Economic Returns To Investment In Technical Teacher Education In Southern Nigeria

ABSTRACT

This study examined the economic profitability of investment in technical teacher education in Southern Nigeria by comparing the costs of and benefits from the programme. The target populations for the study were NCE students and workers within the location of the study. The stratified random sampling technique was used to select workers and students from the sub-groups. The students' sample of 2,610 was drawn from a total population of 10,576 much up of NCE years I, II and III full-time students. The worker's sample of 2.430 was drawn from a total population of 8.100 workers selected from the three public establishments consisting of 854 school certificate, 366 TC II and 1,210 NCE holders. Two research instruments - Private Cost of Technical Teacher Education Students Questionnaire ( PCTTESQ) and Workers Age- Education Earnings Questionnaire (WAEEQ ) were developed and used 10 collect data for the study. This study adopted Internal Rate Return (IRR) techniques for the data analysis. The computed social and private rates of return were obtained and compared with the ruling interest rates paid by the Central Banks of Nigeria (CBN) and Commercial Banks on deposits, maximum of 9.77% and 10% respectively. The obtained crude rates were all adjusted for wastage, unemployment, alpha - coefficient (0.67) and inflation. It was generally found, among other things, that the private costs of technical teacher education were higher than the social costs, due to non-release of capital budgets for all the Federal Colleges of Education in Nigeria in recent years; that workers earnings varied according to the level of educational attainments and employment sector (Public und Privule): thur high rules / wastage, unemployment, alpha-coefficient and inflation affected the earning differentials considerably and caused decrease in the expected rate of returns, and that investment in technical teacher education was more profitable to both the society and the individual than investment in bank