UK Universities See 65% Drop in Deposits from Nigerian Students Amid Economic Hardship
Nigerian students’ payments for the upcoming academic session at UK universities, set to begin in September, have decreased by 65% compared to last year due to the economic challenges in Nigeria, according to a report by the Financial Times of London.
The report also noted a 44% drop in payments from Indian students, two of the top contributors to international student enrollment in the UK. Data from Enroly, a platform used by one-third of international students for managing enrollment, shows an overall 35% decline in deposits from foreign students compared to August 2023.
Analysts suggest that fewer international students may enroll in UK universities, which could financially strain the higher education sector, heavily reliant on overseas students. Paul Kett, a senior education adviser at PwC UK, remarked that this recruitment round remains challenging and critical, with institutions needing to take significant measures to maintain financial stability.
Despite a slight recovery in May, the number of international applicants to UK universities remains far below recent levels, leaving some institutions facing potential financial crises. Education Secretary Bridget Phillipson has expressed a desire to welcome international students, criticizing the previous Conservative government’s stance on migration.
The report highlights a significant decline in students from Nigeria and India, with deposits from Nigerian students falling by 65% and Indian students by 44% compared to last August. However, smaller markets like Kenya and Nepal have shown increased demand.
Jeffrey Williams, CEO of Enroly, pointed to early signs of recovery due to the new government’s efforts to stabilize immigration policy, particularly regarding the postgraduate work visa. Harry Anderson, Deputy Director of Universities UK International, emphasized the ongoing volatility in the international environment and the need for UK institutions to diversify their student recruitment.
Labour has maintained the Conservative ban on most graduate students bringing family members, which Anderson says continues to challenge UK universities compared to other destinations that allow this.
The Office for Students (OfS) is preparing for potential university insolvencies due to over-optimistic projections of international student growth. The OfS has criticized universities for projecting a 35% growth in international entrants between 2022-26, which now appears unrealistic.
Meanwhile, recent data from the Central Bank of Nigeria reveals that Nigerians spent $896.09 million on foreign education in the first six months of 2023, with a significant portion going to the UK. UK foundation courses range from £10,000 to £15,000, with additional yearly expenses averaging £8,000 per student.
