In the first half of 2023, Nigerians aspiring to secure admission to foreign universities spent a $340.84 million on application fees. This information, sourced from the Central Bank of Nigeria (CBN), raises significant concerns about the state of the country’s education sector.

The figure marked a notable decline of 44.28 percent when compared to the previous quarter. This data comes from the CBN’s records on expenditure for educational services within the foreign exchange sector.

Breaking down the numbers, the apex bank reported that in April 2023, $40.54 million was allocated for foreign education. This amount will slightly increase to $48.81 million in May 2023.

However, in June 2023, there was a noticeable drop in spending, with just $32.61 million going towards foreign education.

When contrasting this with the $218.88 million spent in the first quarter of 2023, the reduction becomes even more apparent—a decrease of $96.92 million, equivalent to 44.28 percent.

According to PUNCH newspaper, comparing the first half of 2023 to the same period in the previous year, the performance decline stands at a significant $124.42 million, or 50.5 percent.

What’s particularly worrying is the lack of significant reciprocity in terms of funds flowing back into the local education sector from foreign academic institutions.

As a consequence of the recent FX harmonisation policy, which has made it very challenging to get foreign exchange from CBN, many students have resorted to getting theirs from Bureau de Change operators. This is often due to delays in banks processing the requisite Form A.

PUNCH noted, and as verified by recent data obtained from the British Home Office, it revealed a remarkable increase in the number of study visas granted to Nigerians. These numbers rose by a staggering 222.8 percent, with 65,929 visas issued as of June 2022, compared to 20,427 during the same period in 2021.

The CBN grapples with a backlog of accumulated forex demand in the official market, which effectively pushes individuals and businesses to resort to the black market to acquire dollars.

The shrinking dollar inflow to Nigeria over recent years is a result of declining investments and a reduction in crude oil exports, which account for more than 90 percent of the country’s export income.

Source: https://businessday.ng/news/article/nigerians-spent-340m-on-foreign-school-applications-in-6-months-cbn/

A huge fraction of Nigeria's FX goes into foreign education aka Japa. However, the good thing is that it's a worthy investment. As more Nigerians leave the country, foreign remittance would surpass 2022's $20 billion.

It will even get much better if Nigeria had a president people can trust. But if we continue to elect druglords, people will run away and forget their country of origin.

ASUU be smiling at this headline.

And money no dey Naija

Make we dey play

People dey Jaapa daily

Wetin concern CBN for this one now. They should stay out of it since they have resulted in the cancellation of form A.

If I was President, everyone will be forced to look inward for everything, including healthcare, education, and tourism.

We can never have a healthy economy if all of our needs are being provided by international vendors.

Even our petroleum products are obtained internationally despite that we produce crude oil locally.

We can never develop with this constrained reality where we all have to seek foreign services because the local is unavailable or below standard.

Hmmmmmm

As APC leaders like Buhari and Tinubu
do not even have WAEC certificates, they
don't consider educational sector as a
relevant sector to Nigeria. That is why
they don't get moved when our higher
instructions remain closed for up to one
year.


Most of these foreign applicants are
children of politicians and top civil servants
who don't want to risk the future of their
beloved children💦❤️👨‍👩‍👧‍👦 in Nigerian
institutions..

Interesting.....

SoNature:
A huge fraction of Nigeria's FX goes into foreign education aka Japa. However, the good thing is that it's a worthy investment.

As more Nigerians leave the country, foreign remittance would surpass 2022's $20 billion. It will even get much better if Nigeria had a president people can trust.

But if we continue to elect druglords, people will run away and forget their country of origin.

Wittyness.

adesegun121:
And money no dey Naija

Make we dey play

People dey Jaapa daily

That's why dollars keep rising and naira going down because of the demand for dollars

Japa is the best way to leave the suffering of this harsh economic nation established by APC government since the last 8 years

Diaspora Remittance to redeem it

Very good every reasonable youth especially igbo youths of sound body and mind I will advise you to flee that useless contraption that country will crumble in no time

It has nothing to do with the quality of education in Nigeria. Nigeria could develop world class institutions overnight and things wouldn't change.

Obtaining a Western degree simply makes Japaing much easier, as you'll have an easier time in the Western job market. That's all.

Now tell me why naira won't lose value and dollar gains in value if we could be using or needing almost $2m everyday to pay school fees on our children to school abroad whereas the same service is available here.

Apart from needing over $1m weekly to import hair attachment only not to talk of food items, etc. Our middle class craving for foreign things are majorly part of the problem of Nigeria.

The moment the country (Nigeria) bettered the life of some people and made them middle-class that can save up to 10milion naira, they ditch the nation and forget the nation that made them and face the nation that colonize them. This life is funny

More reason cost of education in Nigeria is up too, because they believe if Nigerians can pay $15k to $20k per year to school abroad then they should be able to afford between $100 to $1000 per year here in Nigeria.

The greatest paradox as a Nigerian is importing the refined product of what we have in abundance in form of minerals.

Yet , there's no money in Nigeria.

Make una dey play o

StOla:
If I was President, everyone will be forced to look inward for everything, including healthcare, education, and tourism.

We can never have a healthy economy if all of our needs are being provided by international vendors.

Even our petroleum products are obtained internationally despite that we produce crude oil locally.

We can never develop with this constrained reality where we all have to seek foreign services because the local is unavailable or below standard.

Does ur president stay in Nigeria to get his health care?

Taylor92:
If not that Nigerians are stupid



Why would you expect education sector to boom when una president him self no go school



So Tinubu wey forge him certificate na Mumu naa

Rabid Dog 🐕 Always barking unnecessary! See what your frustrated and docile life has turn you to now?

Guy 7 years is a really long time to be Miserable! You need to sit up and take care of your home, even though you're a product of a failed family! Try hard and make a good name for your kids, that's if you're able to make one!

Stop ranting! Nobody gives a hoot about what you think of Nigeria or Tinubu.

Have a blessed day 🙏

Application alone, not the tuition fees.

Hmmmmm, just application ooo, not tuition.
Let no one be deceived, the currency will continue to crash and nothing any govt can do about it.
We are entering Nov wey holiday go start, let's see how much entertainment and vacation go consume from the scarce forex.
I would like the CBN or NBS to furnish us with data of education, entertainment, vacation, luxury items and medical forex demand against basic necessities, machinery, petroleum and agro commodities forex demand.
Let's see what is taking our forex outside petroleum

When you wouldn't look at the long term, if Nigerian stop going to UK schools , the UK educational system would collapse because they are using your funds to subsidize their educational sector ...Apart from that you fly , something Government should sit down and look at each sector of the economy and stimulate it ..

Blitzking:
The greatest paradox as a Nigerian is importing the refined product of what we have in abundance in form of minerals.

.

Dear CBN we have seen your news.

Whose fault is it?
Education zero
Economy zero.
We are human beings not data.

As for your assertion up there.
The paradox is just annoying.
So a whole nigeria can't have functional refinery that will serve her people.