Science, Technplogy, Engineering and Mathematics Education (STEM) is a concept adopted globally and encapsulated into meanstream education system after the world war II. it has been interwoven into curricullum in all sphere of education from Pre-primary to Post­graduate education. The mission is to empower the products of STEM with requisite knowledge and skills needed for both academic and employability. The initiative have recorded many success in countries who invested a large sum of their budgetary allocation to STEM education. Stemming hyperinflationary tide in an economy requires more than overemphasising on STEM education, globally history have witnessed that all countries has had taste of inflation in the phrases of their development. Since drivers of inflation differs from one country to another, and there is no one size fit all in its solution, so each country should be examine based on causative variables peculiar to it and others that can be comon to all the countries. No doubt weak STEM education system, ill-motivated teachers, poor implementation, dearth of resources and funding of research and development will expose the country to dependence on foreign inputs. To address hyperinflation developing country Like Nigeria need to invest on sustainable innovation, it should be ready to overhaul its system of teaching and learning by emphasising more on practical skills rather than only learning theories that have no direct bearing on the addressing the problems of the society. Nigeria academia should be incentivised with research grants and their findings should be should be commercialised by industries that requires such innovative research outputs. There is need to find soution to our local problems from within our local resources rather than expecting solution from without.

The term “STEM Education” has been use to mean teaching and learning in the field which acronym referred to Sciences, Technology, Engineering and Mathematics. It covers all the sphere of educational stratification from pre-school to post-doctorate, neatly encapsulated in both formal (in the classroom) setting and informal (afterschool programs) settings. (STEM) education is an integrated concept in which students critical thinking, analysis is embedded into a single approach called STEM Education with focus on real world problems.

The goal is to nurture the development of skills as well as competencies for career and lifelong learning generally. STEM education system have multiple objectives, which can be attained through supporting research and increasing degree attainment, encouraging advance study and smoothing carrier transition.

Tsupros & Hallinen, (2009) posit that STEM education would enable the creation of best opportunities for students to view the world holistically, rather than understand it in pieces. It is an interdisciplinary approach to learning; where rigorous academic concepts are woven with real world lessons, this will avail the the students to apply STEM in the context that make connections among schools, community, work and the global enterprises possible. Which will enable the development of STEM literacy as well as self-reliance skills, and with it, the students will be able to compete in the new economy.

The development of any country depends to a large extend on the priority and investment on the Science, Technology, Engineering and Mathematics (STEM) education. This is because rapid economic growth can only be through utilisation of scientific research as well as application of STEM knowledge and skills in the real life situations. It has become a catalyst that create spirit of economic, technological and sustainable development across Nigeria. The provision of good water supply, quality food and health care delivery, as well as various materials for construction industries, roads, and automobiles are byproducts of STEM Education.

In reality, graduates from STEM education must to be equipped with sufficient skills that would make them self-dependent, prepare them into labour markets. STEM education should prepare individuals to be self-reliant in various occupations. The teaching of Science, Technology and Mathematics Education should be tailored toward practical engagement. However, countries that only theorised the application of STEM education, because of poor policies, incompetent teachers, dearth of material and pausity of resources to enable positive impact of knowledge, students often graduates without any hands-on skills and minds-on experience (Offorma, 2005).

David et al. (2018) pointed out that STEM education is in the framework of the New Partnership for Africa’s Development (NEPAD), STEM is needed towards globalization demands. Thus, African leaders recognized that Science and Technology is the only major ingridient that will transform the economic to achieve the goal sustainable development. STEM education is used in research, policy issues, teaching for innovation, problem-solving and prospects. The Educational System most especially Science, Technology, Engineering and Mathematics (STEM) Education has always played an indispensable role in shaping the economic realities of any society, the necessity of STEM in preparing students for the complexities of the 21st century, driven by a technology-oriented global economy and the demand for innovative and analytical skills (Orukotan, 2007 and Ajewole et al 2006).

STEM has been the critical instrument used to uplift not only the standard of living but also the economy of any nation. Developed nations such as the USA, China, Japan and the UK are attained their development only through science and technology. Olorundare (2010) is of the opinion that the inclusion of engineering into STEM Education can be justified by the fact that young children tend to be engineers first; building, making and doing projects long before they can explore scientific principles that allow their buildings to stand or “canals” between puddles to carry water.

