AUTONOMY: HOW NIGERIAN UNIVERSITIES CAN BE SELF FUNDED- KALU 09-10-23
By Sadiq Aminu The Deputy Speaker of the House of Representatives, Benjamin Kalu has advised Vice Chancellors of Universities in Nigeria to leverage the contributions of the alumni association and other endowment funds to finance education.
Kalu gave the advice, at the opening ceremony of the 61st anniversary and 36th Conference of the Committee of Vice-Chancellors of Nigerian Universities (CVCNU) themed 60 years of Leadership in Nigerian Universities at Baze University, Abuja.
He said those are the innovative funding models that will provide the financial stability needed to propel the universities to greater heights.
He said: “One of the key areas where Nigerian universities can chart a new course for sustainable development is in innovative funding models. I am
particularly encouraged by the efforts to leverage the vast network of
alumni and the Triple-Helix model, involving collaboration with industries
and the government.
“This approach aligns with global best practices seen in countries such as the United States, the United Kingdom, and Australia, where endowment funds managed by capital market fund managers and venture capitalists have played a pivotal role in financing higher education.
According to him, the first, second, and third generation publicly owned higher education institutions have an upper-hand if they follow this approach, solely by looking at their respective extensive Alumni for initial deals structuring and set up of the endowment funds.
The Deputy Speaker also applauded the Committee of Vice Chancellors for its higher education leadership programme on strategic thinking for managing challenging times and creative financing of the universities and other tertiary institutions.
Pledging the partnership of the parliament with the universities and other stakeholders in the education sector, Kalu urged the Committee to also address the issues of gender equity, equality, diversity, and inclusion while also considering the role of technology and the impact of Artificial Intelligence (AI) in the future of Nigerian education.