As part of its contributions to producing fit-for-purpose graduates in the country, Sterling Bank Plc has given out over N15 billion as loans to students and school owners across the country in the last five years.
The organisation has also trained up to 600 software engineers in the last 18 months.
The Divisional Head for Business Growth of the bank, Obinna Ukachukwu, gave these revelations at a news conference in Lagos.
According to him, Sterling Bank Plc believes strongly that growing and developing the country’s economy in an appreciable manner required the production of highly skilled manpower, hence the need to invest sufficiently in the education sector.
He said one thing that is important in this regard is to invest in relevant education programmes that would produce cost-effective and globally competitive manpower.
He said once a country begins to underfund its education sector, that suppose to drive knowledge and skill acquisition and also impact economic productivity and development, there will be a problem that will have ripple effects on every sector of the economy.
Ukachukwu explained that a community or a country that would guarantee a great future for citizens would train people in programmes and courses that are relevant and can solve societal problems rather than for mere certificate acquisition, as in the case of many in Nigeria.
He said it is on this narrative that tertiary schools in developed economies operate–producing graduates who will create value that is far greater than the cost of producing them.
“And that is why our bank’s module is also tailored towards innovations, partnerships, and investments in projects that generate sustainable value for the educated individual, the community, and the nation,” he stressed.
Ukachukwu, however, declared that Sterling Bank education loans attracts both low and zero-interest rate depending on the category of students and the schools and are designed in a manner that borrowers repay their loans with ease.
He said the bank has some working students who pay their tuition from work allowances they receive, urging students and school owners to make use of loan opportunities to achieve their dreams and life aspirations.
He said that based on Sterling Bank’s experience, it is untrue that education loan facilities cannot work in Nigeria because of its high unemployment rate.
He said what would not make loans work for some students is when they don’t study relevant and societal-need courses and programmes.
He, however, advised that it is now time for Nigerian tertiary schools to tailor their curricula towards societal needs and not just for issuing of certificates.
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