A report from the Office of the Deputy Speaker of the House of Representatives reveals that Nigeria spent $28.65 billion on foreign education from 2010 to 2020. In addition, the Personal Transport Allowance (PTA) for students abroad totaled $58.7 billion during the same period, according to data from the Central Bank of Nigeria (CBN).
The statement highlights that redirecting a portion of these funds into domestic ventures could have bolstered the naira and reduced the pressure on foreign exchange reserves. It suggests that promoting transnational education within Nigeria could enhance the economy and alleviate forex pressure.
The report emphasizes the importance of creating policies to support and develop the transnational education sector in Nigeria. It suggests that legislative measures could transform six Nigerian universities into transnational institutions, potentially boosting the nation’s Gross Domestic Product through education exports.
A senior legislative aide, Osobase Ehizua, is championing this effort. Under the guidance of Deputy Speaker Benjamin Kalu and in alignment with President Bola Tinubu’s Renewed Hope Agenda, Ehizua is working on a legislative framework for an International Education Commission. This initiative aims to enhance Nigeria’s educational landscape, promote international collaborations, and ensure the safety of Nigerian students abroad.
Ehizua’s efforts focus on creating a roadmap for transnational education, leveraging education as an exportable resource, and fostering cultural exchange. The proposed framework seeks to enrich Nigeria’s educational ecosystem through co-funded scholarships, student support services, and the establishment of foreign universities within the country.
The report also underscores the need for strategic partnerships with key global players, including China, the UK, Canada, the US, and Australia, to meet the rising demand for quality education in Nigeria. By focusing on education as a tradable service, Nigeria aims to drive economic growth and strengthen international relationships.
Ehizua pointed out that despite challenges in the past, there is significant interest from foreign universities and investors in partnering with Nigeria’s education sector. With over 90 million people under 18, Nigeria boasts the world’s third-largest youth population, providing a strong foundation for global educational impact.
The report concludes that while Nigeria’s international education activities have led to substantial forex outflows and impacted the naira negatively, embracing transnational education could offer significant economic and educational benefits.