Students’ Loan Act: 5 Ways Nigerian Tertiary Institutions Must Innovate to Enhance Employability of Graduates

On the 12th of June, 2023, a bill that would change the face of education in Nigeria was signed into law by the just inaugurated administration of President Bola Ahmed Tinubu. The law, popularly called the Students’ Loan Act, is a significant development aimed at providing opportunities for indigent Nigerian students to have access to tertiary education by applying for loan to offset their tuition fees. It also implies that the subsidy on tertiary education has been removed giving public owned institutions the freedom to charge tuitions fees commensurate with the education services offered to students. Previously, the subsidized education offered by the government has been criticized by many because of many problems associated with it.

These problems ranged from incessant strike actions embarked upon by both the academic and non-academic unions in the institutions to the employability question placed on the competence or qualifications of the students who passed through the largely government sponsored tertiary education. Many have also averred that the large number of unemployed graduates that litter the streets across the country is due to government’s incapacitation to fund quality education that would make graduates possess skills that could match the current demands of the industry.

So, this move is seen by many as a way to wean tertiary education in Nigeria off the feeding bottle of huge governmental sponsorship and its attendant perennial issues.  While this legislative step is indeed commendable, it is critical to note that the new law has placed a huge burden on the shoulders of education service providers especially the public ones. This calls for innovation on their part in their curriculum development and implementation. Essentially, Nigerian institutions need to change their playbook as to ensure that students emerge from their educational journey better equipped and more employable in both national and global competitive job markets. The institutions must be ready to set up a mechanism that would equip students with relevant skills, knowledge, and practical experiences. Therefore, the focus of this piece is to suggest ways for our institutions to prioritize innovation and adaptability as the new payment system unfolds. Here are some of the suggestions.

Addressing Skills Mismatch

One of the critical challenges facing graduates in Nigeria is the wide gap between the skills they possess and the skills demanded by the job market. Tertiary institutions must take the lead in bridging this skills mismatch. Through innovative curricula and teaching methodologies, institutions can align their programs with industry requirements. Regular industry-academia collaborations, supervised internships, and practical training opportunities could enable students to develop real-world skills, making them more attractive to potential employers. It is one innovation that must happen in the years ahead as students pay more. They must get value for the money paid.

Promoting Entrepreneurship and Innovation

As Nigeria seeks to diversify its economy and foster entrepreneurship, tertiary institutions have a crucial role to play in cultivating an entrepreneurial mindset among students. Encouraging innovation, creativity, and problem-solving abilities can empower students to become job creators rather than job seekers. By integrating entrepreneurship courses, incubation centers, and mentorship programmes, institutions can nurture the next generation of business leaders and innovators, bolstering economic growth and reducing reliance on traditional employment avenues. To aid this, the recent introduction of the Core Curriculum Minimum Academic Standards (CCMAS) by the National Universities Commission is a point of reference. The new curriculum under consideration has made innovation and venture management compulsory courses for all the 17 faculties to be run by Nigerian universities.

How well-delivered these courses are will determine how better the students would do after graduation. With this, students should be equipped with business management skills, pitch development and general knowledge about running Small and Medium Scale Enterprises. These could be further enhanced by the establishment of innovation hubs. Efforts of organisations like Opolo Global Innovation Hubs helping universities establish and run innovation hubs across the country could also a long way to address the gap in entrepreneurship and innovation.  The Tertiary Education Trust Fund’s (TETFUND) intervention to build innovation hubs in universities, polytechnics and colleges of education across the country could help this drive. TETFUND, which is starting with six universities in the geo-political zones of the country, said the innovation hubs would provide an opportunity for students, academics and researchers to ideate, incubate and develop both business and research ideas into market-driven solutions and development.

Enhancing Digital Literacy and Technological Proficiency

In today’s digitally driven world, it is imperative for Nigerian graduates to possess strong digital literacy skills and technological proficiency. Tertiary institutions must invest in state-of-the-art technology infrastructure and provide students with access to cutting-edge tools and resources. Incorporating courses on emerging technologies, such as artificial intelligence, data analytics, and blockchain, can equip students with the skills required to thrive in the digital era. By embracing technology-enabled learning methods, institutions can ensure that students are well-prepared for the digital workplace of the future. This not only make them well-placed for opportunities, but also enhance their abilities to pay back the loans after graduation. Values must be given for value. Co-working place services provided by organisations such as Opolo across her hub locations could assist students to uptake remote work and be empowered to repay their loans

Encouraging Practical Experience and Industry Exposure

The gap between academic learning and industry realities can be effectively addressed through increased practical experience and industry exposure. Tertiary institutions should establish robust internship programs, cooperative education opportunities, and industry partnerships that allow students to apply their theoretical knowledge in practical settings. Engaging guest lecturers, organizing industry visits, and facilitating networking events can provide students with valuable insights into the professional world and foster essential connections for future employment. Tertiary institutions should have industry partners with whom they jointly train the students for fitness into the world of work. With this playbook, students should be well-grounded in both the theoretical and practical components of their training.

Promoting Soft Skills Development

While technical skills are essential, soft skills are equally crucial for students to thrive in their professional lives. Tertiary institutions must emphasize the development of critical soft skills, including communication, teamwork, problem-solving, adaptability, and leadership. Through interactive workshops, group projects, and extracurricular activities, students can enhance their interpersonal skills and develop a well-rounded personality, making them more attractive to employers.

In concluding this piece, the recent law signed by President Bola Ahmed Tinubu, enabling Nigerian students to access loans for tertiary education, marks a significant step towards expanding educational opportunities in the country. However, it is imperative for these institutions to restructure their system to ensure that students graduate with the skills and capabilities necessary to succeed in the Nigerian and global job markets. This could be facilitated by addressing issues surrounding skills, entrepreneurship and innovation, digital literacy, practical experience, and soft skills development. By putting these in place, tertiary institutions can contribute significantly to reducing unemployment rates, and driving economic growth in Nigeria. Through collaborative efforts between educational institutions, industry, and policymakers, Nigeria can foster a future workforce that is highly skilled, employable, and equipped to contribute meaningfully to the nation’s development.