The Nigeria Education Loan Fund (NELFUND) has announced that the current scheme providing interest-free loans to all students will soon be modified. Certain courses are likely to be excluded from receiving the loans, according to NELFUND Managing Director, Akintunde Sawyerr.
Sawyerr made this revelation during a virtual conference titled ‘Student Loan Masterclass: Why, What, and How?’, organized by The Renewed Hope Global. He explained that the loan scheme would now prioritize courses aligned with Nigeria’s national development needs, particularly those that provide skills with practical applications and better job opportunities for graduates.
“At the moment, all courses are treated the same, as we are providing loans for students already in their 300 and 400 levels,” Sawyerr said. “However, we recognize that certain courses, such as language courses, may not be as critical for national development compared to fields like engineering or medical sciences.”
He stressed that the shift would focus on practical and skill-based education that could contribute more directly to the country’s growth. “As a developing nation, we need people educated in areas where they can help build the country,” Sawyerr added.
However, he clarified that courses with exportable skills would not be excluded. Students who pursue such programs and can use their skills internationally, sending remittances back to Nigeria, will still be eligible for loans.
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