Imagine a continent bustling with untapped potential, yet lagging behind in the race toward economic and innovative leaps. Africa stands at the crossroads of immense promise and a stark educational reality. On one side, there is a readiness to contribute significantly to global growth and technological advancement. On the other, an unsettling absence of world-renowned STEM universities raises pressing questions. Are African graduates prepared for the competitive and ever-evolving job market? Or are they left grappling with unemployment and missed opportunities for entrepreneurship?
The Harsh Reality: Education’s Impact on Employment
Let’s focus on Nigeria for a moment. Here, the challenge is palpable. Over two million students gain university admission annually, yet a significant number remain jobless after graduation. The stark figures highlight a crisis: 600,000 graduates each year are confronted by daunting unemployment and underemployment rates.
A report by the National Bureau of Statistics (NBS) noted an unemployment rate of 26.4% in Nigeria during Q4 2022. However, these figures barely scratch the surface of the issue as many degree holders find themselves in low-wage or unskilled jobs that don’t match their qualifications.
The disparity stems from disrupted education systems plagued by frequent strikes, outdated syllabi, memorization-focused teaching methods, and inadequate resources. A poignant question arises among parents who have poured their resources into their children’s education: Was it worth it? Their concerns echo in the growing sentiment among the youth that “education is a scam.”
Building An Oasis of Sanity
Amidst these challenges, the Nigerian University of Technology and Management (NUTM) emerges as a beacon of hope. With a progressive approach to education, NUTM is poised to redefine higher education’s impact on economic development.
NUTM specializes in STEM, management, and entrepreneurship, attracting top-tier students globally. It aims not just to prepare students for job opportunities, but to empower them to create such opportunities. Their graduates are equipped to secure high-paying industry roles or become entrepreneurs in their right.
From Students to Startup Leaders
A testament to this success, 55% of NUTM alumni find positions in top corporates like NLNG, Mastercard, Deloitte, and Paystack. Others, however, choose a different path—spawning ventures that were incubated during their university tenure.
In just three years, NUTM graduates have successfully launched 38 startups, attracting over $3 million in venture funding. Impressively, 45% of these graduates rise as employers themselves, addressing complex challenges across Africa. This entrepreneurial achievement matches, if not exceeds, global benchmarks set by esteemed institutions like Stanford and Harvard, whose entrepreneurship rates stand at 25% and 14%, respectively.
Consider Tiana and Adebowale, alumni who transformed their university project from NUTM’s TEDLab program into MyStash, a fintech phenomenon. From humble beginnings, MyStash now employs 30 people and manages transactions totaling NGN14 billion, marking a remarkable 23x growth within two years.
In another inspiring instance, Ayobami, upon graduating, joined Endeavour, a global venture capital firm. His swift rise through two promotions within nine months illustrates the caliber of NUTM graduates.
Industry Leaders Recognize NUTM’s Excellence
Unsurprisingly, NUTM’s success has not gone unnoticed. Industry moguls and investors alike hail the institution as a reservoir of talent. Iyin Aboyeji, venture capital investor and founding partner of Future Africa, expressed, “One of our favorite schools to recruit from is NUTM.”
Echoing similar sentiments, Ada Osakwe, leading Nigeria’s AfDB Youth Entrepreneurship Investment Bank, remarked on her lucrative investment in an NUTM startup, yielding a partial exit with a 2.5x return within just 11 months.
The Distinctive Edge of NUTM
NUTM’s excellence isn’t accidental; it’s rendered through deliberate strategies. Dr. Babs Omotowa states, “Our programs leverage world-class faculty from Ivy League universities, blending global insights with practical applications.” This is complemented by strong industry partnerships and experiential learning.
From industry-led curricula informed by tech giants like Google and Microsoft to capstone entrepreneurship projects grounded in technology and innovation, NUTM graduates gain in-demand skills from day one.
Partnerships with institutions like Oxford University and the Indian Institute of Technology further enhance NUTM’s capability to offer robust executive programs across diverse fields.
A University Powered by Industrial Titans
Conceived at the Aspen Leadership Institute, NUTM’s foundation rests on an alliance of Nigerian industry leaders dedicated to overcoming Africa’s developmental challenges. Its Governing Council features luminaries like Dr. Okey Enelamah, Dr. Omobola Johnson, and Mrs. Bola Adesola, highlighting the vital industry-academia synergy.
Reimagining the Future
Africa cannot remain complacent in its education strategy, risking further losses of talent and opportunity. A youthful population is a boon only if it is equipped with skills and opportunities. The transformative model shown by NUTM proves that education can positively change lives and foster substantial economic opportunities.
As graduates command salaries six times their pre-NUTM levels, with 45% actively shaping the entrepreneurial landscape, it’s clear the stakes are high: quality education intertwined with industry collaboration is essential for Africa’s flourishing future. NUTM sets a precedent—can others follow suit and ensure a brighter trajectory for Africa’s next generations?
