A recent report from the Office of the Deputy Speaker, House of Representatives, citing data from the Central Bank of Nigeria, reveals that Nigeria spent $28.65 billion on foreign education between 2010 and 2020. Additionally, Personal Transport Allowance totaled $58.7 billion during the same period.
The report suggests that redirecting a portion of these funds to domestic ventures could have significantly strengthened the naira. It emphasizes the importance of promoting transnational education in Nigeria to boost the economy and alleviate foreign exchange pressure.
The report proposes offering scholarships and fostering partnerships for in-country foreign education delivery to attract more transnational education providers. It also highlights the need for a legislative framework to create policies that will enable the Federal Government to develop a sustainable transnational education sector.
The benefits of transnational education, according to the report, include introducing co-funded scholarship programs, student support services, and the establishment of foreign universities in Nigeria. It recognizes the importance of partnerships with key players such as China, the UK, Canada, the US, and Australia to meet the growing demand for quality education.
The report concludes that focusing on education as a tradable service can drive economic growth, foster cross-border relationships, and emphasize Nigeria’s commitment to global partnerships and excellence in research and teaching.