Experts Propose New Funding Model for Nigerian Universities

Wale Adeosun, the Chief Executive Officer of the Nigeria Higher Education Foundation, urged Nigerian universities to reduce their overdependence on government funding and instead leverage alumni contributions, research grants, and commercialization as sustainable revenue sources. This statement was made during a two-day conference at the Commonwealth Institute in Lagos, themed around revenue generation for universities.

Adeosun identified four major funding sources: tuition, alumni endowments, research grants, and commercialization of faculty innovations. He emphasized the importance of building a strong alumni support system to attract research funding.

Adeosun noted that Nigerian universities have a valuable alumni network, with many young graduates developing globally relevant solutions. He called for universities to establish professional advancement offices dedicated to alumni engagement and fundraising.

Anthony Kila from the Commonwealth Institute stressed the need for universities to rethink their relationships with students and alumni to strengthen endowments. Ayo Abina, a financial management expert, called for a comprehensive overhaul of Nigeria's tertiary education funding structure.