Education
Africa’s $50bn Private Higher Education Sector Set for Accelerated Growth
By Dorian Maillard
The world is hurtling headlong into a digital future, and one crucial resource is in short supply: tech talent. Projections paint a stark picture. By 2030, the global tech talent shortage could soar to 85 million, translating to $8.5 trillion in potential lost annual revenue, and there’s no viable solution at scale to fill this looming deficit.
Yet, amidst this intensifying scramble for tech talent, a paradox unfolds. Africa, a continent brimming with potential, stands as a vast, untapped, and overlooked goldmine of tech talent that will be home to over 200 million digital natives by 2030. While the reasons for Africa’s underrepresentation in global tech are complex and multifaceted, innovative solutions are emerging, countless initiatives are underway, and the potential for further progress is enormous.
Navigating critical challenges in Africa’s higher education
Quality of education
African universities face challenges in delivering high-quality education, impeding the development of tech talent. Outdated curricula often fall short of meeting the dynamic demands of the tech industry, leaving graduates with skills misaligned with practical job requirements and the latest technologies. In addition, inadequate infrastructure and resources hinder hands-on training, limiting students’ ability to acquire necessary expertise.
Access to education
Ensuring broader access to higher education is imperative. Doing so involves tackling challenges related to affordability, enhancing infrastructure, and facilitating access to online education, which has gained heightened significance in light of the COVID-19 pandemic.
Despite notable strides in extending education across all age groups and internet access and smartphone penetration exceeding 80% in most developed African countries, many individuals struggle to access education. Over 20% of primary-age children and nearly 60% of youth aged 15 to 17 remain excluded from education, whether in the digital realm or the physical world.
Affordability is a primary barrier. Soaring tuition costs, coupled with constrained financial resources, often prevent talented individuals from pursuing advanced studies. This burden disproportionately affects students from low-income households, who struggle to afford basic tuition fees, let alone additional expenses like accommodation, textbooks, and transportation. The scarcity of financial aid and scholarships exacerbates the problem, leaving many deserving individuals without the means to pursue their educational goals.
Inadequate infrastructure, particularly in rural areas, poses another significant obstacle to educational access. Shortages of classrooms and libraries hinder the learning process, limiting opportunities for higher education. Furthermore, insufficient technology resources, such as computers, internet connectivity, and educational software, contribute to a widening digital divide that intensifies educational disparities and prevents individuals from meeting the demands of the 21st-century tech workforce.
Economic, political stability, and industry engagement
A robust and stable economic and political environment is the cornerstone for fostering a thriving tech talent ecosystem. It provides a fertile ground for businesses to invest in R&D, creating opportunities for tech professionals to learn, innovate, and refine their skills. This fuels technological advancements, propelling the sector forward and attracting further investment.
Development Finance Institutions (DFIs) like the World Bank, IFC, BII, Unicaf, DEG, SwedFund, Norfund, IDC, and OPIC, in collaboration with governments, universities, and businesses, have a vital role to play in fostering a more prosperous business environment, which directly and indirectly benefits the education sector. These organisations can identify skills gaps, develop training programs, and catalyse new partnerships to generate employment opportunities for graduates.
Governments and DFIs have already made notable achievements by implementing sound policies. Seychelles now ranks among the top 50 education systems globally, surpassing countries like Ukraine, Hungary, Russia, and the United Arab Emirates. The country has achieved an impressive 99% literacy rate among its 15-24-year-old population by implementing free, mandatory education and partnering with DFIs to help fund infrastructure expansions, enhance teacher training, and develop innovative programs.
Tunisia is another success story. Despite grappling with political and economic instability, the country has positioned itself as an educational leader in Africa, boasting the second-best education system on the continent. This achievement can be attributed to the Tunisian government’s allocation of 12-20% of GDP to education.
These examples, drawn from two small countries with a combined population exceeding 12 million, provide compelling evidence of the transformative potential inherent in effective policymaking and collaboration. Implementing similar policies in larger countries like Nigeria, Egypt, or South Africa would amplify the impact, potentially addressing a significant portion of the global shortage of skilled tech workers.
