Towards Alternative Sources of Higher Education Funding in Nigeria: Imperatives of Public Private Partnership
Journal Title: IOSR Journal of Research & Method in Education (IOSRJRME) - Year 2018, Vol 8, Issue 6
Abstract
In recent time, the dwindling resources of government all over the world has put more strain on investment in higher education making the task of funding becoming increasingly difficult. This problem has become particularly worrisome in most less developed countries where the annual budget allocation to education over the years has been a far cry. The supply-demand gap in higher education in Nigeria is on the increase. Lack of financial and managerial capability impede government‘s ability to provide sustainable and qualitative higher education. This calls for the need to explore alternative sources of funding for higher education in Nigeria.Public private partnership (PPP) has been defined as the collaboration in the delivery of public services between government and private business on account of corporate social responsibility and societal demands for strategic partnership.The main objective of this study was to examine the imperatives of Publicprivate partnership as alternative sources of higher education funding in Nigeria. The ex-post facto research design was adopted for the study. Secondary sources of data are employed to achieve the objective of the study.Findings revealed that the benefits of public private partnership include cost saving and reduction through innovative technologies; cost sharing with a private partner; enhancement of revenue generation from different sources and economic benefit in terms of transfer of expertise and economic growth. .The Development Finance Model - where the government shares risk and responsibility with private firms but ultimately retains control of assets was recommended. Also we recommend that the system of PPP in the USA and Republic of Korea where many private universities obtain grants from government should be introduced in Nigeria.to achieve improved quality, greater access and better control.
Authors and Affiliations
Alfred Agada, Millicent Abrokwah (Mrs)
Keywords
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- EP ID EP422626
- DOI 10.9790/7388-0806052127.
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