The reason given by some of my student is due to the high rate of unemployment in Nigeria (More that 50% of youth are eith unemployed or underemployed). Coupled with government anti human policies in Nigeria. That has resulted in series of protest in Nigeria by the youths.
There will always be teachers doing their jobs exemplary, and others who would not;
There will always be excellent students, and students ready to criticize everything and everybody around them;
The unemployment after university graduation is a real problem everywhere, from various reasons: programs disconnected from reality, old and dusty items recycled as new courses, no dialogue with enterprises; lack of initiative & ideas (local and federal governments included), etc
Half of my career was in academia, and the other half in organizations/companies in the private sector (for a while, both in the same time). I had no problem getting a job in academia, and am glad that I started with academia, because (I realized this later), nobody would have hired me, as a freshman university graduate, in any company...
Well, it depends if the educational nsiyemas are conspired to not form critical minds, from that point of view, for me it is a scam the education in many countries of the world.
The essence of education is for someone to differentiate from ethical and unethical in any environment he/she finds himself/herself. Even though more than 60% of Nigerian graduates are unemployed does not signify that it is a scam.