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Nexford University, Sterling Bank Partner to Benefit Students, Corporates

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Nexford University, a Washington D.C. based, next-generation online university – announces a major new partnership with Sterling Bank, one of Nigeria’s largest commercial banks.

The Sterling Bank and Nexford program is called ‘Fund Your Future’ and is part of Nexford’s wider ‘Learn to Earn’ project for emerging markets. It is designed to solve three major challenges:

  • Enabling employers to find qualified entry-level talent;

In the World Economic Forum’s index, Nigeria scored 44% on human capital development (measured by skills acquisition) trailing the Sub-Saharan African average of 55%

Nigerian employers faced the most difficulties in filling managerial, professional and technical jobs due to a lack of skilled applicants

  • Helping students with affordable access to university

50% of Nigeria’s high school graduates fail to gain admission to local universities and other institutions of learning;

  • Giving students skills they need to actually get jobs

Employers across emerging markets struggle to find qualified entry-level talent, and are forced to invest in expensive and time-consuming training. Paradoxically, despite high emerging market unemployment levels, employers still struggle to find this qualified talent. In a McKinsey survey of young people and employers in nine countries, including major developing countries, 40% of employers noted a lack of skills was the main reason for entry-level job vacancies. 60% said new graduates were not adequately prepared for the world of work.

For Sterling Bank, the benefits are multiple. First is access to student talent – which has been given an education – by Nexford – specifically tailored to their corporate needs. This saves Sterling money on current early-stage training to upskill graduates to the required level. Nexford’s competency-based curriculum also provides Sterling with multiple data points to evaluate applicants’ qualifications, thus saving time on filtering large numbers of applications and the wider recruitment process.

For students, Sterling Bank is playing two roles; it will underwrite loans to fund their tuition fees with Nexford. This will protect students against Naira foreign exchange fluctuations. These fluctuations, plus US dollar restrictions, make budgeting for degree costs difficult.  Sterling will put students back in control of their finances. Secondly, Sterling Bank is providing students with partial scholarships and internships during students’ studies, plus post-graduation job opportunities.

The wider context is, in markets such as the US, employer-funded education has grown significantly, with $82.5 billion spent on upskilling there in 2020. In 2020, the World Economic Forum also stated that 1 billion workers will need to be reskilled by 2030. While the need for upskilling globally is significant, young populations means emerging markets face significant shortages of qualified entry-level talent.

The ‘Nexford for Business’ program which launched in 2020 focuses on reskilling and upskilling employees. Large employers such as Dangote Cement in Nigeria, Indosat in Indonesia, and Hassan Allam Holding in Egypt are employers who have already partnered with Nexford to upskill their employees.

In each market, Nexford will partner with a different organization to fund, and several organizations on the employment side. Employers will identify the skills they need, and Nexford will identify the programs to deliver those skills. When learners complete the programs, they will have a far greater chance of gaining employment opportunities.

Nexford University’s CEO, Fadl Al Tarzi, said:

“Our partnership with Sterling Bank is a perfect example of how Nexford is helping bridge gaps between employers and higher education. We are committed to making access to qualified talent far easier for employers, while making education more accessible and relevant for learners. We are delighted to partner with an institution privileged to have such forward thinking leadership, the Sterling Bank partnership kicks off our global roll-out. This is a perfect match and surely the first of many such partnerships.”

Mr. Obinna Ukachukwu, Divisional Head, Health and Education sectors with Sterling Bank, commented:

“The programme is designed to solve three major challenges of enabling employers to find qualified entry level talent, helping students with affordable access to university and giving students the skills they need to actually get jobs.”

“In the World Economic Forum’s index, Nigeria scored 44 percent on human capital development when measured by skills acquisition, trailing the sub-Saharan African average of 55 percent by 11 percent. Also, Nigerian employers face the most difficulties in filling managerial, professional and technical jobs due to lack of skilled applicants.”

