Bank Chief Bemoans Capital Flight’s Effects On Education

THE Executive Director of Mainstreet Bank Limited, Mr. Anogwi Anyanwu has decried the huge capital flight ravaging the nation’s education sector.

Anyanwu also urged the government and stakeholders in the country to amplify funding of education in order to revive the education sector.

Speaking in Lagos at the public presentation of three books: ‘A Rose In Bloom; Pathos of Wilting Rose’ and ‘Whimsical Rhapsody’, written by Dr. Ejine Ezediaro, the bank boss said it has become very clear that government alone cannot fund education effectively.

According to Anyanwu, both the state and Federal Governments lacked the financial capacity to fully fund the nation’s education, particularly at the tertiary level, saying there is urgent need to look inwards for funds for their day-to-day running.

He lamented that neighbouring countries have taken the lead in education system in the sub-region, saying the failure recorded in the education sector was responsible for the huge capital flight from the country.

The Manager and Vice President of West Africa Region, Mr. Victor Aniche who bemoaned lack of reading culture in the country, noting that the younger generation of Nigerians are no longer interested in reading books.

Aniche observed that the frustration induced by poor remuneration and other conditions of service had also led to human capital flight of professionals, maintaining that the whole process has resulted in a loss of confidence in the nation’s academic qualifications and human resource offerings, both at home and abroad.