Nigeria and Italy have stepped up collaboration on a global campaign to mobilise $5 billion in education financing through the Global Partnership for Education (GPE).
The Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, disclosed this in a statement issued on Wednesday.
The initiative was highlighted at the high-level event, “Multiply Possibility: A New Era for Education Financing,” held in New York on the sidelines of the 81st Session of the United Nations General Assembly.
In a video message to the event, President Bola Tinubu said the GPE’s vision aligned with his administration’s efforts to improve educational outcomes through increased access and investment in teacher capacity building.
The President also commended GPE stakeholders for their efforts to accelerate global education financing.
Representing Tinubu at the event, Vice President Kashim Shettima described education as an investment in Nigeria’s economic future, productivity, prosperity and stability.
“For Nigeria, education is not an expenditure at the margins of our development agenda. It is an investment in our economic future, national productivity, and the prosperity and stability of our people,” Shettima said.
He said the administration had, since assuming office in 2023, increased resources allocated to education while pursuing reforms aimed at strengthening basic education financing, expanding foundational learning and improving access to tertiary and technical education.
Shettima also highlighted the role of the Nigerian Education Loan Fund in expanding access to higher education and strengthening the connection between education, skills, employment and enterprise.
According to him, Nigeria is also exploring alternative domestic financing sources beyond traditional budgetary allocations.
He said President Tinubu had directed that funds recovered by the Economic and Financial Crimes Commission, once legally cleared and free from litigation, be channelled to the Nigerian Education Loan Fund.
The Vice President added that the Federal Executive Council had approved the consideration of unclaimed dividends and dormant funds for the same purpose, subject to applicable legal requirements.
He said the measures demonstrated Nigeria’s commitment to mobilising responsible and lawful domestic resources to finance education.
On Nigeria’s partnership with the World Bank and GPE through the HOPE-EDU programme, Shettima said the initiative was expected to reach approximately 29 million children and 500,000 teachers across the country.
“This is precisely why GPE matters. GPE does not replace national investment; it multiplies it,” he said.
Shettima said the $5 billion mobilisation target would help unlock additional education financing in partner countries, stressing that domestic resources should remain the foundation, complemented by development assistance, concessional finance, philanthropy and innovative financing.
He said Nigeria’s growing population could become a major economic asset if young people had access to quality education, relevant skills and meaningful opportunities.
Responding to declining global aid, the Vice President called for “smarter multilateralism,” with scarce international resources used to leverage larger investments in education.
He urged participants to ensure that the initiative went beyond fundraising and became “a renewed compact for human capital,” bringing together national leadership, international partnerships and responsible financing to give children greater opportunities to learn, thrive and contribute to their countries’ futures.
Shettima also expressed Nigeria’s appreciation to the Italian government and GPE for supporting the campaign, stressing that Nigeria’s participation was not solely about attracting international investment but also about demonstrating its own commitment to financing education.
Earlier, Italian Prime Minister Giorgia Meloni praised President Tinubu’s leadership and Nigeria’s efforts to improve educational outcomes across all levels.
Meloni urged partners in the global alliance to strengthen their commitment to reversing declining education outcomes in developing countries.
The UN Deputy Secretary-General, Amina Mohammed, also thanked partners for their interest in expanding education financing in developing countries.
She called on international financial institutions to support countries committed to improving educational outcomes by helping them create the fiscal space needed to invest in education, including teacher capacity building.
