A new report by the Financial Times of London reveals a dramatic 65% decrease in payments by Nigerian students for the upcoming academic session at universities in the United Kingdom. This sharp decline, compared to last year, is attributed to the ongoing economic challenges in Nigeria.
The report highlights a similar trend among Indian students, whose payments have fallen by 44% compared to August 2023. Both Nigeria and India are major contributors to the international student population in the UK.
According to Enroly, a web platform that helps international students manage their enrolment, there has been a 35% overall drop in deposits for UK university courses by foreign students this month, compared to August 2023. This decline reflects ongoing financial difficulties faced by students from these key markets.
Paul Kett, senior education and skills adviser at PwC UK, noted that many institutions might need to take significant measures to ensure their financial stability. Despite a slight recovery observed in May, where the drop was 57%, the sector continues to face challenges.
Education Secretary Bridget Phillipson emphasized the Labour government’s commitment to welcoming international students and criticized the previous Conservative administration’s restrictive migration policies.
The data shows a marked decrease in deposits from Nigerian and Indian students, with deposits from Nigerian students falling by 65% and Indian students by 44%. In contrast, smaller markets such as Kenya and Nepal have shown increased interest in UK education.
Jeffrey Williams, Chief Executive of Enroly, attributed the early signs of recovery to the new government’s efforts to stabilize immigration policies. He noted that concerns about the potential elimination of the postgraduate route work visa have been alleviated, partly due to political uncertainty in other countries like Australia and Canada.
Harry Anderson, Deputy Director of Universities UK International, acknowledged that the international student market remains volatile. He noted that while the Labour government has maintained the Conservative’s ban on most graduate students bringing family members, stability from the new government could positively impact the next admissions cycle.
The Office for Students (OfS) has begun preparing for potential university insolvencies, seeking professional services for restructuring programs, following revelations of overly optimistic growth projections for international student recruitment.
Recent data from the Central Bank of Nigeria shows that Nigerians spent $896.09 million on foreign education in the first half of 2023, with a significant portion allocated to the UK. Foundation courses in the UK cost between £10,000 and £15,000, with an average student requiring about £8,000 annually for other expenses.
