The extent of the decay in the educational sector
Nigeria accounts for the highest number of out-of-school children in the world, as there are currently more than 8.7 million children out of school, according to the United Nations Education and Children Fund (UNICEF). Also, according to a United Nations Educational, Scientific and Cultural Organization (UNESCO) survey, it was stated that over 65 million Nigerians are illiterates with just 57 per cent of the adult population as literates, which is very low compared to other African countries such as Botswana (88.5 per cent) and Ghana (76.6 per cent).
These above statistics are compelling enough to establish, without a doubt, the fact that the educational sector is in an alarming state and actions need to be taken in this sector so as to prevent a brewing disaster.
The above statistics focused on illiteracy and lack of education but a more devastating fact showed that in a competency test conducted on primary school teachers in Kaduna State, two-third of these teachers failed to score 75 per cent or higher on assessments usually given to their students.This data makes it unsurprising that four out of every five children that have completed primary school are not able to read a three-sentence passage fluently with no help. So the problem not only lies on the access to education but also on the quality of education provided.
Quality education has been the backbone of development in countries of the world because it boosts both economic and social development as nations of the world agree that the way out of issues that plague individual countries and their citizens is through quality education. According to VVOB, a Belgian organization which focuses on promoting education, quality education is defined as one that provides all learners with capabilities they require to become economically productive, develop sustainable livelihoods, contribute to peaceful societies and enhance individual well-being.
A World Bank survey also found out that primary school teachers are unavailable in their scheduled classes at approximately 25 per cent of the time. It is estimated that actual teaching time is on the average of 33 per cent or less than what is timetabled.
Poor funding has been identified as one major problem that has resulted in the decay of the sector and the federal government has not done so much to improve the sector in that regard as a miserly 7 per cent of the country’s budget in 2018 was allocated to education which is well below the UNESCO recommendation of 26 per cent of a country’s budget.
2018 APPROVED BUDGET BREAKDOWN
Source: 2018 Budget of consolidation, BRIU Compilation
With all of these numbers out there, it is quite glaring at this point that for the educational sector to begin to experience trajectory growth, the private sector has to play a complementary role in the core delivery of education and there is a need for investors to begin to enter into the market which would not only yield sustainable returns but also impact positively socially.
Opportunities that lie ahead
Benjamin Franklin once said, “An investment in knowledge pays the best interest”
The country’s problem of under funding, low quality and poor access of education have been further strained due to the explosive growth in population as on the average, there is just one qualified teacher for every 46 primary school students. However, some of the factors that form the bedrock of the challenges in this sector also provide an opportunity to drive improvements. Some of which are: Huge demographic shift as the median age in Nigeria is 17.9 years; rapid urbanization which would improve the percentage of individuals seeking education as the proportion of literate urban individuals far exceeds the proportion of literate rural individuals; and the proliferation of technology.
A research report, the business of education in Africa, showed that 21 per cent of African children and young people are being educated in the private sector with this percentage to rise to 25 per cent in 2021. It also identifies an investment need in private sector education in the region of about $16 billion- $18 billion over the next five years. The future of the sector within Africa would be a hybrid of both the public and private sector provisioning. Investing in education has exciting prospects for potential investors, some of which are: Demand for education is always larger than the supply, which means there would always be a demand-supply gap. There is a long-term and sustainable revenue visibility and barriers to entry are high.
