The Business Model: Implications for University Management in Nigeria in an Era of Underfunding

Abstract

The chief executives of public universities in Nigeria are not finding it interesting managing their institutions. There is an increase in enrolment, even greater increase in the cost of providing necessary soft and hard facilities and infrastructure to support basic teaching and learning and research. While so much funds are required, these universities are under tremendous pressure from students, parents and government not to increase tuition fees or increase charges for other student related activities. Yet, there have been a great reduction in State funding. The proprietors of these institutions even expect them to, and infact charge them to do more for themselves by way of ingeniously looking for alternative sources of funding other than charging fees and expecting government support.The chief executives are in a dilemma. In the face of financial strangulations what should these Vice-Chancellors do? This paper posits that it will be necessary for the ViceChancellors of public Universities in Nigeria to adopt an appropriate reformed business model in the management of their institutions. This paper therefore explains the concept and outlines a number of business models, highlights the strengths and limitations and discusses the implications, and applications of business model in the management of universities in order to achieve their triple missions of teaching and learning, research and extension services. Key Terms: Business models, efficiency, mixed technologies, online learning, private for-profit, public