Innovative Financing Strategies: A Panacea to Sustainable Investment in TVET system

Technical Vocational Education and Training (TVET) is recognized globally as education for self-reliance and fulfilment. It is the study of technology, related sciences and acquisition of practical skills, attitudes and knowledge relating to occupation in the various sectors of the economy and social life. This study examines the relationship between pre-employement training fund and sustainable investment in TVET system. The study will also examine the relationship between equity training fund and sustainable investment in TVET system and also examine the relationship between enterprise training fund sustainable investment in TVET system. This study uses stratified random sampling and survey method to collect data from 270 lecturers randomly selected from five Osun State-owned tertiary institutions. A total number of 205 usable questionnaires were found with a response rate of 76%. Data analyses were done using SmartPLS and Structural Equation Modeling was employed to examine relationship between pre-employment training fund, equity training fund and enterprise training fund and sustainable investment in TVET System. Pre-employment Training Fund (β = 0.439, t = 1.35, p 0.18) exhibited a positive but insignificant influence on sustainable investment in TVET system. However, enterprise training fund (β = 0.769, t = 2.51, p 0.00) has a positive and significant influence on sustainable investment in TVET system. Also, equity training fund (β = 0.719, t = 2.72, p 0.00) has a positive and significant influence on sustainable investment in TVET system. The result of this study revealed that there is a positive relationship between pre-employment and sustainable investment in TVET system, although the influence is insignificance and weak. The findings showed that, enterprise training fund and equity training fund have a positive and significant influence on sustainable investment in TVET system. This study has enriched the existing literature on innovative financing mechanism and sustainable investment in TVET system and is helpful to existing policy makers and educators in Nigeria to improve their knowledge base.