NIGERIAN HIGHER EDUCATION FUNDING ALTERNATIVES FOR GLOBAL COMPETITIVENESS

Abstract

The pursuit of world-class universities is a shared goal among nations, but achieving this status poses challenges and uncertainties. This paper examines the funding challenges in Nigerian tertiary education and compares them with the funding patterns of top international universities. Nigeria faces funding constraints due to insufficient government allocations and economic instability. In contrast, international universities benefit from diverse funding sources, including government funding, tuition fees, endowments, research grants, and industry partnerships. These universities prioritise attracting talent and enjoy financial stability. The paper emphasizes the importance of autonomy, freedom, and leadership in fostering competitiveness and innovation. It underscores the need for sustainable funding and comprehensive development in tertiary education systems to ensure quality and access. It suggests exploring alternative models and considering the financial implications for improving education in Nigeria.