Educational experts, school owners, and financial consultants convened in a virtual Zoom meeting to address the pressing financial challenges facing schools in a changing economic environment. The session, hosted by Yinka Ogunde, focused on the rising cost of operations, sustainable revenue management, and strategic solutions for schools navigating economic uncertainties.
Key Issues Discussed
The discussion highlighted the increasing operational costs of running schools, the complexities of fee adjustments, and the need to balance affordability with maintaining high educational standards.
Experts, including Mr. Babatunde Kolade, Mrs. Dunni Adewuyi and Babatunde, provided insights into managing school finances effectively.
Babatunde emphasized the importance of understanding business costs and revenue, stating that operational costs have surged by nearly 300% since 2023.
He advised schools to conduct thorough analyses before increasing fees, warning that poorly planned fee hikes could lead to decreased enrollment.
Proposed Solutions
Panelists outlined several cost-cutting strategies, including:
- Negotiating better deals with suppliers.
- Reducing electricity expenses through energy efficiency.
- Exploring solar power solutions as a cost-effective alternative, with energy expert Tolu Falola presenting green loan options for schools.
- Forming collaborative partnerships with neighboring schools to share resources and cut costs.
- Accessing development finance from institutions like the Bank of Industry, which has over ₦2 trillion available for schools that standardize their operations.
A major concern raised was the impact of emigration trends (“Japa Syndrome”) on teacher retention and student enrollment. Participants discussed strategies to retain staff, including salary structuring and emphasizing Nigeria’s strengths to encourage students and teachers to remain. Some experts suggested integrating hybrid learning models to accommodate teachers who have relocated.
Next Steps for School Owners
The meeting concluded with clear action points for school owners, including:
- Standardizing operations and maintaining financial records to qualify for funding.
- Conducting parent demographic analysis before fee increases.
- Joining Edumark’s WhatsApp group for updates on grants and loans.
- Exploring solar power financing options through Digiscape’s green loan program.
- Attending a two-day school marketing training in April to strengthen marketing strategies.
Engagement & Follow-Up
The event reinforced the importance of financial planning and adaptability for schools to thrive amid economic challenges. Organizers have announced plans for follow-up webinars and training sessions to deepen the conversation and provide hands-on financial guidance for school administrators.
