Nigerians spent $38.17m on foreign education between January and March 2024, according to data from the Central Bank of Nigeria’s first-quarter 2024 statistical bulletin.
The amount spent crashed by 83 per cent from $218.87m recorded in the same period of last year.
However, on a quarter-by-quarter basis, there was an increase of 54 per cent from $24.82m spent in Q4 2023.
The year-on-year decrease in FX spending for foreign education occurred amid a crash in international student enrolment at United Kingdom universities earlier this year.
A survey conducted by Universities UK across 73 universities revealed a significant drop in international student enrolment, particularly in postgraduate programmes. This January saw a 44 per cent decrease in such students compared to the previous year, a reduction greater than anticipated.
This sharp fall in international students, who typically pay higher fees for postgraduate courses, poses a financial challenge for universities.
Also, data from Enroly, used by around 60 universities, indicates a decline in interest among international students studying in the UK, evidenced by a significant drop in deposit payments compared to the previous year.
In February this year, the Governor of the Central Bank of Nigeria, Yemi Cardoso, said that the amount spent on foreign education and medical tourism contributes to Nigeria’s foreign exchange challenges.
In a detailed presentation to the House of Representatives, Cardoso highlighted that an alarming $40 billion has been expended on foreign education and healthcare, a factor contributing to the devaluation of the Naira.
The CBN governor decried the amount of pressure in the foreign exchange market amidst forex scarcity, which adds to the depletion of naira value.
While there was a decrease year-on-year in foreign exchange spending for education services, there was a significant increase in health-related and social services.
