The Nigerian Education Loan Fund (NELFUND) has unveiled a new loan product, the “Vocational Skills Loan Initiative”, designed to support individuals seeking to acquire vocational training and skills.
The Chief Executive Officer of NELFUND, Akintunde Sawyerr, announced the initiative on Friday in a statement commemorating the International Day of Education, themed “AI and Education: Preserving Human Agency in a World of Automation.”
Sawyerr emphasized that the new scheme aligns with NELFUND’s mission of fostering educational inclusion and skill development in Nigeria.
“We are excited to launch the Vocational Skills Loan Initiative, aimed at bridging the gap between education and employment.
Education is the key to unlocking a brighter future, and at NELFUND, we are committed to making quality education accessible and affordable for everyone.
Our innovative loan products support students in achieving their dreams, while our use of AI-driven process optimization ensures we deliver top-notch services,” Sawyerr stated.
Highlighting NELFUND’s portfolio, Sawyerr noted that the “NELFUND Student Loan” provides financial assistance for students pursuing higher education, offering flexible repayment options tailored to their needs.
The “Vocational Skills Loan Initiative” specifically targets individuals aiming to acquire practical skills, making education more accessible while addressing unemployment by bridging the gap between learning and job opportunities.
This initiative builds on the education reforms of President Bola Tinubu’s administration.
Shortly after taking office, President Tinubu signed the “Access to Higher Education Act”, which provides a legal framework for granting loans to low-income Nigerians to pay tuition fees at tertiary institutions.
The Act led to the establishment of NELFUND, tasked with managing loan requests, disbursements, and recoveries.
NELFUND’s activities are financed through multiple revenue streams and are part of its broader mandate to improve access to education and empower Nigerians with the skills needed for economic growth.
