Government urged to adopt innovative approach to finance education

Temitope Mustapha,Abuja

The Nigerian government has been urged to adopt innovative approach to financing the  Education sector.

The Convener of the Initiative ,Education Sector Investment Promotion ,Arete Amana, and the Nigerian Investment Promotion Commission made the call in Abuja while briefing Journalists on the need to broaden the source of financing the Nigeria Education Sector.

She said it was time for the Nigerian government to open up the nation’s Education Sector for both Foreign and domestic investment.

Amana who stated that for the government to realise the contents of Ministerial strategic plan , the cost of implementing the plan must be considered.

She challenged the government to embrace innovation in financing the sector adding the government alone cannot finance Nigeria’s education sector following UNESCO’s prescription of 26% of the nation’s budget for funding the education sector.

Amana emphasised that the federal government’s developmental plan is achievable when there is proper budget planning.

” it is time for Nigeria’s education sector to be opened up for foreign and domestic investment most importantly the government can only adopt innovative approach to financing the education as we know that UNESCO’s prescription for funding the sector in 26% of our nation’s budget”

She said no country of the world offers quality education for free ,adding that this call for the government of Nigeria to encourage the private sector to re-invest in tye Nigeria Education sector.

Speaking on innovative ways of financing the  Education Sector , Amana identified Corporate tax rebates, Education vouchers,ethical funds for education, enrolment fund for education funded by the Soverign Wealth funds,education venture and innovation fund amoing other means.

” On the Collaboration between the Education Sector Investment Promotion Initiatives and the Nigerian Investment Promotion Commission , a new framework that will enable strategic partnerships and investments in Nigeria education sector will be created”

Amana emphasised that education evolves from the activities of the public sector, adding that education cannot therefore be managed by the government without partnering with the private sector.

” The collaboration will also forge inter- governmental sectoral linkages for the development of the Nigeria education sector”

“Through the Education Investment Initiative, Nigeria can have a reversal of education fair overseas by Nigerians”

“The initiative is designed to respond to the evident petennial issues if access,availability and affordability,quality assurance and overall institutional capacity plaguing the Nigerian educational system at all levels”

Amana hinted that the initiative on education investment promotion will soon hold a forum later 2016 to promote Nigeria as an emergence regional hub for education.

“The initiative will soon hold a forum in November this year where we intend to bring stakeholders from within and abroad to partner with the Niugerian government concerning the education sector and where their will be creation of policy environment fir investors”

” The forum is a platform for multi stakeholder engagement which will lead to the emergence of a new frame work for investments and financing of education in Nigeria” she stated.