Olufemi  Adeyemi 

In the first quarter of 2024, Nigerians allocated $38.17 million to foreign education expenses, marking a substantial 83% decline compared to the $218.87 million spent during the same period in the previous year, as indicated in the Central Bank of Nigeria’s (CBN) quarterly statistical bulletin.

Nevertheless, on a quarterly basis, there was a notable 54% increase from the $24.82 million spent in the fourth quarter of 2023.

This year-over-year decrease in foreign exchange spending for overseas education coincides with a significant reduction in international student enrollment at UK universities.

A survey conducted by Universities UK (UUK) across 73 universities revealed a substantial drop in international student enrollment, particularly in postgraduate programs. In January, there was a 44% decrease in such students compared to the previous year, surpassing initial projections.

The recent precipitous decline in the number of international students, who generally pay higher tuition fees for postgraduate programs, presents a financial challenge for universities. 

Furthermore, data from Enroly, utilized by approximately 60 universities, suggests a diminished interest among international students in pursuing their education in the United Kingdom, as evidenced by a substantial decrease in deposit payments compared to the preceding year.