This paper reviews the perceptions of stakeholders on investment in higher education and economic development in south-west Nigeria. The study was based on the argument that despite the fact that Nigeria celebrates her wealth of human capital and boasts of her educated labour force, there is still widespread ignorance and poverty with no indication of a declining trend. Purposive and random sampling techniques were used to select a sample of 22 students from the Polytechnic Ibadan, University of Ibadan and two banks (FCMB and Fin bank). Descriptive survey was used and four research questions were raised in the study. Inferential descriptive statistics of T-test and ANOVA were used to test the result at 0.05 level of significance. Findings reveal that graduates were not able to get jobs despite all efforts to acquire more knowledge. However, the technological convergence is significant, showing that increasing investment in higher education raises the standard of living.