Explore Innovative Funding Models – Kalu To VCs

By Oduyemi Odumade

The Deputy Speaker of the House of Representatives, Mr Benjamin Kalu, has called on Vice Chancellors of Universities in Nigeria to explore innovative funding models to finance education. 

Speaking at the 61st anniversary and 36th Conference of the Committee of Vice Chancellors of Nigerian Universities, CVCNU in Abuja, Kalu emphasized the importance of leveraging the contributions of alumni associations and other endowment funds to provide financial stability and propel universities to greater heights.

He highlighted the potential of the vast network of alumni associations and the Triple-Helix model, which involves collaboration with industries and the government, as key elements in charting a new course for sustainable development in Nigerian universities.

Mr Kalu cited the examples of countries like the United States, the United Kingdom, and Australia, where endowment funds managed by capital market fund managers and venture capitalists have played a significant role in financing higher education.

“It is my sincere hope that these innovative funding models will provide the necessary financial stability to propel Nigerian universities to even greater heights,” he said.

He urged universities, particularly the first, second, and third-generation publicly owned higher education institutions, to tap into the extensive networks of their respective alumni for initial deals structuring and the establishment of endowment funds.

In his remarks, Kalu commended the Committee of Vice Chancellors for its higher education leadership program, focusing on strategic thinking for managing challenging times and creative financing of universities and other tertiary institutions.

He emphasized the importance of equipping Nigeria’s academic leaders with the necessary skills and strategies to navigate the complexities of higher education in the 21st century.

Furthermore, the Deputy Speaker pledged the partnership of the parliament with universities and other stakeholders in the education sector.

He urged the Committee to address issues of gender equity, diversity, and inclusion while considering the role of technology and the impact of Artificial Intelligence (AI) on the future of Nigerian education.

Edited By Grace Namiji