The Nigerian Education Loan Fund (NELFUND) has unveiled a new loan product, the Vocational Skills Loan Initiative, designed to support individuals seeking vocational training and skill development.
Akintunde Sawyerr, the Chief Executive Officer of NELFUND, made this announcement on Friday in a statement marking the International Day of Education. This year’s theme, “AI and Education: Preserving Human Agency in a World of Automation,” aligns with NELFUND’s mission of promoting educational inclusion.
Expressing excitement about the initiative, Sawyerr emphasized its potential to make education and skills acquisition more accessible to Nigerians. “Education is the key to unlocking a brighter future. At NELFUND, we are committed to making quality education accessible and affordable for everyone. Our innovative loan products are designed to support students in achieving their dreams and aspirations. We are also leveraging AI to optimise our processes for better service delivery,” he stated.
Highlighting the organisation’s initiatives, Sawyerr explained that the NELFUND Student Loan provides financial assistance to students pursuing higher education, offering flexible repayment options tailored to individual needs. The newly launched Vocational Skills Loan Initiative aims to bridge the gap between education and employment by empowering individuals to acquire job-ready skills.
This initiative is part of a broader strategy under President Bola Tinubu’s administration to enhance access to education. In one of his early milestones as president, Tinubu signed the Access to Higher Education Act, establishing a legal framework for granting loans to low-income Nigerians for tuition fees at tertiary institutions.
The Act also restructured NELFUND, tasking it with managing loan requests, disbursements, recoveries, and other related responsibilities. The fund is financed through multiple revenue streams and is expected to play a critical role in advancing educational opportunities across the country.
With the launch of the Vocational Skills Loan Initiative, NELFUND continues its mission to empower Nigerians through inclusive education and skill development.
