Due to the current economic challenges in Nigeria, payments by Nigerian students for the new academic session starting in September 2024 in UK universities have fallen by 65%, according to a report by the Financial Times of London. This marks a significant decline compared to last year, reflecting broader financial difficulties faced by students and their families.

The report highlights that payments from Indian students also dropped by 44% compared to August 2023. Both Nigeria and India are among the top contributors to the League of International Students in the UK.

Data from Enroly, a platform used by many international students for managing enrolment, indicates a 35% overall drop in deposits for UK university places by foreign students this month, compared to August 2023. Despite a slight improvement in May, when the decline was 57% year-on-year, the current situation remains concerning for many institutions.

Paul Kett, senior education and skills adviser at PwC UK, warned that some institutions might need to take further significant actions to secure their financial stability. The decrease in international student applications is leaving some UK universities facing financial uncertainty.

Education Secretary Bridget Phillipson has expressed a desire to welcome international students and criticized the previous Conservative government’s negative stance on immigration, which had aimed to reduce overall migration figures.

The data reveals that deposits from Nigerian students have decreased by 65%, while those from Indian students have fallen by 44% when compared to August 2023. Conversely, smaller markets such as Kenya and Nepal have shown increased demand.

Jeffrey Williams, CEO of Enroly, noted early signs of recovery due to efforts by the new Labour government to stabilize immigration policy. The potential elimination of the postgraduate route work visa has been alleviated, which has helped mitigate some concerns.

Harry Anderson, Deputy Director of Universities UK International, acknowledged that while the international environment remains volatile, the hope is that the new government’s stability will benefit the upcoming admissions cycle. However, challenges remain, particularly due to the Conservative government’s ban on most graduate students bringing family members, which affects the attractiveness of the UK as a study destination.

The Office for Students (OfS) has already started preparing for potential university insolvencies by advertising for professional services companies to handle restructuring. This move follows concerns about universities’ overly optimistic growth projections for international student recruitment.

Recent data from the Central Bank of Nigeria revealed that Nigerians spent $896.09 million on foreign education in the first half of 2023, with a significant portion allocated to the UK. Foundation courses in the UK cost between £10,000 and £15,000, and students typically require around £8,000 annually for other expenses.