This study evaluates the contemporary socio-economic effects of 1976 large-scale
construction of over 21,000 new primary schools by the federal government of Nigeria and
the considerable investments in human capital by early Christian missionaries between 1843
and 1925. Both OLS and Instrumental Variable (IV) methods were adopted as identification
strategies in combination with research design methods such as Differences-in-Differences
(DID) and Regression Discontinuity Design (RDD) techniques. Exposure to UPE programme
raised schooling attainment by 0.94 year or by 16.7 percent. Furthermore, study established
the UPE had considerable impact on individual and social wellbeing. OLS results show that
a year of education increases well-being by 5.5 per cent. On the average, IV results show that
a year of schooling increases wellbeing by 30 percent, which is nearly six times the
magnitude of OLS estimate. OLS externality results show LGA average year of schooling
generate 7.75 percent and LGA average year of primary schooling generates 18.14 percent. It
is 16.95 percent for LGA average year of secondary schooling and 20.58 percent for LGA
year of tertiary education. Econometric test of selection on both observed and unobserved
variables indicate that OLS results are not driven by omitted variable bias. Our IV results
reveal the UPE programme has significant labour market consequences. OLS and IV results
indicate that UPE had significant social benefits. Our estimates are robust to a number of tests
such as specification test, exogeneity or over-identification test, falsification tests, addition of
a number of control variables, state fixed effects and cohort fixed effects. Inter-personal
interactions and the availability of public goods are important sources of schooling
externalities. In the third part of this work, we explore the empirical relationship between
contemporary housing quality and long term indicator of missionary human capital
investment. Though the study will encourage massive public sector investment in education
to enhance private and social benefits, complementary policies that foster investments in
physical infrastructure and social harmony will be maximise public sector social returns to
schooling investment