President Muhammadu Buhari on Thursday assured Nigerians that his administration will not rest until it delivers on its commitments on quality education, including investing more resources in the sector and providing a conducive learning environment in the academia.
The President stated this while inaugurating the newly completed Post-Graduate Centre of Excellence at the Ahmadu Bello University (ABU), Zaria, constructed and donated to the school by the Central Bank of Nigeria (CBN).
The President described the construction of the project as a testimony to his administration’s effort at supporting qualitative learning from the primary through to the tertiary level, adding that his administration” invested about N1.3 trillion in the educational sector of the country, excluding personnel and overhead costs.”
The current funding gap notwithstanding, the President assured that his administration, in its second term, will continue to accord education priority by ensuring adequate funding for the sector to make it affordable, qualitative and competitive with what was obtainable in more developed countries.
The President commended the Central Bank of Nigeria (CBN) for supporting the Federal Government’s investments in the educational sector as well as other keys areas of the economy tied to overall national development, he urged the Bank to sustain such funding support for research and overall economic development.
Governor of the Central Bank of Nigeria, Godwin Emefiele in his welcome address, said the Bank’s involvement in the funding and infrastructural support in the educational sector was borne out of the conviction that an educated workforce played a critical role in the advancement of the Nigerian economy and the society in general.
He disclosed that the three Centres of Excellence, located at Zaria, Enugu and Ibadan will commence operation in October 2019, adding that “the CBN expects the universities to take maximum advantage of the world class facilities provided by the Bank to challenge their counterparts in London, New York and Dubai in the provision of training programmes in banking and finance-related disciplines for the global business community
He said the Bank’s analysis of the factors responsible for the growth of successful economies, indicated that investment in education played a prominent role in driving innovation and growth in advanced and emerging economies, while also contributing to significant reductions in inequality.
“ Hence, the CBN, being a knowledge-driven organization, had to ensure the sustenance of improvements in institutions of higher learning across the country”
The CBN Centre of Excellence project was is designed to accommodate the Central Bank of Nigeria Collaborative Postgraduate Programme (CBN-CPP), described as a “child of necessity in the Bank’s intervention programme in the educational sub-sector”
For Emefiele, “the project was conceived to produce a critical mass of skilled professionals that will be able to apply their knowledge towards supporting growth and continued innovation in our nation’s financial sector and the economy in general. “This was against the recognition that the dearth of skilled manpower constituted a binding constraint towards making Nigeria the number 1 hub for economic activity in Africa,
He also disclosed that the three first generation federal universities in the country across the six geo-political zones (Ahmadu Bello University (ABU), Zaria, University of Ibadan (UI), Ibadan and the University of Nigeria (UNN), Nsukka) were selected under the first phase of the intervention programme. He added that the programme was later expanded to cover six other tertiary institutions across Nigeria, which are nearing completion.
The project was mainly to ensure that students at post-graduate levels in Economics, Accounting, Banking and Finance, Business Administration and Statistics study in a serene environment that would stimulate effective learning with a view to building human capacity for the financial services sub-sector.
Emefiele also assured that the CBN, working closely with all the participating universities, had taken steps to ensure that this investment yields considerable benefits. Specifically, he said the curricula for the target disciplines had been reviewed and harmonized across board to ensure students are provided with the optimum level of knowledge relative to their peers in other parts of the globe.
“We believe that the Centres of Excellence will help support the government’s efforts towards reducing the incidence of brain drain, and curtail the huge foreign exchange being spent on school fees for Nigerians studying in other countries,” Emefiele said.
The Post-Graduate School project, similar to the project inaugurated by President Buhari at the University of Nigeria, Enugu Campus (UNEC) in January 2019, comprises a Faculty building and a block of rooms, as well as a 544-seater auditorium, four lecture and four tutorial rooms, traditional and e-libraries, and a telepresence room.
The CBN Governor disclosed plans by the Bank, in the near future, to also provide funding support for the health sector in the country, through the establishment of six diagnostic centres across the geo-political zones of the country.
He said the decision of the Bank to support the health sector was based on the realization that education and health formed the bedrock of development in any society.
