HomeBUSINESSNigerians Allocate $340.84 Million in Foreign Exchange for Education Over Six Months...

Nigerians Allocate $340.84 Million in Foreign Exchange for Education Over Six Months – CBN

In a pursuit of brighter horizons and quality education, Nigerians have made an astounding financial commitment to foreign universities. 

Startling findings by a media house have revealed that between January and June of 2023, these ambitious students and their families poured a huge $340.84 million into funding their applications abroad.

According to the data from the Central Bank of Nigeria, the desire for foreign education was vividly illustrated in April 2023 when a remarkable $40.54 million was disbursed for this purpose. 

In May, the stakes grew higher, with a total of $48.81 million invested in the pursuit of academic excellence on foreign shores. However, June witnessed a dip as $32.61 million was allocated to this cause.

Comparing these figures to the first quarter of 2023, the decrease of $96.92 million or 44.28 percent is noticeable. More strikingly, the second quarter of 2022 outperformed the recent quarter by a remarkable $124.42 million, marking a 50.5 percent decline.

Interestingly, this financial commitment to foreign education hasn’t seen a proportional inflow of foreign investment into the local education sector.

Experts believe that due to delays in banks processing Form A requests, migrating students have resorted to sourcing dollars from Bureau De Change operators.

Recent data from the Home Office of the United Kingdom paints a picture of the growing thirst for international education among Nigerians. 

Study visas issued to Nigerians rose by a remarkable 222.8 percent, with 65,929 issued as of June 2022 compared to 20,427 during the same period in 2021.

The Central Bank’s backlog of accumulated forex demand has been pushing individuals and businesses towards the black market for dollar transactions, revealing the challenges of securing foreign currency through official channels.

The underlying issues contributing to this exodus point to the dire need for government investment in the education sector. 

Dr. Anderson Ezeibe, the National President of the Academic Staff Union of Polytechnics, emphasizes the critical role of adequate investment in shaping the future of Nigerian education.

His message is clear: the nation must build world-class schools to retain its talent and prevent the migration of students in search of quality education.

Meanwhile, Professor Alabi Thomas from the Federal University of Technology, Minna, emphasizes how government policies have been crippling the education sector, driving students away in search of better prospects.

In a world where knowledge knows no borders, Nigeria struggles with the challenge of providing its youth with the educational opportunities they deserve.



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