Nigerians between January and March 2024 spent $38.17 million on overseas schooling.
This was revealed in the quarterly statistical bulletin of the Central Bank of Nigeria for the first quarter of 2024.
The amount spent dropped by 83% when compared to the $218.87 million spent during the same period last year.
On a quarterly basis, however, the amount spent increased by 54% from $24.82 million in Q4 2023.
The Y-o-Y decline in foreign exchange spending on education occurred amidst the decline in enrolment of overseas students at UK universities earlier this year.
A survey conducted by Universities UK (UUK) across 73 universities shows a major drop in international student enrolment, especially in postgraduate programs. This January witnessed a 44% drop in such students compared to the previous year.
Universities have bemoaned the financial challenges as a result of this steep decline in overseas students, who often pay higher tuition for postgraduate degrees.
Additionally, a notable decrease in deposit payments from the previous year suggests that international students are becoming less interested in studying in the UK, according to statistics from Enroly, which is utilized by about 60 universities.
