by Eric Blair
Now if your major reason to study abroad is better job opportunities with the hopes that when you return to Nigeria, you will get a job paying several times over what is paid to local institution graduates, I’ve got bad news for you. This is because of the cost involved with studying in countries like the UK, USA, Canada or Australia which are the most coveted regions for abroad study. Based on my experience studying and living in the UK for a few years, I would use the UK as a case study.
In terms of cost, to study in the UK in an established institution [but not Oxford or Cambridge] especially in Greater London or counties around like Hertfordshire or Essex, you would require £8000 to £12000 pounds a year just for tuition. Now living expenses vary depending on rent cost in the area of study but you should expect to spend £600 to £1200 pound a month, add in miscellaneous expenses like winter coat[s], clothing, and unplanned costs and living expenses would increase by at least a hundred pounds to £700 to £1400 pounds a month. These all amounts to a cost of £16,400 to £28,800 pounds a year in the UK [Not looking so good, is it?]. Based on the current exchange rate as the Naira dwindles further by the day, these figures in Naira are around ₦5,000,000 to ₦8,800,000 according to XE real-time currency converter. Now you realise that if your sole purpose to study abroad was to get paid multiple time higher than local graduates you’re better off investing your money in something else.
Here’s the breakdown, you come back to Nigeria after 3 years of studying in the UK spending an average of ₦6,900,000 a year - you are ₦20,700,000 in the red. If hypothetically, you are among the lucky ones who got a job as soon as they arrived paying ₦250,000 and your sole purpose of studying abroad was financial, it would take you around 14 years to make back ₦20,700,000 if you saved up 50% of your salary every month [You’ll understand this better if it was a study loan you had to repay].
Based on the figures, if your reason to study in the UK was mostly financial, you’ll find out that you’re running at a loss after 3 years of study only to come back to earn ₦250,000 a month. This is not to say that earning ₦250,000 a month is nothing, in fact many would agree that you were lucky to make that without work experience however, when you consider the cost of study, ₦250,000 becomes nothing.
On the bright side, studying abroad can provide priceless experiences which I would argue is worth the money spent as long as you realise that it is not all about your earnings when you get back to Nigeria. You learn things you would have never had the chance to learn in Nigeria based on your experiences of dealing with individuals from a number of regions around the world and then you realise that the world is a much bigger place with immense cultural diversity. Talking from experience, it was worth every penny spent as I had the chance to grow mentally from the experiences I had however, you need to ask yourself the question before travelling abroad for study. Why am I going there? If it’s more of the Knowledge to gain and unique experiences you’re good to go however if it’s solely to come back to Nigeria to get a high paying job, think again.