Ikeobi, (2010) mentioned that STEM is a tool for the economic, social, and political development of a nation. The contribution of STEM to the social, industrial and economic life of the world in general and Nigeria in particular has been felt in all phases of human life. The knowledge of STEM has enabled the provision of good water, food, and healthcare delivery, various materials for construction in industries, roads, automobiles, and houses. STEM-related subjects are used in solving problems resulting from human interaction with the environment.

In another perspective Olatunde-Aiyedun (2024) posit that artificial intelligence (AI) and Machine learning need to be an integral part science education curricula in Nigerian universities, asserting that technological advancements can facilitate teaching methodologies and research capabilities. By leveraging AI, tertiary institutions can promote innovation in addressing local challenges, thereby promoting sustainable development and economic growth. Through community service, tertiary education in Nigeria can significantly impact areas such as public health, literacy rates, and environmental sustainability.

STEM education, has its roots when the United States first recognized the need for improved scientific education to maintain its global competitiveness. Over the years, STEM education has evolved beyond the mere amalgamation of four subjects. It represents an interdisciplinary approach aimed at integrating these disciplines into a cohesive learning paradigm based on real-world applications. This educational philosophy is built on the premise that these four disciplines are interwoven into the fabric of everyday life and are critical for the development of critical thinking and problem-solving skills (Marzuki et al, 2024)

According to Umar (2019), African leaders must realize that science and technology are crucial to the sustainable growth and economic transformation of any country. Furthermore, effective and quality teaching, research, innovation, policies, and problem­solving all require and make use of STEM education

While STEM education is pivotal for preparing students for the future, several challenges impede its effectiveness. Addressing these challenges is crucial for maximizing the benefits of STEM education for all students. Some challenges has been identified by (Marzuki et al, 2024)

1.2.1 Addressing Access and Equity Issues

One of the significant challenges in STEM education is ensuring equal access and equity. Disparities in STEM education can arise from various factors:

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  Socioeconomic Barriers: Students from lower socioeconomic backgrounds may have limited access to quality STEM education due to lack of resources in schools, such as advanced lab equipment and experienced teachers.
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  Gender barrier: There is a notable underrepresentation of women in STEM fields, which can be traced back to educational opportunities and societal stereotypes
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  Geographical Limitations: Students in rural or remote areas often have less access to quality STEM education and resources compared to their urban counterparts
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  Special Needs Consideration: Students with disabilities or special needs may face barriers in accessing or fully participating in STEM education.

Efforts to address these issues include policy reforms, targeted funding, inclusive curriculum designs, and community-based programs that aim to bridge these gaps.

1.2.2 Educator Training and Resource Allocation

The effectiveness of STEM education heavily relies on the quality of teaching and available resources. Challenges in this area may include:

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  Professional Development: Many educators may not have specialized training in STEM disciplines, especially in integrating these subjects in an interdisciplinary manner
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  Curriculum Support: Educators often need more resources and guidance to effectively implement STEM curricula that are dynamic and engaging
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  Resource Availability: Limited funding can restrict the availability of essential resources like laboratory equipment, technology tools, and up-to-date learning materials. Solutions involve increased investment in educator training programs, providing adequate resources for STEM education, and creating support networks for educators

1.2.3 Enhancing Student Engagement and Interest

Maintaining student engagement and interest in STEM subjects is a persistent challenge, particularly as the curriculum becomes more complex. Factors contributing to this challenge include:

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  Perceived Difficulty: Many students view STEM subjects as inherently difficult, and discouraging.
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  Relevance to Everyday Life: Students often struggle to see the connection between their STEM studies and real-world applications.
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  Teaching Approaches: Traditional, lecture-based teaching methods may not be effective in engaging students in these dynamic and hands-on subjects.

To counteract these challenges, educational strategies such as project-based learning, real-world problem-solving exercises, and integration of technology can be employed to make STEM subjects more engaging and relevant to students’ lives.

