What can easy do?
I have taken a step by step breakdown of what is going on currently in our nation. Yes, easy or flexible education and I will not be attributing it to artificial intelligence although it is also one of those sections to look into. Some other day, for today, we will be breaking further into how NELFUND has or better put, is going to reshape our educational system.
So what's NELFUND? I have laid this foundation in its preceding article. For a short recap; Nigerian Education loan fund. This is the system or forum that has been set up by the President Bola Ahmed Tinibu regime to tackle under-education. How frequent do youths especially put hunger to enter the tertiary walls to secure a certificate but lack the financing. No more, at least to a good extent as the NELFUND project will be a sponsor to offset this pressure for a later date.
Yes, there is a later payback. Let's not rewind back too much; after the entire tertiary loan tenure; participants are required to start a payback two years after their NYSC program. Ok, still another criteria in-between, you must have secured a paid job or started your own business. Another thing to explore because the government will also have to be on their toes too to provide jobs.
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This is where we delve into the belly of this article; What can easy education do? Yes, we can talk of more graduates, a thumbs up but putting that inclusive we will look at easy education and how it can revamp the national economy.
To even start with, if you know me, you should know I am not a big fan of the normal oversight education system. My best definition for education is to create awareness and exposure rather than schooling. This has been something that has been misunderstood by many and it has brought about a large unemployment labor market.
Moving from there, as an entrepreneur, you will have to think like one. How will easy education move our economy? What am I saying here? Exposure drives demand. Maybe we should look at some statistics. Nearly 30% of the Nigerian labor force is short of formal education. Research from work bank suggests that around 115 million people make up this labor market. So yes, 30% is huge and even adding to that, we are not including the employed marker of both pairs.
The literacy rate is currently high sitting around 75%, it is something I will not really be doubting the figures because free and compulsory education at primary and secondary education stage has helped curb such. In short, this is the bedrock of where we are heading to.
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So where are we heading to? With an increased literacy rate in the country what will be the demand; in terms of style, products, service and industries. As I earlier said, a good entrepreneur is not meant to sit back, learning how to turn every situation to an opportunity is a good business habit.
Many things will be happening, this even opens up another broad article into the area of technology, FinTech, blockchain tech, web3 and even artificial intelligence. Let's reserve that, the thing is, more educated people through flexible education will increase demand for taste. Exposure will change your style, I can assure you, I can't just dress casually to get to a place. It is ALL about exposure and meeting up trends.
To conclude, let me add, the local citizens will be heading to towns where the tertiary educational system is more dense. A sharp increase in urban population is another thing to consider. One way or the other, money will be moving, of course that's its official name; ‘currency'. In a broader part of it, I will be looking at how it will help breed new industries.
This will bring in new talents into the system. Many hidden potentials will emerge so when you see me spending time to break down what this NELFUND project can do, it is worth it. Nigeria is likely to become even more industrious than before.
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