Every year in Nigeria, over 1.9 million young people register for the Unified Tertiary Matriculation Examination (UTME), the gateway to higher education.
Yet, only a fraction of these students secure admission into universities, and even fewer can afford to take up their places. According to JAMB’s 2023 report, only about 600,000 candidates were admitted into tertiary institutions out of nearly 2 million UTME applicants—a sobering 30 percent admission rate.
For those who gain admission, the financial burden of tuition fees, accommodation, books, and living expenses pushes many families to the brink. In public universities, tuition fees range from N40,000 to N250,000 per session, depending on the course and institution, while private universities often charge upwards of N500,000. For families earning minimum wage, these costs are insurmountable.
The World Bank reports that a significant percentage of Nigerian youths, including those applying to tertiary institutions, lack financial access to education. This issue is particularly acute given Nigeria’s high population and limited opportunities. Nigeria’s education sector is underfunded, with only about 7 percent of the federal budget allocated, well below the recommended 15-20 percent. This underfunding contributes to poor quality education, limited access, and an outdated curriculum, impacting Nigeria’s economy and social fabric.
Even with government initiatives like the Federal Government Bursary Award for Education Students, TETFund Academic Staff Training and Development Grants, and state-level scholarships, the scale of demand far outpaces available resources. Competitive programs such as the Petroleum Technology Development Fund (PTDF) and NNPC-sponsored scholarships, while impactful, are limited in number.
Nigeria’s youth deserve more. Without intervention, we risk losing the potential of a generation to poverty, inequality, and disillusionment. Private sector involvement must go beyond corporate social responsibility—it should be seen as a long-term investment in national development.
Companies across industries have a role to play, as demonstrated by initiatives like the Stanbic IBTC Bank University Scholarship, launched in 2020 to recognize and support academic excellence among young Nigerians. Scholarships, grants, internship programs, mentorship, and research funding can transform individual lives and, over time, entire communities. This is not just charity; it is about building the human capital that will drive innovation, productivity, and inclusive economic growth.
It is time to move from talk to action. Government, the private sector, and civil society must work together to build a stronger, more equitable education system—one that rewards merit, expands access, and ensures no promising young Nigerian is left behind due to financial hardship.
Because when we invest in the brilliance of today’s youth, we secure the future of the nation.
To apply, visit the website: https://www.stanbicibtc.com
