How private sector partnerships can improve education outcomes

In a recent interview with CNBC Africa, Chris Ogbechie, the Dean of the Lagos Business School, emphasized the importance of partnerships between the private sector and the government to improve education outcomes in Nigeria. Ogbechie called for a reevaluation of the country's education funding strategy, stressing that investment in education is crucial for Nigeria's development. With Lagos Business School celebrating its 30th anniversary, Ogbechie expressed gratitude to individuals and organizations in the private sector who have supported the school throughout the years. He highlighted the significant impact these partnerships have had on the quality of education and the professional development of students. According to Ogbechie, education is expensive, and government funding alone is insufficient to meet the needs of the education sector. He emphasized the role of philanthropy and partnerships in bridging this gap, citing examples of support through scholarships, infrastructure development, and student sponsorships. Ogbechie underscored the importance of fostering a culture of giving back to education, noting that both individuals and alumni play a vital role in supporting educational institutions. He urged stakeholders to prioritize investment in education, pointing out that Nigeria's current spending on education as a percentage of GDP is one of the lowest in Africa. Ogbechie emphasized the need for a mindset shift towards viewing education as a legacy and a crucial investment in the nation's future. As Nigeria seeks to position itself in emerging markets and new sectors of the global economy, Lagos Business School is gearing up to enhance its offerings and play a more significant role in knowledge and skills transfer. The school plans to focus on supporting entrepreneurs, particularly in the technology space, to improve their managerial skills and business acumen. Additionally, Lagos Business School is launching a family business initiative to address the challenges faced by family-owned businesses in Nigeria. Recognizing that many family businesses struggle with succession planning and long-term sustainability, the initiative aims to provide strategic support and research insights to help these businesses thrive and contribute to the economy. Through these initiatives and partnerships with the private sector, Lagos Business School is committed to driving positive change and fostering a culture of excellence in education and entrepreneurship in Nigeria.