DIVERSIFICATION OF TERTIARY EDUCATION FINANCING IN NIGERIA: PROSPECTS AND CHALLENGES
Keywords:
Diversification, Sources of Funding, State Funding, Internal Funding and External funding.Abstract
The paper explored various sources of funding to support the diversification of tertiary education
funding beyond relying solely on government allocations in Nigeria. The goal of diversification is to
increase the financial resources available to tertiary educational institution, improve access and the
quality of education and also address the various challenges faced by the system. The most common
sources of educational funding which includes: state funding, external funding and internal funding
were extensively discussed. Prospects of diversification of educational funding were also highlighted
to include increasing government funding, public private partnerships and generating income from
research and other activities. The paper also enumerated some of the challenges associated with
diversification of educational funding such as lack of commercialization window for innovations,
Overreliance on Government Funding, limited access to education loans and scholarships. Finally, the
paper suggested among others the need for increased research funding, Anti-Corruption Measures,
Public-Private Partnerships and commercialization among others as the way forward.
