Economic Meltdown: Effect on Engineering Education in Nigeria

Abstract

This study is an analysis of the impact of the current global economic meltdown on engineering education in Nigeria. Economic meltdown means economic recession.  Engineering education is one of the surest ways for thorough capacitation and developing countries, to reduce poverty and create opportunities for our young people.  One of the immediate effects of economic meltdown on organization is the inability of organization to maintain the current productive capacity owing to inadequate capital.  As a result of this, many companies are either downsizing of personnel and operations or closing down.  The Global economic meltdown has also impacted negatively on government’s ability to meet their obligations.  We have seen governments cutting expenditure and this sometimes includes expenditure on education.  This in turn has adverse effect on engineering education.  Since subvention, from the government is been reduced.  On the long run, there will be inadequate funding, escalation of cost of importing engineering equipment, reduced funding from foreign donors, absence of loan facilities due to distress in the banking sector and inadequate training of personnel.  These may lead to inadequate technical manpower, negative socio-economic effects and general loss of values.  In order to avoid this unpleasant situation, institutions need alternative systems of funding’.  This could come through autonomy, Introduction of innovative strategy and approaches, updating the curriculum with critical needs and available funding and good planning.

Key Words: Economic meltdown, engineering education, productive capacity, control measures, funding, equipment, foreign donors, technical manpower.