An average of $50,000 is being saved by Nigerian parents for their kids’ education, a study by Nigerian international student marketplace, StudySearch, has revealed. For those who start a savings plan from the moment they leave the maternity suite, this equates to N10.5K a week.
In total, African parents spend $10bn annually on sending their children abroad for University. According to StudySearch, the top 5 most popular destinations for their students outside of Nigeria for University are The UK, Canada, USA, Australia and Germany.
It is not just foreign universities that are benefiting from hard working Nigerian parents, but also the wider economies. Much of London’s housing boom can be attributed to wealthy Nigerian families investing in property for their children. In the last three years alone, wealthy Nigerians have spent $373m on London properties, many of which are used to house their children whilst they study.
StudySearch CEO, Frederik Obasi says: “When it comes to educating their children, Nigerian parents mean business – they are willing to save hard for years as they see it as investment in their future. In Nigeria, there’s a real premium placed on people who’ve graduated from overseas Universities and middle class parents are acutely aware of this, which is why they save hard to pay for international study”.
It comes as no surprise that Nigerian parents want the very best for their children, and for many, this still means sending them outside of the country for Higher Education, as they lack confidence in Nigeria’s current education system. A warchest of $50,000 helps towards tuition fees, accommodation and general living expenses over a typical three or four year degree course.
StudySearch has amalgamated a global team of advisors who are students or alumni of some of the world’s top educational institutions, including The University of Cambridge, UCL, Wharton and The University of British Columbia. Obasi adds: “Our student advisors have gone through the process of applying for and accepting oversees courses at top institutions, so are well placed to advise others on how to navigate the system, which can often be complicated.
Obasi continues, “Speaking to young people and their parents, we realised that many of the international student recruitment companies operating in Nigeria were not only over priced, but they were delivering a poor service and sometimes fraudulent, unable to live up to their promises. If families have saved in excess of $50,000, when it comes to choosing an education agent, they need to invest wisely.
“Having studied the market in-depth, we felt that there was space to disrupt and professionalise this multi-million dollar market and provide a service that helps students through the entire process, from application to accommodation, in a transparent, cost effective means. Our feedback reveals that students prefer to take advice from and interact with their peers, who’ve already been successful in securing international study, rather than get expensive, biased and conflicting advice from more traditional agencies.”
StudySearch is an online marketplace that connects African students with University courses around the world, promoting travel and cultural exchange globally. With the help of peer-to-peer advisors, Study Search helps students with all aspects of studying abroad, including finding a course, help with personal statements, applications and visas.
The company was launched in 2014 by Frederik Obasi and Taofeeq Alabi, two British-born Nigerians who studied in the UK before moving to Nigeria to disrupt the international education and student recruitment market.
