Connect with us

Education

Nexford University, Sterling Bank Partner to Benefit Students, Corporates

Published

on

Nexford University - Investors King

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.

Continue Reading
Comments

Education

Southern States Skeptical as NELFund Disburses First Loans

Published

on

University - Investors King

The National Education Loan Fund (NELFund) officially launched on Wednesday, a significant step in providing financial aid to students across Nigeria.

However, the initiative faces skepticism, particularly from the southern states.

President Bola Tinubu inaugurated the first tranche of funds, amounting to N32 billion, aimed at empowering Nigerian youth and breaking financial barriers to education.

The NELFund portal has registered 164,000 students, with 103,000 applying for loans.

Despite the promising start, many southern states remain doubtful about the fund’s implementation.

Akintunde Sawyerr, NELFund’s Managing Director, acknowledged these concerns, citing data challenges in verifying indigent applicants as a primary hurdle.

Sawyerr highlighted the lack of comprehensive data needed for credit assessments. The fund relies on bank verification numbers (BVN), National Identification Numbers (NIN), and educational institution data to determine eligibility.

More applications have been received from northern states, where students have shown greater confidence in the fund.

Sawyerr pointed out that skepticism in the south might stem from uncertainty about the program’s viability.

NELFund offers two types of loans: educational fees paid directly to institutions and upkeep loans for student stipends.

The focus is currently on government-owned institutions to ensure a smooth rollout.

President Tinubu emphasized education as a critical tool against poverty and insecurity, linking the nation’s challenges to a lack of educational opportunities.

He reaffirmed his commitment to inclusive growth through education.

As NELFund continues its rollout, efforts to address data issues and regional skepticism will be crucial. By building trust and ensuring transparency, the program aims to support more students nationwide and foster a fairer society.

Continue Reading

Education

Federal Government Shortlists 5,000 for Oil and Gas Sector Overseas Scholarships

Published

on

University - Investors King

The Federal Government has shortlisted 5,000 candidates for its prestigious overseas scholarships.

The announcement was made through the Petroleum Technology Development Fund (PTDF) in Abuja.

Bolanle Agboola, the Head of the Overseas Scholarship Scheme at PTDF, disclosed that the selection process for the 2024 scholarships had reached its final stage.

She revealed that the shortlisted candidates had participated in rigorous examinations across the six geopolitical zones of Nigeria.

“The purpose of this initiative is to empower Nigerians with high-tech skills required in the oil and gas industry,” Agboola stated. “The selection process was conducted simultaneously in various universities across the country.”

Highlighting the importance of the scholarships, Agboola emphasized the need for Nigeria to indigenize its oil and gas sector.

“Our target is to select the best candidates for the overseas scholarships,” she said. “This initiative aligns with the government’s goal of building local capacity in the oil and gas industry.”

When asked about the number of participants to be selected, Agboola explained that each state of the federation would receive an equal allocation of successful candidates based on the budget for the year.

However, she refrained from disclosing the exact budget allocated for the scholarship scheme.

Agboola defended the decision to send scholars abroad, citing the high-tech nature of the oil and gas industry and the need for hands-on experience with cutting-edge equipment and technology.

She also mentioned PTDF’s in-country scholarship program, where participants are trained in Nigeria.

The overseas scholarships will be offered in various universities in the United Kingdom, France, Germany, and Malaysia, providing Nigerian scholars with access to world-class education and training in the oil and gas sector.

With this initiative, the Federal Government aims to equip Nigerian professionals with the expertise needed to drive innovation and development in the nation’s vital oil and gas industry, ensuring its sustainability and competitiveness on the global stage.

Continue Reading

Education

JAMB Releases 36,540 Withheld UTME Results, Dismisses Cyber Breach Claims

Published

on

The Joint Admission and Matriculation Board (JAMB) has quelled concerns over the integrity of the Unified Tertiary Matriculation Examination (UTME) results by releasing an additional 36,540 previously withheld scores.

This move follows earlier revelations of withheld results and assertions of a cyber security breach.

Fabian Benjamin, the spokesperson for JAMB, confirmed the release of these results in a statement issued late Tuesday in Abuja.

This latest batch of released scores, when combined with the 531 previously unveiled, brings the total number of results made public to 1,879,437.

Benjamin took the opportunity to address circulating rumors regarding the security of the UTME results.

He categorically dismissed claims of a cyber security breach, saying that the examination outcomes remain intact and securely stored.

He stressed that the results are not stored in any cloud system and thus cannot be compromised by external entities.

At the time of the UTME release, JAMB had disclosed that certain results were withheld pending further investigation.

Subsequently, 531 of these results were recently unveiled with the remainder still under scrutiny.

Benjamin explained that any candidates implicated in examination malpractice are undergoing thorough investigation.

The examination board intends to meticulously review footage from CCTV cameras installed across all accredited centers to ascertain each candidate’s involvement.

Benjamin urged the public to remain vigilant against misinformation originating from sources not affiliated with JAMB.

He attributed the discrepancies in minimum admissible scores to variations among tertiary institutions. Some institutions, he noted, proposed lower minimum scores than others, resulting in varying benchmarks.

Benjamin clarified that these benchmarks are determined collectively by all Heads of Institutions during the annual Policy Meeting on Admissions, ensuring uniformity across the country.

Also, Benjamin cautioned religious organizations against overstepping their designated roles.

He warned against the dissemination of false information to governmental bodies for personal gain.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending