earning with N53,351,129.28 followed by Agric. technology with N 47,016,028.98. The study further revealed that significant difference does not exist among the means in the returns of polytechnic education graduates based on discipline Southwest, Nigeria. (F (1,596) = F- cal. 0.056> F- val.963; p>0.05). Generally, the findings indicated that the investment in informatics polytechnic education is still more viable and could be one of the favourable personal choices of investment. The findings proved that the economic return to investment in education for polytechnic education is fairly attractive and socially profitable during the period of study and this presented sufficient evidence for recommendations that more effort should be put in place by government and individual to invest more in polytechnic education in Nigeria, and Government, institution and individual should come up with education policies that will enhance higher returns to polytechnic education to both the individual and the society as a whole.

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