Since Nigeria’s decision to float its currency in 2023, the country has witnessed a significant influx of British educational institutions setting up campuses within its borders.
For many Nigerians, studying overseas—especially in the United Kingdom—represents status and academic prestige.
However, due to rising travel expenses, tougher visa requirements, and the sharp depreciation of the naira, sending children abroad has become increasingly difficult for most families.
A number of factors are fueling the growing presence of UK-affiliated schools in Nigeria, including the currency devaluation, more affordable fees compared to schooling in the UK, and increased demand for foreign-standard education at home.
Access to British Education at Reduced Cost
These British institutions offer Nigerian families the opportunity to access the same educational standards they would get abroad, but at a more affordable rate.
This setup also allows British schools to tap into a lucrative and growing market.
For example, Charterhouse School in the UK charges approximately £18,806 per term (around N30 million) for boarding students, and £15,006 (about N24 million) for day students. In contrast, the newly established Charterhouse campus in Lagos offers full boarding for N7 million per term and weekly boarding for N5 million—providing significant savings for parents who still want a top-tier British curriculum without paying UK prices.
Effect of the Naira’s Devaluation
One of the main drivers behind this trend is the weakening naira.
With the currency’s value plummeting, many Nigerian parents who previously sent their children abroad for schooling are now turning to UK-branded schools within Nigeria as a more practical option.
When President Bola Tinubu’s administration lifted the exchange rate cap in June 2023, the naira fell rapidly in value. It dropped from N471 to N750 per US dollar within a month, and from N589.4 to N957.2 per British pound. By January 2025, the rates had further depreciated to N1,538.50/dollar and N1,991.30/pound.
This exchange rate volatility has made overseas education significantly more expensive for Nigerian families.
Rising Travel Costs Add to Burden
Beyond tuition, international travel expenses also play a major role in the shift. Flight prices have surged, making trips to the UK for students and their families increasingly costly. These rising travel costs—combined with currency challenges—have encouraged more families to choose UK-standard schools operating locally.
