Revenue Without Compromise: Diversifying Obafemi Awolowo University's Financial Base

There is a trend of worsening financial crisis of public universities in Nigeria due to the high cost of their operations and unstable government funding. Academic quality is extremely difficult to sustain without conscious efforts to diversify revenues. The study uniquely fills a gap in the literature by investigating the perceptions of the stakeholders regarding the current financing mechanisms and the possibility of alternative financing for Obafemi Awolowo University (OAU) at the institutional level; an area where only a few studies in this category can be found in Nigeria. The study, conducted through a cross-sectional survey of 220 administrators, academic staff, and students, coupled with in-depth interviews with stakeholders, shows a disturbing status quo. Current revenues are too low; internal generation mechanisms are underdeveloped and unclear; and reliance on grants and government funds is perceived to have a negative impact on the institutions. However, the results also shed light on an intriguing opportunity. Stakeholders are very vocal and aligned on diversified investment streams including industry partnership, alumni support, consultancy, executive education, digital platforms, real estate development and research commercialisation, which were all judged as mission-aligned and financially sustainable. The novelty of this study comes from its simultaneous diagnostic and prescriptive nature; from its use of lived perceptions of those who are supporting the institution day to day to inform the development of a revenue diversification strategy. The results highlight the need for not only new income streams, but governance reform, transparency and true stakeholder engagement, to deliver sustainable financing