The Nigerian Education Loan Fund (NELFUND) has highlighted Nigeria’s zero per cent interest rate on student loans, contrasting it with rates charged in the United Kingdom, United States, Kenya and Ghana. In a post on its official X account, NELFUND Updates listed student loan interest rates at six per cent…...
The Nigerian Education Loan Fund (NELFUND) has highlighted Nigeria’s zero per cent interest rate on student loans, contrasting it with rates charged in the United Kingdom, United States, Kenya and Ghana.
In a post on its official X account, NELFUND Updates listed student loan interest rates at six per cent in the UK, eight per cent in the US, four per cent in Kenya and six per cent in Ghana, compared with zero per cent in Nigeria.
The post described Nigeria’s student loan scheme as a distinctive initiative, claiming the country is the only one in Africa offering interest-free student loans while maintaining relatively low tuition fees.
It also praised NELFUND as one of the administration’s notable initiatives aimed at expanding access to higher education.
The student loan scheme is designed to help eligible Nigerian students finance their education and reduce the financial barriers faced by students seeking admission to tertiary institutions.
However, the interest rates cited for other countries and the claim that Nigeria is the only African country offering zero-interest student loans would require independent verification before being treated as established facts.