AfDB experts call for private sector investment in African higher education

Experts from the African Development Bank (AfDB) have called on African countries to attract cooperation with the private sector in financing higher education.

This appeal was made during the ongoing AfDB Annual General Meeting and High-Level Dialogue held in Kenya on Wednesday.

Experts stressed the need for African countries to intensify efforts to secure private sector funding to improve higher education and equip the continent’s youth with competitive skills.

The dialogue, titled “Policy Dialogue on Innovative Financing for Higher Education in Africa: Reinvigorating the Role of the Private Sector”, was organized in partnership with the Government of Kenya, the African Union Commission and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH.

During a panel discussion at the bank’s 2024 AGM in Nairobi, experts highlighted the importance of political commitment in ensuring returns on private sector investment in education.

This was highlighted in a statement sent to PUNCH Online as disseminated by the APO Group on behalf of the African Development Bank (AfDB) Group.

The AfDB statement quoted Jakaya Kikwete, chairwoman of the board of the Global Education Partnership and former president of Tanzania, calling for a renewed commitment to increasing domestic education spending to tap Africa’s demographic potential as the world’s largest future workforce.

“To build a stronger higher education pipeline, we need to build a solid foundation in early childhood education, primary and secondary education to ensure a talent pool of trained young people for lifelong learning that will enable them to thrive,” Kikwete said.

Director General for Africa at the German Federal Ministry for Economic Cooperation and Development (BMZ), Birgit Pickel, said: “This is the first Declaration of Intent between the two organizations in the field of education and we are very pleased with this cooperation.

“This is a sign of our intention to increase our collective commitment to vocational training and skills development in African countries. In light of current challenges, this is more urgent than ever.”

The African Development Bank has been actively engaged in education and skills development since 1975, committing significant resources to strengthening science, technology, engineering and mathematics infrastructure at higher education levels and improving the sectoral policy environment.

The bank’s vice president for agriculture, community and community development, Dr. Beth Dunford, said the institution has committed $964 million to higher education and skills development over the past decade.

“The focus is on strengthening technical and vocational education and training (TVET) infrastructure and catalysing private sector investment in skills development and job creation,” Dunford stressed.

She highlighted the Bank’s $80 million support for the Ekiti State Special Economic Zone project in Nigeria and the $23 million investment in the Rwanda Aviation Skills Center of Excellence as projects that will help boost the economy and create jobs.

Similarly, prof. Mohamed Belhocine, African Union Commissioner for Education, Science, Technology and Innovation, said increased investment in higher education requires action at national, continental and global levels.

He noted that between 2017 and 2019, only seven African countries achieved the required 6%. GDP expenditure on education, with an average of approximately 4%. GDP.

Dr. James Mwangi, Group CEO of Equity Holdings, confirmed to Belhocine, sharing how collaboration with higher education institutions is driving human resource development across the continent.

He mentioned that Equity Group, in partnership with the Government of Kenya, has provided scholarships to at least 23,000 students.

During the session, the African Development Bank signed a joint declaration of intent with GIZ to increase joint commitments on skills development to enhance the employability of young people in Africa.

Cooperation under the Build4Skills initiative will enable young trainees to undergo on-the-job training as part of infrastructure projects supported by the Bank in the agriculture, water management or transport sectors for a period of 6 to 12 months.

More than 10,000 participants registered for the African Development Bank’s 2024 hybrid annual meetings, and approximately 5,000 delegates physically attended on Wednesday.

The African Development Bank (AfDB) Group is the leading multilateral financing institution for African development. It is composed of three separate entities, including the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigerian Trust Fund (NSF).