The time to make a strategic bet on African edtech
Africa is home to the world’s largest untapped pool of potential talents capable of addressing the growing global shortage of tech workers. Given the rapidly evolving nature of technology and the continent’s complex operating landscape, realising this potential will require a concerted effort from governments, DFIs, and the private sector.
Despite its considerable size, the market for specialised tech higher education is primarily controlled by entities in developed countries, creating an artificial barrier for tech talent in developing nations. However, forward-thinking companies are beginning to break through these barriers, garnering support from reputable private equity investors.
As global markets rebound, we expect Africa’s $50bn private higher education sector to accelerate. Industry leaders are poised to emerge, capitalising on the continent’s affordable supply of teachers and real estate and advancing AI-driven tools to speed up content generation and performance assessments. These factors will create a virtuous cycle of growth whereby lower costs fuel innovation, which attracts more students and investors, leading to further expansion and cost reduction. This will give rise to “high-risk, high-reward” opportunities that offer above-market returns in an environment constrained by demographic challenges in developed countries.
Dorian Maillard is the Vice President of DAI Magister
By Modupe Gbadeyanka
To improve foundational literacy and numeracy in Nigeria, Oando Foundation has introduced an initiative called Foundational Learning Improvement Programme (LEARNOVATE – FLIP).
About 80 public primary schools across four of the 36 states of the federation, namely Ebonyi, Plateau, Sokoto, and Adamawa, would be used for the pilot of the programme by the organisation.
The aim is to support the government to achieve its Universal Basic Education goal by leveraging evidence-based methods to address the learning crisis in Nigeria and build.
Oando Foundation is going on this journey by partnering with other organisations like the Teaching at the Right Level (TaRL) Africa, the Quality Education Development Associates (QEDA), and the Hilltrust Top Foundation.
This scheme integrates two methodologies by taking a targeted approach to enhance inclusive and equitable quality education.
The first is the Early Grade Reading (EGR), which is co-implemented by QEDA and Hilltrust Top Foundation, and focuses on foundational literacy for primary 1–3 pupils in Ebonyi, Plateau, and Sokoto States.
By employing mother tongue and English materials, the initiative ensures pupils build strong reading and comprehension skills.
The second method used TaRL to provide remedial literacy and numeracy support for primary 4–6 pupils in Adamawa State, particularly those with interrupted schooling.
The initiative builds on Oando Foundation’s current LEARNOVATE strategy centred around improving foundational learning through innovative approaches and promoting sustainability within educational systems.
“We are excited to introduce the Foundational Learning Improvement Programme as part of our LEARNOVATE strategy, in line with our ongoing commitment to ensuring that every child, especially in underserved communities, has access to quality education.
“By incorporating evidence-based methodologies and focusing on lesson instructions and assessments in mother-tongue, we aim to address the existing learning gaps among young learners and create a deeper understanding of how to improve educational outcomes for Nigerian students.
“The impact of this pilot will not only inform future educational practices but will also support the achievement of the United Nations’ SDG 4, which advocates for inclusive and equitable quality education for all.
Ultimately, our goal is to empower children with the foundational skills they need to succeed, contributing to the sustainable growth and development of their communities and Nigeria as a whole,” the Head of Oando Foundation, Tonia Uduimoh, commented.
Also, the chairman of the Ebonyi State Universal Basic Education Board (SUBEB), Mrs Patience Ogodo, commended Oando Foundation for its unwavering commitment to transforming education in Nigeria.
“By integrating evidence-based methodologies and prioritizing inclusive approaches such as mother-tongue assessments, this program not only improves learning outcomes but also empowers students to realize their full potential.”
By Aduragbemi Omiyale
Ibeku High School in Umuahia, Abia State, has witnessed an extensive transformation courtesy of Stanbic IBTC Holdings Plc through its Adopt-A-School initiative.
The company renovated five classrooms and furnished them with new furniture; ensuring students enjoy a comfortable and conducive learning environment.
The firm also constructed a new multipurpose hall, which added versatility to the school’s facilities, thereby providing space for assemblies, school events, and various educational activities.
In addition, staff facilities received significant attention, with both the guidance counsellor’s office and staffroom undergoing complete makeovers to create professional working spaces for educators.
