3 February 2013

Nigeria: Investment in Private Varsities Not Profit-Oriented

Investors who choose to establish private universities can only do so out of a passion to develop the nation's education sector as such venture is not a profit-oriented one.

This was the position of the Founder/Chancellor of Gregory University, Uturu, Chief Gregory Ibe, when he briefed the press on the upcoming maiden matriculation and official opening of the school in Abuja, weekend.

Gregory said over N9 billion is needed to start a university that would meet the minimum requirements of the National Universities Commission (NUC) even at the initial stage.

He added that private investors can key into the transformation agenda of the current administration and help to develop the education sector.

He disclosed that the school is already in talks with development partners such as UNESCO and organisations such as Nigeria Bottling Company (NBC) to set up endowment funds and assist with scholarship funding for some students.

The Vice Chancellor of the University, Prof. Juliet Elu, said the school is focused on research, teaching and service with three faculties already running with 85 students.

She harped on the necessity of changing the mindset of Nigerians from the notion that a university degree is a gateway to securing a job.

"Entrepreneurship-based education should be embraced as that way, graduates would become global citizens who can fit into any market place," she said.

Elu added that Gregory University is adopting the American style which ensures that its graduates are trained in almost every sector of national life.

"Why are we producing graduates that cannot find work? The solution is to produce graduates that can do other things outside their field of expertise," she said.

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