In a distressing turn of events, the dreams of Nigerian students are being jeopardised by the debt crisis. After a year of continual devaluation of the naira, concerns are growing about the mounting debt of Nigerian students at British universities. The situation raised concerns among educators and policymakers alike, who are afraid of the adverse impact on the country’s educational scenario.
The economy of Nigeria was severely impacted by a national election in 2023, which subsequently led to the devaluation of currency and the removal of the discount exchange rate for students studying abroad from the Central Bank of Nigeria, known as ‘Form A’.
Nigerian students are accustomed to fluctuating rates and shortages of foreign exchange. However, in the same academic year, many students have seen a rise in cosy by 300%. The payment options are restricted due to a cost-of-living crisis in the UK and extreme pressure on foreign exchange in their home country. This further includes support from family or the diaspora overseas.
With the final academic term approaching, many universities continued to face a tough decision regarding the potential withdrawal of students who had not paid tuition fees on time. As per analysis, it was found that some UK universities are considering large discounts on tuition fees for students who pay up front. This is done in a bid to mitigate the accumulation of debt for future students.
However, it is observed that there is often a lack of understanding of these international market conditions from colleagues. Moreover, there is a widening disparity among students in accessing education due to existing social inequalities. In response to the crisis, stakeholders are calling for urgent interventions from both the government and educational institutions.
In this situation, some universities funded students to return home, while others supported students to complete their qualifications and get graduated.
