Industry operators have reiterated the need for critical sectors in the economy to benefit from a single-digit interest rate through government intervention.
They argue that for Nigeria, as the largest economy by GDP, to reap from it diverse human resource, government must include a critical industry as education in its single-digit interest rate intervention.
Itua Ighodalo, chancellor of Wellspring University, Benin City, while speaking at the maiden convocation of the institute where he was installed as the second chancellor, wonders why the entertainment industry enjoys single-digit interest rate through government intervention and the education industry is excluded from any government support.
Acknowledging funding as a major challenge of private universities the world over, Ighodalo says Wellspring University is not an exception, “it requires injection of additional funds to enable it provide critical infrastructure and modern technology.”
He observes that the situation of most private universities is becoming worrisome as the private sector contributes by way of education tax to the funding of public universities, while the private universities that are collaborating with the government to render social service are excluded from such government support as the Tertiary Education Trust Fund (TETFUND).
The chancellor commended the promoter of the university, Management Science Centre, for the great vision to establish the university and whose Board of Directors and staff committed enormous financial and human resources to see the project to fruition.
“I consider it an outstanding sacrifice, made in response to the clarion call by government on individuals and corporate organisations in Nigeria, to collaborate with it in providing admission spaces to our teeming youths who are unable to gain admission every year because of inadequate carrying capacities of government-owned and funded universities,” he says.
He assures that he will endeavour to bring his goodwill to interface between the university and the external environment, stressing that all must join hands to collectively make Wellspring University one of the best private universities in Nigeria and outside the country.
Daniel Isimoya, pro-chancellor of the university, says Ighodalo had within the short time of his association with the university brought his goodwill and shown great commitment to the university project.
“His commitment to and support for the Governing Council’s efforts to reposition the university testifies to his open declaration that, indeed, he is not a ceremonial chancellor,” Isimoya says.
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