Five reasons British schools flock to Nigerian shores

The Nigerian education sector is engulfed by an influx of British schools since the floating of the currency in 2023.

To the average Nigerian, schooling abroad is often a symbol of prestige, but the reality of achieving this dream is becoming increasingly elusive, especially with the persistent decline in the value of the naira, surging flight costs, and visa restrictions, among other factors.

Numerous factors are driving the British schools’ surging presence in Nigeria, such as the fee variation, floating of the currency, and decline in naira value, among others.

The establishment of these schools offers Nigerian families access to a familiar, high-quality British education system, while also presenting British institutions with significant market potential and growth opportunities.

N30million versus N7million

According to the Charterhouse UK School website report, it will cost a boarding student the sum of £18,806 (about N30 million) termly, while a day student is expected to pay the sum of £15,006 (N24 million) termly.

However, for a Nigerian child to receive quality learning in Charterhouse Lagos, the cost of full boarding is N7 million termly, and weekly boarding is N5 million termly.

Hence, establishing these schools in Nigeria allows families to maintain the same standard of education while significantly reducing the financial strain.

Read also: Floating naira lures British schools to Nigerian shores

Weaker naira

The shift to acquiring British quality education is seen as driven by the volatile exchange rate, which has significantly reduced the purchasing power of Nigerians, as parents who ordinarily would have their children schooled abroad are now opting for foreign schools in Nigeria at a lesser cost.

In June 2023, President Bola Tinubu’s administration removed the rate cap in its official foreign exchange market, allowing market forces to determine the actual value of the currency.

The policy gave rise to the devaluation of the naira. In the space of one month after the move, the national currency fell from N471/dollar to N750 / dollar and from N589.4 / British pound to N957.2/pound.

As of January 2025, Nigeria’s currency had jumped to N1,538.50/dollar and N1,991.30/pound.

According to a BBC report, the cost of sending children to the UK has soared.

Surging flight fares

Besides battling with the devalued naira, families face additional expenses such as surging flight costs for both students and visiting parents.

BusinessDay’s finding shows that a Lagos-London economy class return ticket was once sold for as high as N5 million.

A six-hour, 40-minute economy class ticket from Lagos to London on British Airways and Virgin Atlantic, which cost between N700,000 and N1.3 million four years ago, now costs between N3.2 million and N4 million for economy class, and between N14.3 million and N16 million for Business class.

UK government’s 20% VAT on private school fees

According to a BBC report, the UK government introduced a 20 percent VAT on private school fees, effective January 1, 2025.

“Average private school fees were 22 percent higher in January 2025 than in January 2024, according to the Independent Schools Council (ISC), which represents most independent schools in the UK.”

This means private schools are no longer exempt from VAT, and their fees will be subject to the standard VAT rate.

Invariably, the UK private school owners are flocking to the Nigerian shores to cut overhead costs with zero VAT on education services.

Read also: As FX woes hit Nigerian parents, British boarding schools come closer

President Tinubu, in his national address on his administration’s second anniversary, among other things, promised to make education and healthcare, among others, attract zero percent Value Added Tax (VAT).

This policy aims to promote education and make it more accessible to Nigerians; with zero tax, educational institutions may reduce their overhead costs.

The tax exemption attracts more investment in the education sector, both from within and abroad, leading to improved infrastructure, better resources, and higher-quality education.

High demand for foreign education

Nigeria is experiencing a surge in demand for foreign education, with a growing number of students seeking opportunities abroad, particularly in the UK, US, Canada, and Australia. This trend is driven by a desire for higher quality education and a belief that foreign institutions offer better skills development and career prospects.

For instance, in 2024, the CBN Statistical Bulletin data analysis shows that spending on foreign education rose by 26.5 percent, Year-over-Year, to $1.8 billion in the first nine months of 2024, 9M’24, from $1.44 billion in the same period of 2023, 9M’23.