For several years, Nigerian youths have been dealing with tough challenges when it comes to pursuing higher education due to the cost and quality of education in Nigeria.
Inflation, the high cost of living crisis and high rates of unemployment are factors that are affecting education in Nigeria. The country‘s unemployment rate stood at 33.3 per cent as of the fourth quarter of 2020, per data from the National Bureau of Statistics, while global consulting firm KPMG projects that Nigeria’s unemployment rate would rise further to 40.6 per cent in 2023.
Nigeria’s inflation rate increased to 22.41% on a year-on-year basis in May 2023, according to the latest data from the National Bureau of Statistics Consumer Price Index (CPI) and Inflation Report.
On June 12, 2023, President Bola Tinubu signed the Student Loan (Access to Higher Education) Bill into law, which allows all students who have secured admission into any public Nigerian university, polytechnic, college of education, or any technical and vocational education and training (TVET) school to apply for an interest-free student loan.
In this article, we'll discuss how to apply for a student loan, the banks offering student loans in Nigeria, and the advantages and disadvantages of student loans, as a guide for Nigerian students who may be considering this path to make an informed decision.