1.2.4 Effects on Student Performance and Skill Development

STEM education significantly influences student performance and skill development in several ways

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  Enhanced Cognitive Skills: STEM education promotes critical thinking, problem solving, and analytical skills. Engaging in STEM subjects helps students develop a mindset geared towards inquiry, experimentation, and understanding complex systems.
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  Improved Academic Performance: Studies have shown that students engaged in comprehensive STEM education often perform better not only in science and mathematics but also in other academic areas, due to the interdisciplinary approach and emphasis on analytical skills.
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  Development of Technical Skills: STEM education equips students with specific technical skills, such as programming, data analysis, and scientific experimentation, which are increasingly important in the digital age.
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  Fostering Creativity and Innovation: By integrating technology and engineering principles with science and mathematics, STEM education encourages creative solutions and innovation, skills highly valued in various fields

1.2.5 STEM Education and Workforce Preparedness

The relevance of STEM education extends beyond academic settings into the workforce:

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  Meeting Industry Demands: As the global economy becomes more technology­driven, there is a growing demand for professionals with strong STEM backgrounds. STEM education prepares students to meet these industry needs.
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  Career Opportunities: STEM education opens up a wide range of career opportunities in fields like engineering, healthcare, information technology, and research, many of which are among the fastest-growing and highest-paying jobs.
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  Economic Contributions: Individuals with a strong foundation in STEM subjects contribute significantly to technological innovation and economic growth. STEM education is thus crucial in maintaining a competitive edge in the global market.
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  Addressing Global Challenges: STEM-educated individuals play a vital role in addressing major global challenges, such as climate change, healthcare, and sustainable development, by providing innovative solutions through science and technology

Several trends are currently shaping the future of STEM education

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  Integration of Artificial Intelligence and Machine Learning: The growing influence of AI and machine learning in various sectors is leading to their increased incorporation in STEM curricula, preparing students for a future where these technologies will be ubiquitous.
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  Focus on Environmental and Sustainability Education: As global environmental concerns intensify, STEM education is increasingly incorporating sustainability and environmental science, teaching students to apply scientific knowledge to real-world ecological challenges.
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  Increased Emphasis on Soft Skills: Alongside technical proficiency, there’s a growing recognition of the importance of soft skills such as teamwork, communication, and ethical reasoning within STEM education.
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  Personalized and Adaptive Learning: Leveraging technology to offer more personalized learning experiences that adapt to individual student’s pace and style of learning is becoming more prevalent.
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  STEAM – Inclusion of Arts: Integrating arts into STEM (transforming it into STEAM) is gaining traction, recognizing that creativity and design thinking are crucial in innovation and problem-solving.

2.1 Inflation its Implication on the Nigerian Economics

Inflation has been defined as a widespread, continuous, and persistent rise in prices. Inflation requires “general, continuous, and persistent” price increases in goods and services. Inflation lowers global Economic Growth and development indicators.

Inflation reduces purchasing power in a country, encourages spending and capital investment while discourages savings. In addition, it raises the cost of living in an economy, reduces living standards and raises the cost of borrowing. Inflation has the tendency to render prices in the local industry less competitive relative to other countries thereby affecting export sectors and threatening the survival of local industries. If left unchecked, it can lead to even higher inflation which might end up exceeding 100%, i.e., hyperinflation which is currently experienced in Nigeria.

Single-digit inflation of 2-6 percent has a positive and significant impact on the economy through increased wages, consumption, investment, creativity, invention, and production. Double-digit inflation hurts consumers and economic growth.Double-digit inflation hurts consumers and economic growth (EG). Since the 1970s, inflation has plagued industrialised and emerging economies, particularly Nigeria. Economists define inflation as a general, continuous, and persistent rise in an economy’s price level. It discourages investment, production and increases growth in wages and consumption. It also leads to uncertainty in the value of gains and losses of borrowers and lenders; furthermore, it reduces returns on financial assets (Onuorah 2023).

High inflation rate erodes the gains from growth and leaves the poor worse off, causing an upward adjustment in government budgets as budgetary imbalances become entrenched causing resurgence of macroeconomic instability. Nigerian economy is under­developed despite the fact that it is richly endowed both in human and natural resources; this is due to Inflation, corruption and unemployment (Ojomolade, 2018).

