Nigeria has continued to lose money to foreign countries for things that it could have offered its citizens internally.
One of such things is education. Nigeria’s education system is heading south like a rolling stone. As a result, a lot of money is filtering out of the nation to foreign countries.
The United Kingdom is one of the countries that are benefiting from Nigerian’s desire for a good education and exit from Nigeria.
In fact, education is one of the very challenges that President Bola Tinubu must tackle.
The awful decay in the education sector is huge and that is why the nation loses £1.9 billion annually to the United Kingdom.
Often, people blame bad governance for this situation.
Recently, the UK’s Higher Education Statistics Agency released data that Nigeria should consider deeply and take action.
It says the UK is one of several popular locations for Nigerians, with 128,770 Nigerian students enrolling in UK universities between 2015 and 2022.
According to an estimate of the Central Bank of Nigeria, in 2022 alone, study-related foreign exchange outflow to the UK increased to $2.5 billion.
An SBM Intelligence report says Nigerian students and their dependents in the UK contribute £1.9 billion annually to the UK economy.
While Nigeria loses this huge amount to the United Kingdom, many of the students are already beginning to find it hard to pay their fees.
Also Read: Nigeria Students In UK Lament Over Forex Hike
This is the aftermath of the unification of the exchange rate that forced a sharp decline of the Naira.
Earlier in June, President Bola Tinubu asked the CBN to unify the exchange rate and let is float freely.
