In a bold move to address the pressing skills gap in Nigeria, Herbert Wigwe, co-founder of Nigeria’s largest bank, is investing in a groundbreaking initiative—the Wigwe University. With a commitment to investing $500 million, the university aims to cultivate the skills crucial for the flourishing finance and technology sectors in Africa’s most populous nation.
Wigwe University is set to commence undergraduate admissions next year, offering a diverse range of courses encompassing management, science and engineering, information technology, and creative arts. Wigwe, also the CEO of Access Holdings Plc, envisions a hybrid institution that leverages technology to deliver education of the highest quality, rivalling that of renowned institutions in the US and the UK.
“The school will be hybrid,” asserts Wigwe, emphasising that technological integration can provide a standard of education comparable to that of well-established Western universities without requiring an exorbitant budget or an extended timeframe. Drawing inspiration from successful models like India, which produces a significant number of developers through concentrated efforts, Wigwe envisions a dynamic learning environment.
Nigeria grapples with a significant skills crisis, with one in five of the world’s out-of-school children residing in the country, according to the United Nations Children’s Fund. Furthermore, only 11.8% of the working-age population earns a wage, highlighting the urgency of addressing the nation’s education challenges.
The university’s $500 million investment plan spans five years, reflecting the magnitude of the endeavour. In a country where education funding is limited, the emergence of private universities has become a trend. Nevertheless, many affluent Nigerians opt to send their children abroad for higher education, with the UK being a preferred destination, hosting the highest number of Nigerian students in eight years.
Wigwe is determined to bridge this gap by recruiting 30% of teaching staff from the UK and the US, ensuring a global perspective in the learning environment. Tuition fees are projected to be around $12,500, coupled with 3.5 million naira ($4,171) annually, reflecting the commitment to providing quality education in a nation grappling with extreme poverty.
The visionary banker, who plans to actively participate in teaching and mentoring, envisions collaboration with influential figures like billionaire Aliko Dangote, Africa’s wealthiest man, to enrich the educational experience. The university anticipates an initial enrolment of 1,400 students next year, with ambitious plans to expand to 10,000 students in five years.
“To get the next set of leaders in banking, you need to create the right education for them,” emphasises Wigwe, underscoring the transformative power of education that extends beyond financial contributions, shaping individuals and, in turn, nations. The Wigwe University emerges as a beacon of hope, propelling Nigeria towards a future where education becomes a catalyst for positive change and leadership development.