By Abstract
This paper is a critical reflection on knowledge economy and Nigeria’s preparedness to meet its demands in the 21st century. It discussed the emergence of knowledge economy as the dominant economic system of the moment and the role education plays in its development. The paper argued that knowledge economy is creating a highly competitive global community, a community where good thinking results in good product. For a nation like Nigeria to survive this competitive pressure, the paper suggested the need for a change in the mode of doing things within Nigeria’s education system and business environment. If the global community has changed the base of its economy, so should education and schooling system. It proposed that Nigeria’s workforce largely groomed in academic institutions must have ability to adapt to constant change and uncertainty. They must be educated to be creative and innovative, using the opportunities that modern technology especially information and communications technology offer. This is to boost their capacity to work in knowledge and service based economies. The paper highlighted the priorities of Knowledge Economy and made some recommendations such as investing in the abundant human resources of the nation, providing sufficient funds for education and employment of qualified staff, provision of basic amenities especially electricity which technologies require to function effectively. These will enable Nigerian policy makers in education prepare a generation of workforce necessary for seamless migration into knowledge based economy.
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