The Central Bank of Nigeria has disclosed that Nigerians aspiring to secure admission to foreign universities spent about $340.84 million on application fees between January and June 2023.According to the data, which detailed records on expenditure for educational services within the foreign exchange sector, Nigerians spent $40.54 million in April for foreign education and the amount will slightly increase to $48.81 million in May 2023.
When contrasting this with the $218.88 million spent in the first quarter of 2023, the reduction becomes even more obvious—a decrease of $96.92 million, equivalent to 44.28 percent. However, the disturbing issue about the figure is the lack of significant reciprocity in terms of funds flowing back into the local education sector from foreign academic institutions.
It was noted as verified by recent data obtained from the British Home Office, that this disclosed 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.