Nigerian University Explains Decision To Charge School Fees in Dollars
- The management of Wigwe University has explained its decision to list school fees in dollars
- The newest private university in Nigeria is located in Port Harcourt, Rivers state, and is owned by Herbert Wigwe, the group CEO of Access Corporation
- Wigwe promises to build an exceptional, world-class, innovative, yet uniquely African institution to grow the next generation of leaders
Legit.ng journalist Dave Ibemere has over a decade of experience covering Tech, Energy, Stocks, Investments, and the Economy.
Wigwe University has explained its decision to list tuition fees in United States Dollars for all courses.
In a statement released on Sunday, February 5, 2024, the university said the decision was strategic, aligning with its vision to attract a diverse and international student body.
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The University management further assured that Nigerian students will pay in naira, not dollars.
The statement reads:
"The decision to display our fees in USD serves as a strategic choice, aligning with our vision to attract a diverse and international student body. By utilizing USD, a universally accepted currency, our aim is to provide clarity and transparency for prospective students worldwide.
"For our local students, it is important to note that tuition fees will be paid in Naira. As a hub for intellectual growth, we are not only molding individuals but also making a substantial contribution to the economic development and growth of Nigeria and Africa as a whole.
"The presence of international students at Wigwe University has a positive impact on the local economy. Exposure to Nigeria's rich cultural and entrepreneurial landscape creates potential avenues for future investments and business collaborations.
"Furthermore, the influx of international students will boost our local economy by bringing in USD. This positive impact will gradually reduce capital flight from our economy.”
Wigwe University's vision
Wigwe University noted that it respects the concerns raised by some public members and was obliged to clarify the dollar tuition fees.
"We acknowledge and appreciate the concerns raised by some members of the public, and we feel it is important to address and clarify this matter. At Wigwe University, we operate with the highest regard for national regulations and guidelines.
Wigwe University recognizes education as a powerful tool for societal transformation. In our pursuit of the best international faculty, we are committed to prioritizing our Nigerian faculty by providing them with appropriate and competitive remuneration packages.
"Our goal is not only to enhance the academic experience within our institution but also to contribute to the broader narrative of nation-building actively. We remain dedicated to fostering a learning environment that respects and values both local and international perspectives, enriching the educational landscape for the benefit of our students and the community at large."
FG addresses Naira to Dollar exchange rate
Legit.ng earlier reported that Ben Akabueze, the director-general of the federation's budget office, said the Naira would strengthen in value in the foreign exchange market in 2024.
Speaking in an interview with Channels TV on Tuesday, December 26, 2023, Akabueze said this would be possible as the country expects an increase in dollar supply.
He noted that the Tinubu-led government expects the reforms initiated in 2023 to start yielding results in 2024, which is why it maintains a positive stance on the exchange rate.
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Source: Legit.ng
