Nigerians spent $378 million studying abroad between January and May 2022, data by the Central Bank of Nigeria has revealed.
The figure is calculated based on the data provided on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange. is
In January 2022, the apex bank noted that a total of $60,202,730.84 was spent on foreign education, while noting that $69.9m was spent in February 2022.
In March 2022, there was a significant increase as the bank said $87.26 million was spent.
In April, the figures dropped a little as a total of $78.62 million was recorded by the apex bank.
The figure for May 2022 was stated as $82.70 million, making a total of $378.77 million spent so far in 2022.
The data from the apex bank revealed that Nigerians remitted more than $378.77 to foreign academic institutions in five months without significant reciprocity in form of inflows from foreign sources to the local education sector.
The huge net dollar outflows have dual adverse effects of underinvestment in domestic education and creating pressure on the naira exchange rate.
The high demand for dollars to pay foreign educational institutions affects Nigeria’s foreign reserves and increases pressure on the exchange rate.
The United Nations Educational Scientific and Cultural Organisation had observed that about 76,338 Nigerians were studying abroad as of 2018, the highest from an African country.
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