A former Minister of Finance, Dr Mansur Muhtar, weekend urged tertiary institutions in the country to commit to quality education and research to aid Nigeria’s growth and development.

Muhtar harped on the need for inclusive partnerships among government, industry, and academia to fund education and halt the brain drain, saying, “We must move from ‘publish or perish’ to ‘solve or stagnate,’” to rescue the nation’s ailing higher education system.

Muhtar stated this in Benin while delivering the 26th Founder’s Day Lecture of Igbinedion University Okada (IUO) titled “Reimagining University Education in Nigeria for a More Sustainable Future.”

The former minister, who is the current Chairman of the Bank of Industry (BOI), lauded Igbinedion University Okada for pioneering private university education in Nigeria.

He, however, called on the institution to once again blaze the trail in redefining tertiary learning.

“Igbinedion University stands as a beacon of what vision and commitment can achieve. But as we celebrate its legacy, we must also confront the sobering reality: Nigerian university education is in crisis,” he said.
Muhtar, a renowned economist and banker, identified outdated curricula, rote learning, decaying infrastructure, underfunded research, and a disconnect from real-world challenges as key obstacles hampering tertiary education in the country.

“It is no longer enough to reform or tweak. We must reimagine. Universities must evolve into problem-solving institutions that equip students for a rapidly changing world shaped by AI, climate change, and digital disruption,” Muhtar added.

He proposed a five-pillar strategy for reimagining higher education, such as developing dynamic and flexible curricula, embracing hands-on learning, investing in digital infrastructure, funding relevant research, and upholding ethical and visionary leadership.

He also called for inclusive partnerships among government, industry, and academia to fund education and halt the brain drain.
“We must move from ‘publish or perish’ to ‘solve or stagnate,’” he said.

In his speech, Vice Chancellor, Igbinedion University Okada, Prof. Lawrence Ezemonye, said the day provided a valuable opportunity to reflect on the journey, acknowledge the milestones achieved, and reaffirm commitment to the ideas upon which the institution was built.

“We can better understand the growth of Igbinedion University over the years if we consider the circumstances in which our university was founded and subsequent growth in stature, visibility, acceptability, and quality service delivery. The university was actually founded at a time of zero participation of the private sector in higher education in Nigeria. Therefore, we were expected to play the pioneering role,” he said.

Ezemonye said the establishment of Igbinedion University on May 10, 1999, laid the impeccable trajectory for private sector intervention in university education in Nigeria.