Nigerians Spent $2.85 Billion on Overseas Education in 2025, Up 14.5%

Nigerians spent $2.85 billion on overseas education in 2025, covering tuition, accommodation and related expenses, according to the latest Balance of Payments data. This marks a 14.55% increase from $2.48 billion in 2024, adding $361.3 million in annual outflows. Education-related payments accounted for 47.45% of Nigeria’s total travel foreign exchange outflows of $5.995 billion, meaning nearly half of every dollar spent abroad on travel services went to schooling abroad. Quarterly data shows spending peaked in Q2 and Q3, each rising about 33% year-on-year as families paid tuition ahead of academic sessions, while Q4 eased slightly to $572.11 million. The main destinations remain the United Kingdom, Canada, the United States, Australia and parts of Europe, where Nigerian students rank among the largest international groups. The sustained demand highlights families’ preference for internationally recognised qualifications despite foreign exchange volatility and rising living costs abroad. It also underscores the growing strain on Nigeria’s external reserves, as billions of dollars leave the country annually to fund education overseas. With domestic universities expanding and private institutions improving capacity, will policymakers introduce incentives to retain students locally, or will households continue to prioritise foreign credentials despite the cost?

SOURCE: https://nairametrics.com/2026/06/29/nigerians-spend-2-85-billion-on-overseas-education-in-2025/