The dream of studying abroad has always been a symbol of prestige and opportunity for many Nigerians. However, the reality of achieving this dream is becoming increasingly elusive, especially with the persistent decline in the value of the naira. The once attainable goal of pursuing international education is now veering into the realm of luxury.
This shift is largely driven by the volatile exchange rate, which has significantly reduced the purchasing power of Nigerians. Let’s explore how the current economic landscape has made international education more expensive, particularly in Canada, and whether innovation can offer a way out of this challenge. Comparing application fees and tuition costs: Then vs.
now Two years ago, Nigerians applying to study in Canada faced relatively affordable costs. For instance, application fees for Canadian universities in 2022 typically ranged between CAD 100 and CAD 200, which, at the exchange rate of approximately NGN 400 to CAD 1, translated to NGN 40,000 to NGN 80,000. Fast forward to 2024, and the exchange rate has skyrocketed to around NGN 1,130 per CAD, pushing those same fees to NGN 113,000 to NGN 226,000—a nearly 200 percent increase compared to two years ago.
This sharp rise highlights how quickly costs have spiralled, making the once-accessible dream of studying abroad much more difficult for many Nigerian families. Similarly, tuition fees have seen an exponential surge in Naira terms. In 2022, the average tuition for internatio.
