The financial crisis in Nigeria, marked by the sharp depreciation of the naira, is threatening UK universities that rely heavily on Nigerian students.
The naira plummeted from N388 per USD in January 2023 to over N1600 per USD by August 2024, while the pound soared from N519 to over N2000.
This severe loss in purchasing power, along with Nigeria’s inflation rate hitting 34% in July 2024, is making UK education increasingly unaffordable for many Nigerians.
Nigerians make up the third-largest group of international students in the UK, with 72,355 enrollments in 2023, a 66% increase from the previous year, according to the Higher Education Statistics Agency (HESA).
However, the drastic currency devaluation is expected to lead to a decline in these numbers, putting financial pressure on universities with a large Nigerian student body.
Teesside University, which evicted some Nigerian students in May 2024 over unpaid tuition, is one of several institutions, including the University of Bradford and Robert Gordon University, that could be severely impacted.
Vivienne Stern, chief executive of Universities UK, noted that the currency crisis has forced institutions to offer flexible payment plans, defer enrollments, or refund deposits as students struggle with affordability.
The situation is further complicated by the UK’s ban on dependants for international students, raising concerns about an imminent drop in Nigerian enrollments.
Related News: UK Visa Applications Drop 35% Due to Stricter Immigration Policies
As a result, UK universities may face significant financial challenges while Nigerian students may see their dreams of studying abroad slip away.