Launched in 2019, Nexford’s leverages machine learning and Artificial Intelligence to create a data and skills-driven curriculum, specifically designed to match employers’ needs with its graduates’ skills. It has learners enrolled from over 65 countries, and has partnerships with Microsoft, LinkedIn Learning and IBM to provide access to tools, courses and programmes to enrich the learning experience.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Education

International Students in Germany Get Pre-Study Work Rights Under New Law

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Germany has implemented a new segment of its revamped skilled worker law, granting international students significant pre-study work rights.

This move aims to attract skilled workers from various sectors while fostering integration and easing financial burdens for students.

Under these fresh regulations, non-EU citizens applying for study visas can now arrive in Germany up to nine months before their studies commence.

During this period, which was previously not permitted for work, students are allowed to work part-time for up to 20 hours per week.

This change particularly benefits prospective students from developing countries, offering them the opportunity to support themselves financially while preparing for their academic pursuits.

The revised skilled worker law also extends its support to individuals interested in apprenticeships in Germany.

Third-country nationals seeking apprenticeships can now reside in the country for nine months, provided they demonstrate a B1-level proficiency in German and are below the age of 35.

During this preparatory period, they are permitted to engage in part-time work, laying the groundwork for their transition into full-time training once they secure an apprenticeship position.

Moreover, the new regulations enhance work opportunities for international students already enrolled in German institutions.

The permitted work duration for students has been extended from 120 to 140 full days in any calendar year, equivalent to 20 hours per week, or 280 half days per calendar year.

This adjustment acknowledges the financial challenges students may face and provides them with greater flexibility to manage their expenses.

In addition to pre-study work rights, graduates of German universities now benefit from an extended post-graduation stay of 18 months for job hunting.

This extended period offers graduates ample time to seek employment opportunities within Germany, with the option to apply for permanent residence after two years of continuous employment.

Overall, these amendments to Germany’s skilled worker law underscore the country’s commitment to attracting and retaining international talent.

By providing enhanced work opportunities and support mechanisms for students and graduates, Germany aims to strengthen its position as a hub for global education and professional development.

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Education

New Student Loans Act Passed by Nigerian Senate

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The Nigerian Senate has approved the Student Loans Access to Higher Education Act (Repeal and Re-Enactment) Bill of 2024.

This legislative milestone follows meticulous deliberation of the report presented by Senator Mohammed Muntari, Chairman of the Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFUND).

The bill garnered support after successfully passing its second reading last week, prompted by a directive from President Bola Tinubu to repeal the existing Student Loan (Access to Higher Education) Bill and introduce a new one.

The newly endorsed act aims to revamp the implementation of the Higher Education Student Loan Scheme, addressing various shortcomings such as the management structure of the Nigerian Education Loan Fund (NELF), eligibility criteria for applicants, loan purposes, funding sources, and procedures for disbursement and repayment.

This legislative reform is a response to the temporary suspension of the student loan system, which was intended to provide Nigerian students in tertiary institutions with access to low-interest loans.

The overhaul seeks to streamline the loan scheme, making it more efficient and accessible to deserving students across the country.

In parallel, the Senate debated a motion spearheaded by Senator Adebule Oluranti, advocating for urgent measures to tackle the issue of out-of-school children in Nigeria, estimated at a staggering 20 million by UNESCO.

Lawmakers stressed the need for proactive strategies to reduce this alarming figure, including the establishment of mobile courts to enforce education laws and the implementation of the Universal Basic Education (UBE) Act.

The Senate’s commitment to educational reform underscores its dedication to ensuring equitable access to quality education for all Nigerian children, paving the way for a brighter future for the nation.

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Unity Bank Upgrades Corpreneurship Prize Money to N16M Per Stream as 30 New Winners Emerge

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In a bid to boost start-up capital and place more resources at the disposal of aspiring young entrepreneurs in Nigeria, retail lender, Unity Bank Plc has increased the prize money for winners of its flagship Entrepreneurship Development Initiative, known as Corpreneurship Challenge to 16 million Naira per stream.

