Student loan: Unpacking NELFUND’s 2025 strategy
Nigeria has allocated 58.4 billion naira to the Nigerian Education Loan Fund for the 2025 fiscal year. That’s according to the Fund’s Managing Director, Akintunde Sawyer. Meanwhile, 116.2 billion has been disbursed to support students and educational institutions across the country as of the first of this month. Mr. Sawyerr joins CNBC Africa for more on the fund’s 2025 strategy and skill acquisition program.
Mon, 27 Jan 2025 11:34:37 GMT
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AI Generated Summary
- Significant allocation of 58.4 billion naira to the Nigerian Education Loan Fund for 2025, with 116.2 billion disbursed to support students and institutions.
- Positive feedback from 458,000 registrants and 360,000 approved beneficiaries showcases the impact and transparency of the program.
- Launch of a vocational skills acquisition program aiming to affect 50 million lives, focus on data interpretation and regional demands for targeted training, collaboration with skills centres and international certification providers for industry-specific skill development.
Nigeria has allocated a significant amount of 58.4 billion naira to the Nigerian Education Loan Fund for the fiscal year 2025. According to Akintunde Sawyerr, the Managing Director of the Fund, a total of 116.2 billion has already been disbursed to support students and educational institutions across the country as of the first of this month. This allocation is a crucial step towards enhancing skill acquisition and improving the quality of education in Nigeria. Akintunde Sawyerr, the CEO of the Nigerian Education Loan Fund, shared insights on the fund's 2025 strategy and skill acquisition program during an interview with CNBC Africa. The fund has achieved significant milestones with 458,000 registrants for the loan and 360,000 approved individuals benefiting from the fund. Over 176,000 students have been disbursed 18 billion naira, with a commitment close to 118 billion naira. The feedback from the student community and educational institutions has been extremely positive, highlighting the transparency and impact of the program. The fund's new strategy focuses on a vocational skills acquisition program in addition to academic support, aiming to affect the lives of 50 million individuals. By providing national certifications and ensuring employability, the program aims to create a more skilled workforce and generate employment opportunities. Data collection and interpretation play a crucial role in the fund's processes, allowing for targeted skills training based on regional demands and emerging technologies. Collaborating with skills centres and international certification providers, the fund aims to expand its initiatives to sectors like aviation and address the skills gap in various industries. The overarching goal is to enhance economic growth, reduce restiveness, and foster a transparent and impactful strategy aligned with the President's vision. By prioritizing skill development and empowering individuals at all levels of society, Nigeria's NELFUND is paving the way for a stronger and more prosperous future.
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