One overarching question that has been on my mind all week is: how will students in Nigeria afford to repay loans if graduates are struggling to survive?
As of this year, Nigeria's unemployment rate could rise to 41%, according to KPMG, and the headline inflation rate rose to 22.41% on a year-on-year basis in May 2023, according to the latest data from the National Bureau of Statistics.
The government's student loan bill, now a law, has raised several questions and criticisms – making it difficult for Nigerian youths to decide whether or not to apply for a study loan.
In this article, Gabriel discusses all you need to know about student loans, the banks offering student loans in Nigeria, the advantages and disadvantages of student loans, and how to apply for student loans in Nigeria.
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