Investment in University Education in Nigeria: Obstacles and Possible Solutions

  • Niyi Jacob Ogunode Department of Educational Management, University of Abuja, Nigeria
  • Madu Christian Onyekachi Department of Educational Management, University of Abuja, Nigeria
  • Victor Olugbenga Ayoko Faculty of Education, National Open University of Nigeria
Keywords: Investment, University, Education

Abstract

This paper examined obstacles to investment in public university education in Nigeria. The paper employed content analysis to select the literature used in the paper. Secondary data were used in the paper. The secondary data were collected from print and online publications. The paper identified; poor internally generated revenue of the universities, corruption, national debt servicing, insecurity problems, subsidized payments, revenue leakages, lack of implementation of funding policy and fall in national revenue as the obstacles to investment in Nigerian universities. To address these problems, the paper recommended that the federal government should block all revenue leakages in the country to enable the country to generate maximum revenue. The federal, state and local government should have the political will to implement the national policy on funding education in Nigeria. The government should strengthen the anti-corruption agencies to fight corruption in all public institutions, especially the universities. Universities administrator should increase their internally generated revenue by exploring other viable revenue generation areas; like venturing into transportation businesses within the community, they can set up a bakery to produce bread, direct investment in economic and business ventures; large-scale agricultural production and animal husbandry as well as income earned from banks through the placement of surplus funds on fixed deposits, manufacturing of table water, establishing primary and secondary schools and run consultancy services as an arm of their investment company.

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Published
2023-02-11
How to Cite
Niyi Jacob Ogunode, Madu Christian Onyekachi, & Victor Olugbenga Ayoko. (2023). Investment in University Education in Nigeria: Obstacles and Possible Solutions . Central Asian Journal of Innovations on Tourism Management and Finance, 4(2), 59-66. Retrieved from https://cajitmf.centralasianstudies.org/index.php/CAJITMF/article/view/424
Issue
Vol 4 No 2 (2023): February 2023
Section
Articles

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