NELFUND’s New Loan Policy: Prioritizing National Development.
The Nigeria Education Loan Fund (NELFUND) is set to revolutionize its loan policy.
Shifting focus towards courses that align with the country’s needs.
NELFUND Managing Director, Akintunde Sawyerr, revealed this at the Weekend .
While speaking at a virtual conference organised by The Renewed Hope Global titled ‘Student Loan Masterclass: Why, What, and How?’
This move aims to ensure that loans are granted to students pursuing fields with high job prospects.
Thus enabling them to repay their loans and contribute to national development .
The Rationale Behind the Change.
According to NELFUND’s Managing Director, Akintunde Sawyerr, the current policy treats all courses equally, providing loans to students in their 300 and 400 levels.
However, the new policy recognizes the need to prioritize courses that are crucial to Nigeria’s development, such as engineering and medical courses.
Sawyerr emphasized that language courses, while important, are less critical to national development compared to more practical fields.
Key Features of the New Loan Policy.
Prioritization of strategic courses: NELFUND will focus on funding courses that address Nigeria’s development needs.
Exportable skills: Loans will be granted to students pursuing fields with exportable skills, enabling them to work abroad and remit funds back to Nigeria.
Repayment flexibility: The loan repayment structure will remain flexible, allowing students to repay their loans after securing employment.
Impact on Students and National Development.
The new loan policy is expected to have a positive impact on both students and national development.
By prioritizing strategic courses, NELFUND aims to:
Increase employment opportunities:Students pursuing fields with high job prospects will have better chances of securing employment.
Boost national development: By funding courses that address Nigeria’s development needs, NELFUND contributes to the country’s growth and progress.
NELFUND’s new loan policy marks a significant shift towards prioritizing national development.
By focusing on strategic courses and exportable skills, NELFUND aims to create a more sustainable and impactful loan program.
As the fund continues to support Nigerian students, it is essential to monitor the policy’s effectiveness and make adjustments as needed.
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