An international financial services company called Proconnect has renewed its dedication to strengthening Nigeria’s Economy through investments in Higher Education abroad. At a press conference in Lagos with the topic “Investing in your professional members’ aspirations for global Education as a vehicle for national economic development,” the corporation emphasised that it supports Nigerians who want to study abroad. Proconnect makes it easier for graduates of HND and BSc degrees to pursue MSc or MBA programs in 17 other countries by providing non-collateral financing of up to $100,000.
Candidates up to 40 years old may apply for the loans, which have periods of 10 to 20 years and no requirement for collateral or guarantors. Repayment of the loans starts after graduation. The loans have interest rates that vary from 10% to 16% annually. Elda David, the CEO, highlighted the company’s goal of promoting intentional migration in order to get students to return to Nigeria and support the Economic Development of the nation. Rather than mass migration, or “Japa,” Proconnect advocates for “Japada,” in which students return to use their international education to help Nigeria.
Many foreign loan & scholarship recipients have attested to the advantages.
In order to advertise its services, the company also has a national campus tour scheduled for 2025. It is also willing to collaborate with associations for professionals. Proconnect expects that half of its applicants would use their skills in Nigeria again, and the remaining half will remit money home to support the country’s economy. Many foreign Loan and scholarship recipients have attested to the substantial advantages that their experiences in studying abroad have brought them. Graduates from Proconnect (or comparable services) who studied overseas with financial aid, for instance, frequently return to Nigeria with advanced expertise in business management, engineering, or technology.
Following graduation, these students started their own businesses or assumed executive roles in global corporations, making significant contributions to regional and national growth. Proconnect reportedly assisted hundreds of students in obtaining international education loans, enabling them to pursue degrees from prestigious universities in 17 different countries, including the US, Canada, and the UK, according to anecdotal reports. Although precise numbers about the number of Nigerians that have benefited from Proconnect’s services are unknown, thousands of Nigerian students have benefited from comparable financial Literacy initiatives throughout their overseas studies.
Taking out foreign loans comes with a number of hazards.
According to estimates, a sizeable percentage of these students return home and bolster Nigeria’s economy, while others choose to stay overseas and increase remittance inflows. The World Bank estimates that over $20 billion in remittances were sent to Nigeria in 2022, with a portion of those originating from graduates who have made their home outside. Taking out foreign loans comes with a number of hazards, particularly given the unstable labour markets that graduates must navigate. Repaying student loans may be difficult for many graduates since they may have trouble finding well-paying employment.
Furthermore, the Volatility of Nigeria’s economy and changes in exchange rates may increase the cost of servicing foreign debt. Graduating students run the danger of not finding work that fits their qualifications due to job market saturation in particular industries, which would extend the repayment time. This demonstrates the need of careful budgeting and picking subjects of study that are in great demand. Organisations that represent professionals, such as the Nigerian Bar Association (NBA) or the Chartered Institute of Bankers of Nigeria (CIBN), have to think about working with Proconnect.
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Global education prospects for its members will be improved by cooperation with professional groups. They raise the bar for professional Education in Nigeria by doing this and giving their members easier access to foreign loans and scholarships. These organisations can formally indicate interest in partnering with Proconnect through direct correspondence or by attending networking events that the company hosts. Additionally, in order to notify members about these opportunities, they might host joint workshops or seminars.