Education needs N2tn annually, says Babalakin

The Pro-Chancellor of the University of
Lagos, Dr Wale Babalakin, has said the education sector needs N2tn
annually to produce well-trained graduates and to establish an education
bank that would give loans to indigent students.

Babalakin made the points while
delivering the 20th Anniversary Lecture of the Yaba College of
Technology, Lagos, titled ‘Technical education and the industry:
Bridging the gap for national development.’

The event was chaired by a former Chairman of the Lagos Chamber of Commerce and Industry, Sir Remi Omotosho. 

The lawyer, who was the guest lecturer,
said it was sad that no multinational company in Nigeria was headed by a
Nigerian as was the case in the past, putting the blame on poor
education and bad attitude of Nigerians to work.

He said unemployment in the country
would become history if the quality of education was improved to meet
international standards.

“The solution to many of Nigeria’s
problems is quality education; the government alone cannot fund
education, multiple sources of funding are required,” Babalakin added.

The Pro-Chancellor said it was important
for the government to increase its budget for education, adding that
the private sector should also contribute to education funding. Calling
for the establishment of an education bank that would give loans to
indigent students, Babalakin said, “Such loans would cover tuition fees
and provide for students’ upkeep. A conducive environment needs to be
provided for students to bring out the best in them.

“For example, the education bank can
give N1m loan to undergraduates annually with N700,000 earmarked for
fees and N300,000 for feeding and upkeep. The loans would be repaid at
no more than five per cent interest rate and would be payable within six
years when the student starts working.”

Babalakin observed that many graduates
were not employed because they were not well trained and did not have
the right attitude to work.

“When employers have confidence in the
quality of education, they will be open to employing Nigerians and stop
bringing in expatriates,” he added.

At the event, the Rector, Yaba College
of Technology, Obafemi Omokungbe, said the college had a centre for
entrepreneurship that trained students to be self-employed and employers
of labour.