A Professor of Logistics and Transport at the Federal University of Technology, Akure in Ondo State, Mobolaji Stephens, has said that the huge sums of money spent by Nigerians on foreign education are contributing to the continuous depreciation of the Naira.
Stephens stated this last Wednesday while delivering a keynote address at the launch of MIE Pathways Nigeria, an educational initiative that allows students to begin their university studies in Nigeria and complete them abroad through partner institutions.
The don lamented that the cost of studying overseas, including tuition, accommodation, feeding, and travel, places a heavy financial burden on families and the nation’s economy.
He added that the increasing demand for foreign exchange to fund such educational expenses weakens the naira.
He said, “The amount of money our wards spend when they go abroad is huge. Apart from the tuition, they have to spend on accommodation, feed themselves, and transport themselves from here to their country of study. All that money, when you put them together, is a huge strain on our economy.”
“These foreign trips make the naira lose value, as people will continue to seek foreign exchange at the detriment of our local currency,” he added.
Stephens, however, commended the establishment of the initiative, stating that it would allow students access to international academic standards locally and could help retain funds within the country.
He also urged the Federal Government to strengthen collaboration between universities and industries to raise the standard of education and reduce the number of Nigerians seeking degrees abroad.
The Academic Director of MIE Pathways Nigeria, Dr. Yeside Oyetayo, said the programme was designed to make international education more affordable and accessible.
According to her, students can complete their first and second years in Nigeria before transferring to any of the consortium’s partner universities across the UK, Canada, Australia, or New Zealand to complete their studies.
“Studying abroad has become very expensive because of the exchange rate. With MIE Pathways in Nigeria, parents can now secure international degrees for their children at a lower cost,” Oyetayo said.
