Nigerian Students, Dependants Contribute £1.9bn To UK Economy – Report

SBM Intelligence has said Nigerian students and their dependants in the United Kingdom have contributed an estimated £1.9bn to the economy of the UK in one year.

According to a data released by the agency on Wednesday, the data covered the 2021/2022 academic session.

SBM Intelligence, in the data, estimated that a sum of £680,620,000 was reportedly paid as school fees with a total of £54.3m paid in taxes by working spouses of the students.

Further analysis of the report also revealed an estimated sum of £41.7m paid as health insurance; £408.37m was paid as rent while a total of £151.26m was paid as national insurance.

Naija News understands that foreign universities abroad profited from the gross underfunding of tertiary institutions in the country.

It was learned that Nigerians spent $609.5m to acquire foreign education between January and August 2022. This was based on data obtained from the Central Bank of Nigeria.

Recent data released by the Home Office of the United Kingdom revealed that the number of study visas released to Nigerians increased by 222.8 per cent to 65,929 in June 2022 from 20,427 in the same period of 2021.