NELFUND to Restrict Student Loans to High-Demand Fields

Student Loan Scheme May Exclude Certain Courses, Says NELFUND

The Nigeria Education Loan Fund (NELFUND) has hinted at plans to restrict access to interest-free student loans for specific courses. Akintunde Sawyerr, NELFUND’s Managing Director, shared this during a virtual event titled “Student Loan Masterclass: Why, What, and How?” organized by The Renewed Hope Global.

Sawyerr explained that while all courses are currently eligible, the fund is considering focusing on fields that align with national priorities and job market demands.

“At present, we don’t differentiate between courses because our loans target students in their 300 and 400 levels who might otherwise drop out. However, we recognize that some courses are more critical to Nigeria’s development than others,” he said.

He noted that fields like engineering and medicine, which provide practical skills essential for national growth, might take precedence over others, such as language studies, which are perceived to have fewer direct benefits for development.

“This doesn’t mean we will completely exclude less critical courses, especially if they equip students with skills they can use internationally and contribute to Nigeria’s economy through remittances,” Sawyerr added.

Since the launch of the loan initiative, 335,000 students across 127 institutions have benefited from the program, Sawyerr revealed. However, the proposed changes aim to ensure the scheme supports areas that drive progress and offer better repayment prospects.

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