Nigerians spent $38.17 million on foreign education expenses between January and March 2024.
This is according to data from the quarterly statistical bulletin of the Central Bank of Nigeria (CBN) for the first quarter of 2024.
The amount spent has crashed by 83% from $218.87 million recorded in the same period of last year.
However, on a quarter-by-quarter basis, there was an increase of 54% from $24.82 million spent in Q4 2023.
The year-on-year decrease in FX spending for foreign education occurs amid a crash in international student enrolment at UK universities earlier this year.
A survey conducted by Universities UK (UUK) across 73 universities revealed a significant drop in international student enrolment, particularly in postgraduate programs. This January saw a 44% decrease in such students compared to the previous year, a reduction greater than anticipated.
This sharp fall in international students, who typically pay higher fees for postgraduate courses, poses a financial challenge for universities.
Also, data from Enroly, used by around 60 universities, indicates a decline in interest among international students in studying in the UK, evidenced by a significant drop in deposit payments compared to the previous year. (Nairametrics)
