I have travelled to Nigeria countless times over the last two decades, established offices in-country, and count many Nigerians among my closest friends. Nigeria has never been an easy market; there always seems to be a challenge, whether it's fluctuating currency exchange rates, economic instability, or students being unable to access their final certificates or transcripts. Yet, despite these persistent hurdles, Nigerian students invariably find a way forward, a testament to their remarkable character and resilience.
At Enroly, we regularly analyse real-time data to support our partners with a deeper understanding of international student markets. We also believe in providing full context and bringing in external perspectives to help shape a clearer view of what’s happening on the ground. In a Enroly Bites: Nigeria Special, we were joined by Nigerian economist and entrepreneur Ike Nwobodo, and Stuart Rennie, Managing Director at AfaraEd, who has helped UK institutions build long-term, sustainable presence across West Africa. Their insights, shared throughout this piece, offer important context on the challenges and opportunities ahead.
“You will always have more students wanting to come here, trying to come here, and families always trying to get them here... There’s a lot of us, and they are all yearning for the perfect, as perfect as you can get, higher education.” – Ike Nwobodo
A market in recovery
New data shows the Nigerian student market is bouncing back. January 2025 saw a remarkable 42.6% increase in enrolled Nigerian students compared to the January 2024 intake, highlighting a strong resurgence despite ongoing financial challenges.
Over the last three years, Nigerian students have navigated one of the most dramatic currency crises in recent educational history. Yet, their determination to pursue higher education in the UK remains steadfast, driven by resilience, adaptability, and unwavering ambition.
The rising cost of a UK education
In September 2022, the typical UK PG tuition fee of £15,000 cost a Nigerian family approximately ₦7.6 million. By January 2025, this same tuition had surged to over ₦27 million due to severe currency depreciation, a staggering 3.6-fold increase in just 2.5 years. This spike excludes additional costs such as visas, flights, and living expenses, intensifying the financial challenge.
This financial pressure has been intensified by macroeconomic reforms, subsidy removals, and the unification of Nigeria’s exchange rates in 2023, all of which, while necessary, had short-term consequences for families trying to fund education abroad.
🇺🇸 Contextualising the crisis: A US comparison
To fully appreciate the magnitude of this currency collapse, imagine if US students faced a similar crisis. A UK tuition fee of £15,000, which was roughly $13,350 in September 2022, would surge dramatically:
This hypothetical scenario illustrates the intense economic pressure faced daily by Nigerian students and their families.
What's behind this crisis?
The crisis was primarily fuelled by Nigeria’s previous multiple exchange rate policy, where different exchange rates were set for different categories of users. This unsustainable approach led to widespread economic distortion, FX shortages, and eventually required dramatic currency interventions.
Several intertwined factors compounded this issue:
- Currency liberalisation by the Nigerian government in 2023
- Persistent shortages of foreign exchange (FX)
- Reduced investor confidence and economic instability
- Inflation and subsidy removal policies under President Tinubu
- Low external reserves and Nigeria’s continued reliance on volatile oil revenues
As economist Ike Nwobodo noted during Enroly Bites, the sudden removal of artificial rates revealed the true cost of studying abroad for many Nigerians, shifting priorities from education to basic survival for a large portion of the population.
Looking ahead to September 2025
Financial forecasts anticipate continued volatility for the naira over the next 21 months, with GBP/NGN exchange rates potentially ranging between ₦2,200 and ₦2,600 by late 2025. This forecast draws on analyses from multiple sources, including central bank reports, private financial analysts, and international institutions such as the IMF and World Bank. This uncertainty highlights the urgent need for proactive financial planning among students and universities alike.
Insights from Enroly's Data
At Enroly, we've closely monitored shifting financial strategies among Nigerian students. Our data from January 2024 to January 2025 reveals significant trends:
- Students relying solely on family or personal funds from one single bank account dropped from 62.10% to just 43.59%.
- The use of one funding type decreased from 73.76% to 51.05%, indicating students are increasingly combining multiple accounts such as their own plus multiple family members to manage payments.
- Students using two funding types increased significantly, from 23.81% to 42.04%, underscoring the trend towards diversified funding sources.
Course fees: Stability and sensitivity
The average course fee for Nigerian students remained remarkably consistent, changing slightly from £14,538.00 to £14,424.50. Notably:
- The university experiencing the highest increase in Nigerian enrolments maintained one of the lowest and most stable course fees around £11,357.43 (Jan 25) compared to £11,201.20 (Jan 24), demonstrating that volume retention is heavily linked to competitive pricing.
- Conversely, the university with the highest decrease in enrolments significantly increased its fees from £12,243.72 to £15,403.66, coinciding with a 27% drop in enrolments.
“When you’re sitting with a family in Lagos, they’re not asking about rankings. They ask: what’s the deposit, what’s the payment plan, and what’s the ROI of this degree?” Stuart Rennie
Adapting to new financial realities
These findings underscore an important reality: Nigerian students are adapting rapidly, diversifying funding sources, combining contributors, and seeking more flexible solutions than ever before.
For UK universities, the message is clear:
- Provide flexible payment options and encourage early deposits to help students mitigate FX risks.
- Consider offering incentives for upfront payments or financial support to secure enrolments.
- Maintain tuition fee stability as much as possible, recognising sensitivity to pricing among Nigerian students.
- Make your payment terms and conditions crystal clear for students. As previously observed, unclear or rigid terms led to significant crises when students found themselves unexpectedly unable to pay.
Conclusion: a testament to resilience
Despite economic adversity, Nigerian students continue to show exceptional resilience and commitment to their educational goals. Their tenacity is not only inspiring it is instructive for all of us in international education.
“If you're not immersed in the culture of a first-world country, you don’t know what is possible... That’s what you get being in the UK. It gives a lot of my fellow countrymen expansive thinking and allows them to dream and think big.” – Ike Nwobodo
At Enroly, we remain committed to helping universities adapt, ensuring that market challenges do not become barriers to opportunity. If you’d like to explore how our insights and platform can support your Nigeria strategy, get in touch.
