Nigeria’s educational landscape is set to undergo a major transformation thanks to the massive investment of $500 million Herbert Wigwe, the co-founder and CEO of Access Holdings Plc, the country’s largest bank by assets. This considerable sum will be allocated to the creation of the University of Wigwean institution aimed at addressing the growing skills gap in the country.
Nigeria is facing a major education crisis, with one in five out-of-school children worldwide coming from the country, according to a UNICEF report. In this context, Wigwe’s initiative assumes special importance when it comes to offering cutting-edge courses in Lagos from next academic year. To counter this alarming trend, Wigwe University will focus on crucial areas such as management, science and engineering, information technology and creative arts.
This strategic direction aims to cover the specific needs of growing sectors such as finance and technology. The university’s five-year plan also calls for a hybrid model, using technology to deliver a quality education comparable to renowned institutions in the United States and the United Kingdom.
However, the announcement of tuition fees of $12,500 and annual fees of 3.5 million naira (about $4,171) raised concerns. These amounts are significantly higher than public college tuition, which is around $500. In a country where a significant part of the population lives in extreme poverty, this financial disparity raises questions about the accessibility of this new educational institution.
Herbert Wigwe, talthough he emphasized the transformative power of education, he responded to these concerns by stating that the university will not be limited to academic teaching. In fact, he plans to put students in touch with influential figures in the business world, including the famous billionaire. Aliko Dangote. The initial enrollment target for next year is set at 1,400 students, with the bold ambition of reaching 10,000 in five years.