Education is often seen as the key to a brighter future for children around the world. In Nigeria, like in many countries, the quality of education can significantly impact a child’s opportunities and success in life. However, recent reports have shown that providing private education for a Nigerian child has become increasingly expensive, with costs soaring up to ₦65.5 million.
“The cost of sponsoring a Nigerian child through private education from a private primary school to a public university is now ₦31.3 million ($19,431), according to a Cowrywise report.”
Starting from primary school, where fees range from ₦613,000 to ₦1.9 million for private schools and ₦45,000 to ₦53,000 annually for public schools, parents face significant financial burdens just to ensure their children receive basic education.
“At the tertiary level, the hike in school fees across government public universities has fuelled a significant dropout rate…”
Secondary school education costs between ₦50,000 and ₦61,000 annually for public schools and jumps to ₦750,000 to ₦2.8 million for private institutions. Moving on to university education further escalates expenses with public universities charging between ₦58,000 and ₦167,000 yearly while private universities demand anywhere from ₦900,000 to ₦1.2 million.
The rising costs of education have put considerable strain on families already grappling with economic challenges in Nigeria. Many parents find it increasingly difficult to keep up with these exorbitant fees which ultimately affect their children’s access to quality education.
“‘Education is an integral part of a child’s journey… That’s why every child must have access to education.'” – Excerpt from the study
Despite efforts like the Universal Basic Education (UBE) program offering free primary schooling in Nigeria, hidden costs such as registration fees and textbooks still make it challenging for many families. As students progress through the educational system, especially at higher levels like secondary and tertiary institutions where fee hikes are rampant, more children are forced out of school due to financial constraints.
The introduction of initiatives like the Nigerian Education Loan Fund (NELFUND) aims at assisting tertiary students financially; however concerns remain about its effectiveness in addressing the overarching issue of education affordability.
“As many students still drop out of school or turn social media platforms…to crowdfund for school fees.”
Investment plans have been touted as one way parents can alleviate some of these financial burdens associated with educating their children privately. By saving incrementally each year at an interest rate over time using suitable financial products like mutual funds or savings accounts tailored towards educational expenses could provide much-needed relief.
In conclusion…
Education should be accessible without being overly burdensome financially on families who aspire for better opportunities for their children’s future success. While challenges persist regarding affordability and accessibility across all levels of education in Nigeria today; exploring innovative solutions such as investment plans may offer some respite amidst this educational cost crisis.
