Rising operational costs, unpaid loans, and the poor state of the economy have been identified as the key factors driving the closure of private schools across the country. An education consultant, Grace Phillips, made this known to our reporter while raising concerns about the shutting down of schools. Dr. Phillips said owners of private schools are the biggest employers of labour and should have access to funding and other incentives to enable them to run effectively. Dr. Phillips also urged private school owners to invest in their own professional development and run their schools with the mindset of having a sustainable business rather than treating it as a charity.
Dr. Phillips further explained that finance is the major challenge of many private schools. In most cases, they get frustrated as a result, especially when they have a large student population but are not seeing the money needed to run the school to the required standard. She stated that owning a school in a developing country like Nigeria is even more challenging due to the economic situation.
Dr. Phillips, however, highlighted some financial strategies that can help private school owners succeed. She said that for private school owners to stay financially stable, they must own their school premises. She explained that many private school owners spend so much on rent that they are left with very little to run the school itself. She advised them to cut the cost of rent by setting a financial plan to raise funds for owning school property.
She also advised private school owners to employ teachers they can pay, noting that while qualifications matter, one does not have to employ a professor to teach in their school. She said they should employ teachers who can deliver the value needed for their students, not those who will drain their finances due to higher qualifications.
Dr. Phillips also encouraged private school owners to sell additional items if they want to increase their finances and avoid the shutdown of schools. “Try selling some stationeries or anything you think your students would buy. Sell books, calculators, pens, math sets, drawing boards—anything you can think of. You could even open a mini restaurant for your students within the school premises. This should help you generate more,” she stated.
Rivers State Commissioner for Education, Hon. Dr. Ovy Chukwuma,
It is worth remembering that last year, the Rivers State Commissioner for Education, Hon. Dr. Ovy Chukwuma, interfaced with private school operators in the state and said the Ministry of Education is working out modalities to support private school operators and also to remove multiple taxations to ease their financial burdens.
