Sterling Bank moves to bridge $1bn education funding gap

Sterling Bank plc has moved to bridge Nigeria’s education funding gap estimated to gulp $1 billion investment yearly for about 55 to 56 years. The bank has in addition to other sectors engagement shift focus to education support aimed at addressing the unemployment challenges in the country.

Consequently, the bank is partnering the National Association of Proprietors of Private Schools (NAPPS), Lagos chapter, in its educational programmes.

“Sterling Bank’s intervention in the sector will help to ameliorate some of the challenges the sector faces,” Shina Atilola, group head, strategy and communications, Sterling Bank, said at a press conference in Lagos, saying that government must increase funding to the education sector and ensure that public schools were better equipped to compete fairly with the private institutions.

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“We are the first bank in Nigeria to partner the Lagos Eko project using our staff as volunteer teachers to teach different subjects. All of these are part of our corporate social responsibility to support education, to aid employment and bridge the estimated $1 billion gap that exists in terms of funding education in Nigeria,” he said.

According to him, the bank has also helped to improve the look and feel of some schools, supporting with books, writing materials, as well as textbooks, noting “our books ‘My Little Money Book’ and Funds’ is our way of providing a learning/teaching guide on savings, loans and other financial concepts.”

With the partnership, the Association targets 80 percent of school owners to be trained, Yomi Otubela, president of NAPPS, said, saying the Association’s partnership with the bank will help address the administrative problems of schools.

The Association expects to see how the bank can help sponsor consultants that will assit them in corporate governance issues, train children beyond writing examinations and to add value to teachers.

HOPE MOSES-ASHIKE