The last few years in Nigeria has seen to a drastic upsurge in the rate of individuals leaving Nigeria for other nations in search of greener pastures.
This phenomenal has led to the popularity of the slang, ‘Japa’ amongst many Nigerians, especially the youthful populace.
‘Japa’, is a Yoruba word, which implies, ‘to flee’.
According to a report by the African Polling Institute, seven in 10 Nigerians would be willing to go abroad if they had the resources. And the number of skilled work and study visas issued by the UK to Nigerians increased by 210% between 2019 and 2021, from 19,000 to 59,000.
This phenomenal is occasioned by various factors, among which is the ailing economy of the nation among other factors which includes the absence of infrastructural incentives to retain many of the nation’s skilled workers.
Also due to Nigeria’s economic downturn over the past ten years, a significant section of the middle class has left the nation. Only about 10,000 resident doctors remain in the country, according to the Nigerian Association of Resident Doctors. And about 100 of them leave the nation each month.
Younger people are now more eager to start an expat life than older people, according to a Cigna survey. 34% of people aged 25 to 34 and 37% of those aged 18 to 24 are prepared to go, respectively.
However given the rate at which many Nigerians left the country in 2022, the Nigerian middle class will find it more challenging to leave the country in 2023 due to the predicted challenging global economic conditions. This is due to the fact that moving overseas can be highly expensive, especially for those attempting the most popular route for Nigerians to emigrate through academia.
According to Nairametrics, many Nigerian students are already dealing with growing food insecurity as a result of the challenging economic conditions in Europe and elsewhere. The National Union of Students in the UK published their Cost-of-Living Research in November 2022, which revealed that more than a fifth of the 4,500 students polled had less than £50 left over after paying their rent and bills.
It would also be recalled that the Chief of the International Monetary Fund, kristalina Georgieva, recently warned that 2023 will be a difficult year for the global economy, as top economies like the US, Europe, and China will all see declining growth. She emphasised that 2023 will be “tougher than the year we leave behind.”
Apart from tuition, rent is the highest expense for Nigerian students studying abroad. Around 45% of the average student’s monthly living costs are made up of rent. The average annual rent in the UK for purpose-built student accommodations (PBSA) is £7,374, according to the National Union of Students (NUS) and Unipol’s 2021/22 Accommodation Costs Survey. This is an increase of 16% from the previous survey in 2018–19.
Australia is regarded as one of the most costly countries for international students, with annual living expenses ranging from $14,290 to $19,288.
The highest yearly tuition costs are found at universities in the United States and Australia, where they can range from $32,000 to $60,000, and Ireland follows close behind with rates as high as $45,000. The tuition costs for international students in the UK for undergraduate and graduate programs range from $14,100 to $38,000.
However, this does not imply that studying abroad is expensive everywhere. For between $2,500 and $4,000 a year, international students can live well in Russia and Argentina.
Similarly, with annual living expenses between $3,200 and $4,000, India is one of the most affordable nations to study abroad.
One piece of advice for those who can still afford to go the academic route is to start saving right away so you can at least afford basic necessities.
To determine whether you can afford it, use the internet to properly examine the cost of living in the nation you have decided to study in. In particular, conduct in-depth real estate searches. Perhaps the biggest obstacle that a Nigerian student studying abroad must overcome is housing.
If you’re fortunate enough to find employment, your income may be sufficient to pay for the majority of the costs related to moving abroad. Emergency funds can be used to handle unforeseen circumstances. When planning a budget for your emergency fund, take into account what an emergency would look like for you. If you chose a high deductible insurance plan, it will partially cover the costs of theft or medical care. Set aside money so you can buy a plane ticket at any time if seeing your family again is important to you.
Finally, keep in mind that exchange rates can change unexpectedly. The change can result in you having to spend less money in your final destination. With a bit more money, you’ll be able to cope with variations in exchange rates.
