The NELFund intervention has been described as a major breakthrough in Nigeria’s education sector, as it continues to remove financial barriers preventing indigent students from accessing tertiary education. This was the position of the Acting Vice Chancellor of the Federal University of Technology, Ilaro (FUTI), Dr. Mikhail Akindele.
Speaking during a media chat at the institution’s 23rd convocation ceremony in Ilaro, Ogun State, the VC said the initiative has already begun reshaping access to higher education According to him, the student loan scheme is one of the most impactful policies introduced under President Bola Tinubu’s administration
He further revealed that hundreds of students have already benefited from the scheme, helping many remain in school despite financial difficulties
NELFund Intervention Boosts Student Access to Education
Dr. Akindele explained that the NELFund intervention has significantly reduced dropout risks among students from low income backgrounds
Key Impact on Students
Many beneficiaries, according to him, would not have been able to sit for their semester examinations without the support provided through the loan scheme.
He noted that the initiative has made education more inclusive by ensuring that financial constraints no longer determine academic progression.
₦32 Million Disbursed to 233 Students at FUTI
The Acting VC disclosed that a total of 233 students at FUTI have benefited from the ₦32 million NELFund loan disbursement for the current academic session
This development, he said, reflects the growing effectiveness of the program in supporting students across Nigerian tertiary institutions
He added that the intervention is already easing pressure on families struggling to fund higher education
Call for Support for Indigenous Technology
During the institution’s research exhibition at the Research and Development Centre (RESDEC), Dr Akindele raised concerns over Nigerians’ lack of confidence in locally made technology
Barriers to Technological Growth
He warned that the country’s reluctance to trust indigenous innovation continues to slow down technological advancement and industrial development
According to him, embracing local inventions is essential for solving Nigeria’s growing industrial and SME challenges
Private Sector Partnership Challenges
The VC also lamented that Innoson Motors in Aba, Abia State, which had earlier shown interest in partnering with the institution for large scale production, eventually backed out
He described such setbacks as discouraging to local innovators who depend on industrial partnerships to commercialize their research outputs
Call for Investment in Local Innovation
Dr. Akindele urged investors, industry leaders, and private sector players to support Nigerian institutions by patronizing homegrown innovations
He stressed that such collaboration is necessary for Nigeria to achieve sustainable technological growth and meet the demands of its Small and Medium Scale Enterprises (SMEs)
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