Stephens made the remarks on Wednesday during the launch of MIE Pathways Nigeria, an educational initiative that allows students to begin their university studies in Nigeria and complete them abroad through partnerships with institutions in the UK, Canada, Australia, and New Zealand.
“The amount of money our wards spend when they go abroad is huge. Apart from tuition, they have to spend on accommodation, feeding, and travel. All that money, when you put them together, is a huge strain on our economy,” Stephens said, noting that the high demand for foreign exchange to fund such education contributes directly to the Naira’s depreciation.
The professor commended initiatives like MIE Pathways Nigeria, which provide students with access to international academic standards locally, helping to retain funds within the country and reduce the financial burden on families.
He also called on the Federal Government to strengthen collaboration between universities and industries, aiming to improve domestic education standards and reduce the need for Nigerians to pursue degrees abroad.
Dr. Yeside Oyetayo, Academic Director of MIE Pathways Nigeria, explained that the programme is designed to make international education more affordable and accessible. Students complete their first and second years in Nigeria before transferring to partner universities abroad to finish their degrees.
“Studying abroad has become very expensive because of the exchange rate. With MIE Pathways in Nigeria, parents can now secure international degrees for their children at a lower cost,” Oyetayo said.
The initiative represents a strategic effort to curb capital flight linked to overseas education while giving Nigerian students a globally competitive learning experience without the heavy financial strain.