Consequently, participants who emerge winners in the business pitch will henceforth win N800,000, N500,000, and N300,000 Business grants for the 1st, 2nd, and 3rd positions respectively as against the previous editions in which the sum of N500,000; N300,000 and N200,000 were handed out to respective winners in the Corpreneurship Challenge.

Launched in 2019 with pilots in 4 states – Lagos, Edo, Ogun, and Abuja and scaled to 10 States in 2020, the Corpreneurship Challenge initiative is promoted in partnership with the NYSC Skills Acquisition and Entrepreneurship Development, SAED. The initiative features a business pitch presentation where participants have the opportunity to present their business plans and stand a chance to win business grants.

At the recently concluded edition of the Corpreneurship Challenge for 2024 NYSC Batch A, Stream 1 NYSC service, 30 winners emerged including upcoming entrepreneurs developing innovative solutions in several business value chains such as Poultry farming, Fashion, and Pastries, among others, after participating in the business pitch that took place across the 10 NYSC Orientation Camps in Rivers, Delta, Anambra, Abia, Oyo, Ogun, Kebbi, Niger Sokoto and Zamfara States.

At the Delta State NYSC Orientation Camp in Issele-Uku, Folorunsho Kolade who pitched a Poultry farming business plan emerged as the overall winner to claim the N800,000 grand prize; Samuel Ayodotun. J. whose innovative footwear venture idea, Basky Footprint took the second spot to win the N500,000 cash prize; while another corps member, Udoji Chibuike Peter, whose venture plan on the footwear fashion value chain also emerged as the second runner-up to claim the N300,000 grant.

Also, at the NYSC Orientation Camp at Nonwa Gbam Tai, Rivers State, Dan Betobong Samuel’s business plan on food production claimed the top spot to clinch the N800,000 grand prize; while Linda Christopher’s Lily Pastries’ business plan emerged as the first runner-up to claim the N500,000 grant. Esther Jacob’s business pitch on the poultry value chain emerged as the second runner-up to win the N300,000 cash grant.

Speaking at the NYSC Orientation Camp in Rivers State, the Divisional Head, Retail and SME Banking, Mrs. Adenike Ambimbola commended the participating Corps Members for the quality of their business plans and pledged the Bank’s commitment to sustaining the Entrepreneurship Development Scheme.

While congratulating the winners, Mrs. Ambimbola said, “Unity Bank is proud to associate with the Skill Acquisition and Entrepreneurship Development (SAED) scheme of NYSC in providing interventions and support to budding entrepreneurs with promising ventures through the business grants to help turn these ideas into reality. We recognize the importance of investing in our youths and empowering them to drive positive change within our economy.”

Also speaking at the grand finale held in Delta State NYSC Orientation Camp, Dr. Opeyemi Ojesina, Head of SME Banking, Unity Bank expressed delight at the Unity Bank Corpreneurship Challenge’s growing profile as a leading business incubation platform and catalyst for entrepreneurship development in Nigeria.

He said, “Over the past five years, Unity Bank has steadfastly supported the Corpreneurship Challenge, witnessing its profound impact on youth empowerment and job creation nationwide. The programme has earned a reputation for its innovative approach, seamlessly integrating financial backing, mentorship, and skill development to nurture aspiring entrepreneurs.”

Ojesina further underscored the invaluable mentorship offered to participants, connecting them with seasoned professionals who provide crucial insights, guidance, and a roadmap for success. He emphasized Unity Bank’s belief that true empowerment extends beyond financial aid to the cultivation of entrepreneurial acumen.

So far, Unity Bank has invested over N120 million in the initiative, which has now produced 369 winners since it was launched in 2019.

In 2021, the leadership of the NYSC bestowed on Unity Bank the “Icon of Youth Empowerment” award in recognition of the impact of the initiative.

The Corpreneurship Challenge continues to elicit growing interest among the corps members, attracting over 4,000 applicants and participation in every edition.

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