Sterling Bank Seeks Investment in Education to Boost Skilled Labour Output

Funmi Ogundare 

The Divisional Head for Growth, Sterling Bank, Obinna Ukachukwu, has called for massive investment in the education sector to ensure that the productivity output of skilled labour being trained for specific education programmes can exceed the funding input over time. 

Ukachukwu made the call recently in Lagos while briefing journalists on the importance of creating value that will attract large-scale investments in Nigeria’s education sector. 

He explained that when the sector meant to drive skill acquisition that impacts economic productivity, and development is underfunded, the outcome will be sub-optimal skill development.

“As a result, this would lead to a productivity deficit that will have a ripple effect across every other sector,” stated Ukachukwu. “If you want to guarantee the future of a community and nation at large, you have to educate your population in courses that lead to specific acquisition of skills that drive productivity and geared to endeavours that solve actual problems in the society, and not just the issuance of certificates.”

Ukachukwu noted that the bank’s model focuses on innovation, partnerships, and investments in projects that generate sustainable value for the educated individual, the community and the nation, stressing that “Sterling’s ongoing partnership with Decagon has successfully financed the training of over 600 market-ready software engineers in less than 24 months.”

The divisional head cited instances of active innovations with Job Skillers, Nexford. 

Ukachukwu said, “We have students working at Sterling, schooling in the university, and paying for their education from their work allowances. We have also created a banker’s certificate course that trains applicants on banking as a skill to create industry-ready applicants.” 

According to him, Sterling has the largest lending portfolio to students in Nigeria, with financing in excess of N 15 billion to the education value chain, anchored with its novel students’ loan propositions and training to upskill educators to ensure that as many of the needs of the industry are met across the board. 

Fielding questions during the session, Ukachukwu stated that the outcome of this model is a starting point for the bank to prepare to expand investment in the sector.