AfDB Invests $171m in Education in Nigeria, Equips 50m Africans with Skills

James Sowole in Abeokuta

The President of African Development Bank (AfDB), Dr. Akinwunmi Adesina, yesterday said the financial institution has invested more than $171 million in education in Nigeria.

Adesina said the bank has equipped no fewer than 50 million young Africans with skills, particularly in science, technology, engineering and mathematics.

The AfDB president stated this in a lecture delivered at a colloquium on ‘The Role Education in 21st Century Nigeria Development: BBHS Adventure’, as part of activities to mark the 100 years anniversary of Baptist Boys High School (BBHS), Abeokuta, Ogun State.

Adesina, who delivered the lecture virtually, stated that the various interventions have produced more than 464 master degree holders and 83 doctorate holders.

He said the AfDB would soon establish a Youth Enterprise Investment Bank in Africa to address high unemployment rate on the continent.

Adesina called on African countries to improve access to quality education by adequately funding the sector to reduce youth unemployment on the continent.

He warned that the high unemployment rate in Africa, if not checked, could worsen the social and political fragility of the countries on the continent.

The event was also attended by the former Speaker of the House of Representatives, Dimeji Bankole, and other alumni of the school

Adesina, while delivering his lecture virtually, said for the United Nations goal for inclusive and quality education for all to be achieved, the global spending on education must rise from $1.2 trillion to $3 trillion per year by 2030.

He said Nigeria as a country with rapidly growing population must do more to ensure that the younger generation receives access to the education they deserve.

According to him,  “As a nation, the demands of a dynamic, fast-changing and integrated labour market globally require that we must significantly invest in building first grade and competitive human capital.

“We must also improve educational system to be more resilient and able to adapt to the rapidly changing environment.

“We must also transform African’s educational systems to prepare students for this new digital world.

“The investment that any nation makes in education reflects hopes and aspirations for accelerated development.

“We cannot underfund education. A nation can only go as far as its quality of its human capital. So if you underfund quality education, get ready for underdevelopment.

“The greatest discouragement to education is lack of jobs. The unemployment rate in Africa is extremely high and it reduces the return on education. Furthermore, it leads to frustration among the youths and spurs social discontent which could worsen social and political fragility in countries.”

In his address, the National President of Old Boys Association of BBHS, Prof. Kayode Oyesiku, said there was need for Nigeria to de-emphasis certification and focus more on technical and vocational education.

He said: “This country places too emphasis on paper certificate. The issue of unemployment may not be resolved if we continue to place too much emphasis on paper certificate.

“Without vocational and technical education, we are going nowhere. We are only deceiving ourselves, so we must emphasis on vocational and technical education in our schools starting from secondary to the tertiary level.”