There is consensus among economists that inflation is a continuous rise in the prices, simply put, Inflation describes an economic situation where there is a general rise in the prices of goods and services continuously. It could be defined as a continuing rise in prices as measured by an index such as the consumer price index (CPI) or by the implicit price deflator for Gross National Product (GNP). “Too much money chasing fewer products” describes Inflation. (Chude and Chude, 2015).

Nigerians believe that dollar exchange rate, wide money in circulation, national debt, oil prices volatility, excessive government expenditure, and rapid population growth are the main causes of inflation

Nigerians are affected by inflation. When prices rise, many sectors become inactive or become less productive. Before controlling inflation, Nigeria must determine all variables that significantly affect it.

Country-specific factors cause inflation. These economic drivers are supply and demand forces. Supply-side variables raise production costs and produce inflation. Output growth, capital creation, import prices, exchange rate, tax, and wage are supply-side factors. Demand side variables reduce money’s purchasing power, causing inflation. Money supply, private consumption, and government spending all affect Nigerian inflation (Onuorah 2023)

In hyperinflation, money loses its meaning as a store of value because the inflation rate can no longer be measured and is out of anyone’s control.

2.2 Key Impact of Hyperinflation on Sustainable Innovation

Hyperinflation can lead to reduced investment in sustainable innovation due to uncertainty and decreased purchasing power. It can increase the costs of research and development, making it more difficult for companies to invest in sustainable innovation. It can limit access to resources, including talent, technology, and funding, which are essential for sustainable innovation. It can lead to a short-term focus, as companies may prioritize immediate survival over long-term sustainable innovation. It can creates uncertainty, making it challenging for companies to plan and invest in sustainable innovation. It can lead to a talent drain, as top talent may seek more stable opportunities, depriving companies of the skills needed for sustainable innovation. It can reduce collaboration and knowledge sharing, essential for sustainable innovation, as companies may become more protective of their resources. It can exacerbate income inequality, reducing access to sustainable innovation for marginalized communities. It Environmental degradation: Hyperinflation can lead to environmental degradation, as companies may prioritize short-term gains over sustainable practices. It can result in lost opportunities for sustainable innovation, as companies may be forced to focus on immediate survival rather than long-term sustainability.

2.3 Inflation and its determinants in Nigeria

Inflation simply defined as the continuous rise in the aggregate price levels of goods and services over time. This economic phenomenon affects consumers’ purchasing power, and alter their spending habits and investment strategies. Infact, if inflation is left unchecked it can erode the consumers purchasing power, disrupt financial planning, and eadversely affects on savings, erode confidence of citizenry on money as a store of value.

Generally nflation rate is measured through indices, with consumer price indices (CPI) and producer price indices (PPI) serving as vital indicators.

The National Bureau of Statistics’ most recent statistics show that in January 2024, the nation’s headline inflation rate increased to 29.90% percent.

The NBS reports that the annual rate of food inflation was 35.41%, which is 11.10% higher than the rate of 24.32% reported in January 2023.

National Bureau of Statistics 2024

Nigeria’s economy is more of mono cultural, it depend on oil exports which renders it to vulnerabillity in the fluctuations of oil prices. Also built-in inflation, which is rooted in wage-price increases, add to its complexity. anytime businesses faces higher production costs, the cost would be passed to consumers, thus, prompting them to demands for higher wages and a cycle of inflation ensued.

Prices rises unarbitrarily as inflation rates surges, thus, banks raise their interest rates to cope up and maintain their profit margin. Higher interest rates often cause unemployment to rise. More often, abrupt surge in prices level would induce panick spending and consumption among end users, leading to debt and poverty. The extreme version of this is called hyperinflation:

3.1 Stemming inflationary tide through Sustainable Innovation

Stemming inflation through sustainable innovation is a crucial strategy for maintaining economic stability. Thus according to (Afolabi, 2022; Oladele, 2022; Sharma, 2020; Hernandez, 2020; & Singh, 2019). sustainable innovation can help:

