The Nigerian Education Loan Fund has introduced a new loan product, the Vocational Skills Loan Initiative, aimed at supporting individuals seeking to acquire vocational skills.
The Chief Executive Officer of NELFUND, Akintunde Sawyerr, stated on Friday that the loan products are designed to assist students in achieving their aspirations.
Sawyerr made this announcement in a statement released to mark the International Day of Education, themed âAI and Education: Preserving Human Agency in a World of Automation,â which aligns with NELFUNDâs mission.
In the statement, Sawyerr expressed NELFUNDâs excitement about launching the Vocational Skills Loan Initiative, which aims to make education and skill development accessible to all.
He highlighted the organisationâs ongoing use of AI-driven process optimisation and its commitment to educational inclusion in Nigeria.
âEducation is the key to unlocking a brighter future. At NELFUND, we are dedicated to making quality education accessible and affordable for everyone. Our innovative loan products are designed to support students in achieving their dreams and aspirations. We continually optimise our processes using AI to ensure we deliver the best possible service,â Sawyerr stated.
Giving a highlight of NELFUNDâs Initiatives, Sawyerr explained that the NELFUND Student Loan provides financial assistance to students pursuing higher education, with flexible repayment options tailored to individual needs.
He also noted that the âVocational Skills Loan Initiative, a newly launched loan product to support individuals seeking vocational training and skill development, bridging the gap between education and employment.â
The implementation of the student loan scheme is a flagship project of President Bola Tinubu in the education sector.
Barely a month after assuming office, President Tinubu signed the Access to Higher Education Act, which establishes a legal framework for granting loans to low-income Nigerians to facilitate payment of tuition fees at tertiary institutions.
This Act, re-enacted earlier this year, led to the establishment of the Nigerian Education Loan Fund.
NELFUND is tasked with handling loan requests, disbursement, recovery, and other related responsibilities. According to the Act, the Fund is to be financed from multiple revenue streams and engage in other productive activities.
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