In the first half of 2023, data from the Central Bank of Nigeria revealed that Nigerians seeking Admissions to Foreign Universities spent a total of $340.84 million to Fund their Applications.
This substantial amount accounted for Transactions valid for Foreign Exchange and was documented under the Sectoral Utilization for Educational Services.
The breakdown of the Data Indicated that in April 2023, the expenses for Foreign education totaled $40.54 million, followed by a slight Increase to $48.81 million in May 2023.
However, in June 2023, there was a significant decrease, with the amount spent noted at $32.61 million.
Comparatively, this marked a decrease of $96.92 million or 44.28% from the $218.88 million recorded in the first quarter of 2023.
Furthermore, when compared to the figures from the second quarter of 2022, the Performance showed a significant decline of $124.42 million or 50.5%.
Concerns were raised about the lack of significant reciprocation in terms of Inflows from Foreign sources to the Local Education Sector, despite the substantial remittances to Foreign Academic Institutions.
This situation has compelled migrating Students to seek Dollars from Bureau De Change operators due to delays by Banks in processing the requisite Form A.
The trend of rising Study Visas for Nigerians, as indicated in the recent Data from the Home Office of the United Kingdom, suggested a growing preference for International Educational opportunities, with a remarkable 222.8% Increase in Study Visas Issued to Nigerians as of June 2022 compared to the same period in 2021.
Amidst the Forex demand backlog and the challenges faced by Individuals and Businesses in accessing Dollars through Official Channels, experts emphasized the Critical need for the Nigerian Government to allocate sufficient Resources and Investments in the Education Sector.
Both the National President of the Academic Staff Union of Polytechnics, Dr. Anderson Ezeibe, and Prof. Alabi Thomas, a Professor of Education at the Federal University of Technology, Minna, highlighted the detrimental Impacts of Inadequate Government Investment and Policies on the Education Sector.
They emphasized that enhancing the quality and standards of Domestic Educational Institutions could potentially reduce the need for Students to seek Educational opportunities Abroad.