Furthermore, Stanbic IBTC rehabilitated a modern computer laboratory for the school and equipped it with 20 advanced computer systems and 25 workstations, positioning students to develop crucial digital skills for the modern workplace.
To demonstrate its environmental consciousness, the organisation strategically planted 100 trees across the school grounds, creating shade and improving the overall campus atmosphere.
This comprehensive upgrade has transformed the learning environment for 720 students and 52 teachers, bringing modern educational resources to the community.
The financial institution carried out this transformation in demonstration of its ongoing commitment to revolutionising educational facilities across Nigeria.
“The Adopt-A-School initiative remains a significant part of our broader mission to foster sustainable growth and development in Nigeria.
“We are dedicated to creating an environment where children can learn and thrive,” the acting chief executive of Stanbic IBTC Holdings, Mr Kunle Adedeji, said.
Since the inception of the Adopt-A-School programme, Stanbic IBTC has upgraded several schools across the nation, including in Ogun, Niger, Akwa Ibom, Ekiti, Sokoto, Borno, and Gombe states.
Each project reinforces Stanbic IBTC’s dedication to fostering educational excellence and creating lasting impact in communities across Nigeria.
By Modupe Gbadeyanka
The library at Emotan College in Benin City, Edo State has been renovated by Fidelity Bank Plc through the Fidelity Helping Hands Program (FHHP) championed by the Phoenix Inductee Class of Fidelity Bank.
The facility was give a facelift by the lender as part of its education Corporate Social Responsibility (CSR) pillar.
The action was taken by the financial institution in demonstration of its unwavering commitment to enhancing its host communities’ lifestyles and promoting quality education delivery across the country.
At the official handover ceremony, the Regional Bank Head of Midwest 1 at Fidelity Bank, Ovie Mukoro, highlighted the alignment of the renovation project with the bank’s CSR pillars, emphasizing the promotion of quality education and youth empowerment.
“The renovation project reflects the Bank’s commitment to enhancing the lives of its host communities through the dedication and generosity of its newly inducted staff who voluntarily contributed funds to support the project,” Mukoro stated.
The Principal of Emotan Junior College, Mrs Idukpaye Henrietta, expressed her gratitude, noting that the investment in the school is an investment in the nation’s future.
She looked forward to a lasting partnership that would continue to uplift and empower the students.
Similarly, Mrs Sandra Iyalekhue, Acting Education Secretary, Oredo Local Government Education Authority (LGEA), commended Fidelity Bank for the kind gesture, noting that the project would contribute to the educational development of the students and promote research work.
In Abuja, Fidelity Bank further demonstrated its CSR commitment by donating 40 tables and chairs to LEA School at the Federal Capital Territory.
This initiative, also executed under the FHHP by the Prodigies Inductees Class, aims to support quality education delivery in a bid to achieve the Sustainable Development Goals (SDG) 4 – Quality Education.
The Divisional Head of Brand and Communications at Fidelity Bank, Mr Meksley Nwagboh, emphasised the importance of supporting education as a tool for societal improvement.
“At Fidelity Bank, we recognize the importance of supporting education as a tool for improving society. Through initiatives like this, we aim to ensure that every child has access to essential educational resources and become an asset to their family, their community and the nation,” the brand strategist said.
The headmaster of LEA School, Mr Mohamed Musa, expressed his gratitude for the timely intervention, noting that the donation would address the critical need for adequate classroom seating, preventing students from having to sit on the floor during classes.
He encouraged other corporations to follow Fidelity Bank’s lead and support quality education delivery.
These initiatives come to join a long list of Fidelity Bank’s interventions in the education sector.
It will be recalled that the bank launched the Read2Lead Initiative last year to foster a culture of reading and writing among young people.
The bank also hosted a webinar targeted at businesses operating in the education sector, themed, Maintaining Educational Standards Amidst Current Economic Realities, in September 2024 as part of its strategy to improve the country’s education system.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 8.5 million customers through digital banking channels, its 251 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The bank is the recipient of multiple local and international Awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Awards; the Banks and Other Financial Institutions (BAFI) Awards; Best Payment Solution Provider Nigeria 2023; and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards.
It was also recognised as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023 and the Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.
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