Nigeria has a large number of academic institutions, but stakeholders worry that the nation is not developing its human capital. Nigeria’s low Human Capital Development Index (HCDI) of 0.32 indicates that, in a worldwide competition, Nigerian children only reach roughly 30% of their full potential. Employers blame the dearth of qualified graduates on the quality of Education that is deteriorating. A lot of universities put business before education, which results in problems like grade inflation, Exam cheating, and declining teaching standards.
The Federal University of Environment and Technology (FUET) in Rivers State is one of the new universities that the government has approved, totalling 278 across Nigeria. Critics contend that expanding the number of institutions does not advance the development of human capital if they do not improve their quality. Though analysts caution that rapid expansion may dilute the quality of education, comparisons with nations like Indonesia and the UK emphasise Nigeria’s need for more universities. They emphasise that having more graduates won’t increase employability if there isn’t enough faculty, infrastructure, and modern curricula that meet business demands.
Experts advocate for more financing for education to guarantee quality.
A surge in graduates who lack the necessary qualifications, outmoded curricula, and the commercialisation of Private Universities are other issues. Nigeria needs additional technological universities, according to some academics, not only humanities ones. Lack of practical knowledge and poor communication skills are clear indicators of the graduates’ diminishing quality, particularly in professions like engineering and medical. Experts advocate for more financing for education, faculty training, and university oversight to guarantee quality. In addition to suggesting other funding structures including public-private partnerships, they support giving priority to already-existing institutions over the establishment of new ones.
Globally, there are large differences in the link between graduate employability and education Investment between nations. The United States, for example, spends more than the Organisation for Economic Cooperation and Development (OECD) average of $11,300 per full-time-equivalent (FTE) student in elementary and secondary education, at over $15,500 per FTE. U.S. postsecondary spending is more than double the OECD average of $18,400 per FTE student, at $37,400. Aligning educational outcomes with labour market demands continues to be difficult despite this significant investment. The quick growth of Higher Education in developing nations has resulted in an excess of graduates, which has raised Unemployment rates for those with degrees.
Link between employability and educational investment.
Compared to industrialised countries, the unemployment rate for young graduates in low- and lower-middle-income countries is far greater, at over 20%. These figures demonstrate the intricacy of the link between employability and educational investment, emphasising the necessity of a purposeful alignment between educational institutions and labour market demands. Still, a number of Nigerian universities have made a name for themselves by turning out highly employable graduates. For instance, Covenant University has one of the highest employability rates in the nation, with 90% of its graduates finding employment.
Employability rates at Obafemi Awolowo University and the Federal University of Agriculture, Abeokuta, are 83.33% and 84.62%, respectively. These educational institutions place a strong emphasis on critical thinking, problem-solving, and inventive skills in addition to academic brilliance, preparing its graduates to succeed in the fast-paced world of today. Nigeria has learnt a lot from the many approaches that other nations have taken to address the problems in education. The UK, for example, has acknowledged that the problem is not a shortage of abilities but rather their underutilisation. A sizable portion of British employees claim to be overqualified or to possess qualifications that are irrelevant to their current positions.
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Employers, legislators, and university administrators’ perspectives offer a varied perspective on the potential and difficulties facing Nigeria’s educational system. Numerous Nigerian graduates achieve success abroad, according to Professor Lilian Salami, Vice-Chancellor of the University of Benin, who claims that Nigerian colleges are dedicated to generating graduates who can withstand the test of time. Similar to this, Professor Kabiru Adeyemo, the Chairman of the Committee of Vice-Chancellors and Registrars of Private Universities in Nigeria, emphasises that graduates of private universities are competitive both domestically and globally due to their academic proficiency as well as their critical thinking and problem-solving skills.