.Say reliance on subvention outdated.

By Adesina Wahab

The era of universities solely depending on their promoters for periodic subvention is over, as they now have to think of ways of getting revenue from other sources to be able to stay afloat.

That was the submission of experts at a two-day Commonwealth Institute Universities Leaders Conference held in Lagos, with the theme: “Funding and Revenue Generation for Universities.”

The event was organized by the Commonwealth Institute headed by Prof. Anthony Kila.

Among the strategies proposed were prioritising tuition, alumni endowments, research grants and commercialisation of faculty innovations as well as recruiting foreign students to boost revenue.

In his submission, the Chairman of the Nigeria Higher Education Foundation, (NHEF) and Chief Executive Officer of Kuramo Capital Management, Wale Adeosun, emphasised that universities should commercialise ideas and innovations developed within their institutions, particularly in technology-related fields, adding that such innovations could attract venture capital investments leading to substantial revenue.

“While tuition remains a traditional source of revenue, universities must increasingly focus on building strong alumni support systems and attracting research funding through grants written by faculty members,” he said.

Adeosun underscored the importance of alumni groups, urging Nigerian universities to effectively utilize them. He said young Nigerian graduates were already at the forefront of developing globally relevant solutions through coding and artificial intelligence.

“The alumni of universities should be the critical source of funding for schools, while government funding should only be supplementary,” he added.

He emphasised that university leadership must prioritise giving students quality experiences during their academic years so that successful graduates would willingly contribute to the development of future generations.

“The culture of treating students as potential lifelong stakeholders must begin within the university system,” he added.

He urged universities to treat students well so that successful ones would be willing to contribute to the development of their alma mater.

He stressed the need for universities to establish professional advancement offices for alumni engagement and fundraising, describing such offices as global best practice in higher education management.

The NHEF Chief said advancement offices should operate throughout the year,while maintaining strong relationships with alumni for them to continually support their alma mater.

Director of the Commonwealth Institute, Prof. Anthony Kila, noted that the era when universities depended on government allocations or tuition fees is long gone, stressing that globally successful universities generate revenue beyond tuition.

He noted that the conference was designed not to copy foreign institutions such as Harvard University and University of Cambridge, but to identify solutions suited to Nigeria’s realities and opportunities.

“The aim of this conference is to allow university leaders to reflect on and explore various ways of revenue generation for universities,” he said.

He emphasised that universities must build stronger emotional connections with students to secure future donations from them.

The don added that alumni in Nigeria feel a sort of disconnection from their universities because of negative experiences during their school years.

“Part of the reason why a lot of graduates do not respect their schools or lecturers is because they do not feel a bond. Some even feel abused or oppressed while they were there,” he said.

Kila also spoke on the need for universities to recruit foreign students, not only to bring in foreign exchange, but to also have a mix of experiences from across the world.

The Chancellor of the Lagos State University (LASU) Oba Olufolarin Olukayode Ogunsanwo, the Alara of Ilara Kingdom, said: “Today’s conference has been very edifying. As we all know, funding in universities in Nigeria has been very challenging. The topic of the conference is apt. We have been able to understand the rudiments of funding. There has to be various ways to raise funds because the government alone cannot do it. Even private universities need to find ways of generating revenue. I want to commend the Commonwealth Institute for this conference.

“We need to make students feel very comfortable to be able to realise their self-worth and do things of value for the society in future.”

Participants at the conference included the Ekiti State University(EKSU) Vice Chancellor, Prof Babatola Ayodele; Mrs Oreoluwa Janet Bursar; ⁠Federal University of Health Sciences, Deputy Vice Chancellor Academics, Prof Mohammed Bukar; ⁠Western Delta University Vice Chancellor, Prof Mohammed Ikelegbe; MCIU Vice Chancellor Prof Ibiyinka Fuwape; Anchor University Vice Chancellor Prof Samuel Oye Bandele; ⁠Chrisland University Vice Chancellor Prof Oyedunni Arulogun, Redeemer’s University Vice Chancellor Prof. Shadrach Akindele, Federal University of Health Sciences, Prof Mohammed Bukar, DVD Academics, Prof Matthew Alabi, Ms Olukemi Ojo, ⁠University of Ilesa, Dr Oyekanmi Mukail Oyesegun l, Bursar, Mr Adewale Amobi Ogunsipe, Librarian, Bell University of Technology Prof Jeremiah Ojediran VC, Prof Ngozi Arisa, Dr Kayode Ogunsola, Mr Adeyinka Badmus, Prof Friday Nwafor from UNIPORT among others.