STEM educatio can stem inflationary tide through Improved resource efficiency, Sustainable innovation can reduce waste, optimize resource utilization, and promote circular economy practices, leading to lower production costs and reduced inflationary pressures. It can Increased productivity by driving productivity growth through introducing new technologies, processes, and business models that enhance efficiency and reduce costs. It can also lead to Reduced dependency on scarce resources, thus, making businesses less vulnerable to price volatility and supply chain disruptions. Sustainable innovation will bring about New business models which create, promote, share, collaborate, and product-as-a­service, thus, reducing consumption and waste. Cost savings strategy can be enhanced through reduced energy consumption, water usage, and waste management. Sustainable Innovation can also increase competitiveness Businesses that adopt it can differentiate themselves, attract customers, and increase their competitiveness. Similarly, Sustainable innovation can lead to job creation in new industries, such as renewable energy, sustainable agriculture, and eco-tourism. Finally it can reduced inequality, by providing access to essential services, such as affordable energy, healthcare, and education.

Some areas that requires sustainable innovations which can help stem inflation include:

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  Renewable energy
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  Sustainable agriculture
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  Circular economy solutions
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  Eco-friendly packaging
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  Green transportation
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  Energy-efficient technologies
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  Sustainable water management
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  Waste reduction and recycling

3.2 Nigerian STEM education policies and agencies

i. POLICIES:

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  National Policy on Education (2013): Emphasizes the importance of STEM education for national development.
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  Science and Technology Policy (2012): Aims to promote scientific research, innovation, and entrepreneurship.
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  National Innovation and Technology Strategy (2019): Focuses on driving innovation and entrepreneurship through STEM education.

ii. AGENCIES:

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  National Universities Commission (NUC): Regulates university education, including STEM programs.
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  National Board for Technical Education (NBTE): Regulates technical and vocational education, including STEM programs.
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  National Science and Technology Development Agency (NSTDA): Promotes scientific research, innovation, and entrepreneurship.
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  National Information Technology Development Agency (NITDA): Regulates IT education and promotes digital innovation.
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  Federal Ministry of Science, Technology and Innovation (FMSTI): Oversees national policy on science, technology, and innovation.
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  National Agency for Science and Engineering Infrastructure (NASENI): Develops and provides science and engineering infrastructure.
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  Tertiary Education Trust Fund (TETFUND): Provides funding for tertiary education, including STEM programs.

iii. INITIATIVES:

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  STEM Education Initiative: Aims to improve STEM education quality and accessibility.
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  Code Nigeria: Aims to promote coding and digital literacy.
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  Science, Technology, Engineering, Arts, and Mathematics (STEAM) Education: Incorporates arts and design into traditional STEM fields.
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  Girls in STEM: Encourages girls and women to pursue STEM fields.

These policies, agencies, and initiatives aim to strengthen STEM education in Nigeria, promoting innovation, entrepreneurship, and sustainable development.

Policy Recommendation and Implication of Stemming Inflation Through Sustainable Innovation

iv. Policy Recommendations:

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  Incentivize Sustainable Innovation: Offer tax breaks, grants, and funding for businesses and startups developing sustainable solutions.
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  Invest in STEM Education: Strengthen STEM education programs to develop a skilled workforce capable of driving sustainable innovation.
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  Implement Data-Driven Policy: Utilize data analysis and research to inform policy decisions and anticipate economic trends.
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  Foster Collaboration: Encourage collaboration between government, industry, and academia to promote knowledge sharing and innovation.
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  Support Entrepreneurship: Provide resources and funding for entrepreneurs developing sustainable solutions.
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  Emphasize Circular Economy: Implement policies promoting waste reduction, recycling, and sustainable resource management.
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  Develop Sustainable Infrastructure: Invest in sustainable infrastructure development, such as renewable energy and green transportation.
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  Encourage International Cooperation: Collaborate with other countries to share knowledge, technologies, and best practices in sustainable innovation.

v. Implications:

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  Short-term: Inflation reduction, economic stability, and increased competitiveness.
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  Medium-term: Improved productivity, increased entrepreneurship, and sustainable growth.
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  Long-term: Transition to a knowledge-based economy, reduced inequality, and environmental sustainability.

By implementing these policy recommendations and implications, governments can leverage sustainable innovation to stem hyperinflation, promote economic growth, and ensure a sustainable future.

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