An analysis from SBM Intelligence has revealed that Nigerian students and their dependants in the United Kingdom have injected nearly £2 Billion in the UK economy over a one year period.
The data used for the analysis was for the 2021/2022 academic session. The data detailed that a sum of circa £680 million was paid by Nigerians in tuition fees to UK universities with around £54 million paid in taxes by the working spouses of the students.
Furthermore around £42 million was paid by Nigerians in health insurance with around £408.37 million spent in rent payments. Nigerian students and dependents paid £151.26 million for UK National insurance.
The Central Bank of Nigeria (CBN) revealed that Nigerians spent over $600 million to acquire foreign education between January and August 2022.
There has been a massive migration of Nigerians to the UK in recent times, particularly through the study route as the prospect of two year post study visa and legal working rights for dependents are major incentives.
The United Kingdom Home Office revealed that the number of study Visas issued to Nigerians increased by 222.8 per cent to 65,929 in June 2022 from 20,427 in the same period of 2021.