Kingsley Moghalu, former deputy governor, Central Bank of Nigeria (CBN) said Nigeria will need to increase funding and effect key reforms in the tertiary education system to become a strong middle-base country in the next few years.
Moghalu, likely a presidential aspirant in 2023, spoke on Tuesday in a virtual conference on “funding of tertiary education in Nigeria”.
He lamented the worsening state of education in Nigeria and the quality of graduates produced by tertiary institutions across the country.
The former presidential candidate in 2019, added that the structure of tertiary education in Nigeria must begin to align with Nigeria’s objectives for different sectors as a first step to correct the misfit of results produced over the years through backdated curriculums.
Moghalu, however, identified three action points which included financing a reform of the curriculum towards making Nigeria a powerful country in globalisation in the next 20 to 25 years.
He canvassed that Nigeria’s education system should be such that 70 percent of the curriculum focuses on science and technology, engineering and mathematics (STEM) and entrepreneurship in order to produce a robust pool of human capita
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According to him, “education is the surest path to human development and way out of poverty. The more educated people become, the better decisions are made to stop intergenerational poverty in the country.
“Hence, Nigeria’s education system has to be such that 70 percent of the curriculum focuses on science and technology, engineering and mathematics (STEM) and entrepreneurship in order to produce a robust pool of human capital that will power industrialisation.
“But Nigeria needs to devise more effective means to funding which such as research and development and innovation which the patents on intellectual properties from that investment can find their activities.
“If we carry all the money and pour into the system the way it is, it will just be frittered away through contracts. Some people will make money but the educational outcomes will not necessarily be better than what we have today”.
Also speaking at the virtual submit, Pat Utomi, a professor of political economics, lamented the deplorable state of education in the country, especially at the tertiary level, saying that Nigeria must see education as an investment.
Other speakers also urged the government to seek diverse ways of funding education in the country, while lamenting increased corruption in the sector and bureaucratisation which they say has affected policy implementation.
