Nigerians seeking admission to foreign universities spent approximately $340.84 million on funding their application processes in the first half of 2023. The data is based on figures released by the Central Bank of Nigeria, which tracks expenditures on educational services related to transactions for foreign exchange.
Key Points:
- Expenditure on Foreign Education:
- The Central Bank of Nigeria reported that in the months of April, May, and June 2023, Nigerians spent $40.54 million, $48.81 million, and $32.61 million, respectively, on foreign education.
- Comparing these figures with the $218.88 million spent in the first quarter of 2023, there is a decrease of $96.92 million or 44.28% in the second quarter.
- Significant Decline:
- When comparing the second quarter of 2023 with the same period in 2022, there is a significant performance decrease of $124.42 million, representing a 50.5% decline.
- Poor Forex Supply:
- Experts suggest that the Central Bank’s inability to meet the demand for foreign exchange has forced students to source dollars from Bureau De Change operators. Delays by banks in processing necessary forms may have contributed to this situation.
- Study Visas to the UK:
- Recent data from the Home Office of the United Kingdom revealed that the number of study visas issued to Nigerians increased by 222.8%, with 65,929 visas issued as of June 2022 compared to 20,427 during the same period in 2021.
- Education Sector Challenges:
- Experts and educators blame the migration of students seeking foreign education on inadequate investment in the local education sector. They highlight the need for the government to invest more in the sector to provide quality education in Nigeria.
Conclusion: The substantial expenditure on foreign university applications by Nigerians reflects the demand for higher education opportunities abroad. Challenges in the local education sector, coupled with poor access to foreign exchange, have led to this migration. Experts emphasize the importance of improving the domestic education system to reduce the need for students to seek education abroad.
