Devalued Naira has left lecturers in poverty and triggered a widespread departure, says UNILAG Vice-Chancellor.


Professor Folashade Ogunsola, the Vice-Chancellor of the University of Lagos, highlighted the impact of the weakened Naira on the mass departure of lecturers from the country. During a media briefing, she expressed the challenges faced by the education sector in 2023 due to the country’s economic downturn, resulting in a shortage of young educators.

Ogunsola explained, “The year 2023 posed significant challenges for the education sector. The overall state of the country was unfavorable for academics. The depreciation of the Naira further diminished our already modest salaries, leading to a wave of departures, especially among our younger lecturers. The exodus was akin to a tsunami, and those who remained did so out of patriotism, not due to a lack of alternatives.”

Addressing the need for sustainable development, she emphasized the necessity for the university to establish a funding mechanism to enhance the quality of education. Despite the challenging economic climate and disruptions, Professor Ogunsola provided an overview of her tenure since assuming office on November 14, 2022, highlighting the university’s consistent progress.

She underscored the administration’s commitment to fostering growth in key areas through the “FIRM” strategy, focusing on Growing the Finance, Infrastructure, Reputation, and Manpower. Ogunsola also noted the recognition received by various faculties for research studies, which resulted in attracting research grants exceeding N11 billion in the past year.

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