Economy
Naira’s Plunge Worries Nigerian Students Studying Abroad
Naira’s Plunge Worries Nigerian Students Studying Abroad
Parents and numerous Nigerian students studying abroad are expressing dissatisfaction with the soaring tuition fees as a consequence of the depreciation of the naira against major foreign currencies, including the dollar and pounds.....KINDLY READ THE FULL STORY HERE▶
For prospective students intending to pursue studies overseas, the unfavorable exchange rates between the naira, dollar, and pound are taking a toll on both students and their guardians who must cover expenses such as ticketing and school fees……..CONTINUE READING
In June 2023, the Nigerian government removed the rate cap in its official foreign exchange market, allowing market forces to determine the actual value of the naira. This policy shift resulted in the devaluation of the naira, with the national currency experiencing a decline from 471/dollar to 750/dollar and 589.4/pound to 957.2/pound in July 2023. As of January 24, the naira had further depreciated to 887/dollar and 1133/pound.
At the parallel market, where many individuals fulfill their forex needs, the local currency traded at 1,420/dollar on Friday. Meanwhile, on the Investor and Exporter Window, the value stood at N1,455/$ as of Wednesday.
The significant devaluation of the naira has led to a surge in the prices of everything associated with relocation, including school fees and visa fees. Some students shared their grievances, highlighting the challenges posed by the falling naira against foreign currencies.
Moyosore Salami, a Nigerian student in the UK, mentioned acquaintances who had returned to Nigeria due to the unfavorable exchange rate. He remarked, “It’s really crazy. My first week in the UK, pounds was around N680, and today the pound is around N1,970.”
Seth Akande, a Nigerian student in Canada, expressed frustration over the continuous increase in exchange rates, making it difficult to plan expenses. He noted the drastic change in the Canadian dollar exchange rate, emphasizing the unpredictable nature of budgeting for fees.
Aisha Umar, a student from Sokoto State studying in Malaysia, highlighted the impact of the naira devaluation on tuition fees and other school expenses, stating, “our money becomes worthless compared to other currencies.”
The challenging economic situation has even affected admission processes, with Confidence Chujor, a student seeking admission to a Canadian university, facing financial difficulties due to the devaluation of the naira. He expressed the hope for a positive change in exchange rates.
Parents are also feeling the financial strain, with Mrs. Nwachukwu Mary describing the exchange rate as “finishing us.” Another parent, Mr. Smith, expressed concern about the unaffordable tuition fees, considering the current exchange rate.
Travel agents have observed some Nigerians selling properties to leave the country, while some students studying abroad have dropped out due to financial challenges. David Adamu, a travel agent, noted the desperation of individuals to leave the country amid the economic downturn.
Despite the rising costs, the President of the National Association of Nigerian Travel Agencies, Susan Akporiaye, highlighted an increasing demand for international travel among Nigerians. The cost of fees, airfares, and various aspects of international travel has witnessed a significant increase, with flight costs to London from Lagos now exceeding N1 million. Travel agents emphasized the impact of relying on the black market for currency exchange, further exacerbating the costs of international travel.
The President of the National Association of Nigerian Travel Agencies, Susan Akporiaye, believed that there was still a huge demand for international travel from Nigerians despite the rising cost due to falling naira. Akporiaye earlier told The PUNCH, “If you compare the school fees of $10,000 from early last year to what you will pay now, there is a 300 per cent increase, and yet the demand for education abroad has not reduced; it keeps increasing despite the high costs.” The PUNCH however gathered that aside from the cost of fees, airfares have skyrocketed. Flight costs to London from Lagos are now hovering above N1m. One travel agent, Tolu Omolade, told The PUNCH, “Depending on the airline, it is from N1m and above. You could travel with less than N1m before.” Another agent, who gave his name simply as Chimaobi, in an earlier interview with The PUNCH, noted that the reliance on the black market for currency exchange because of the scarcity of FX in the official market had further exacerbated the costs of the various aspects of international travel, from visa fees to hotel bookings and airfares. He said, “It has been quite tumultuous lately, given the fact that people are opting for the black market.”
Despite a significant drop in global crude oil prices—with Brent falling to $73.14 and WTI to $69.85—petrol prices in Nigeria remain stubbornly high. While global markets have stabilized following the US-Iran conflict, domestic pump prices have barely budged, hovering between ₦1,200 and ₦1,300 per litre.....KINDLY READ THE FULL STORY HERE▶
Although industry insiders argue that ex-depot prices should be closer to ₦700, experts warn that a direct price drop is unlikely. Dr. Ayodele Oni, an oil and gas analyst, explains that in a deregulated market, the naira’s exchange rate is just as critical as the price of crude. He emphasizes that while falling crude prices help, the cost of petrol will only truly stabilize if the naira remains strong, as refined product imports are dollar-denominated. Consequently, relief for the average Nigerian may remain elusive unless both crude prices and the currency improve simultaneously.
Option 2: Accessible and Direct (Best for blogs or general reading)
Global oil prices are nearing pre-conflict levels, but Nigerians aren’t seeing the expected relief at the pump. Even though international oil benchmarks have dropped significantly since the US-Iran tensions cooled, local fuel prices remain stuck at ₦1,200 to ₦1,300 per litre.
Many marketers believe pump prices should be much lower, suggesting a price point closer to ₦700 per litre given current market conditions. However, analysts caution that it isn’t that simple. Because Nigeria’s fuel market is deregulated and reliant on imported refined products, the value of the naira is a major factor. Essentially, even if the price of crude oil falls, the cost of petrol will stay high as long as the dollar remains expensive against the naira. For now, experts believe that significant price relief depends as much on currency stability as it does on global oil trends.
Key Takeaways (Bullet Points)
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The Disconnect: Global oil prices have returned to pre-conflict levels, yet domestic petrol prices remain high (₦1,200–₦1,300 per litre).
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The Expectation: Marketers and the public believe current crude prices warrant a drop to around ₦700 per litre at the depot level.
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The Complication: Experts note that the deregulation of the sector means the naira-to-dollar exchange rate is now a more powerful driver of pump prices than global crude costs alone.
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The Outlook: Relief for consumers is unlikely to happen based on oil prices alone; it requires a combination of lower crude costs and a more stable naira.
Despite a significant shift toward domestic production and a drop in imports, the price of Liquefied Petroleum Gas (LPG) has surged to ₦2,000 per kilogram in various parts of Nigeria. Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicates that local facilities—including the Dangote Petroleum Refinery—have become the primary suppliers of LPG between April 2025 and April 2026, with daily domestic supply reaching 4,500 tonnes by April 2026. Conversely, imports have plummeted, falling from 1,600 tonnes per day in November 2025 to just 200 tonnes per day by March 2026.....KINDLY READ THE FULL STORY HERE▶
Market Challenges and Consumer Hardship
Even with consistent local output, consumers are facing prohibitive costs and localized shortages, leading many households to abandon gas in favor of charcoal and firewood. Key issues contributing to the crisis include:
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Supply Chain Barriers: Marketers report that sourcing the product has become increasingly difficult, and they are now paying between ₦25.2 million and ₦26.2 million for 20 metric tonnes of LPG.
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Economic Impact: The Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM) stated that these high costs are causing severe hardship for families, food vendors, and small businesses.
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Policy Setbacks: Stakeholders warn that these trends threaten to reverse years of progress in promoting clean energy adoption and may lead to increased environmental damage.
Infrastructure Progress
While market prices remain high, the Nigerian Gas Infrastructure Company reports that several critical projects designed to improve gas transportation are nearing completion. As of the latest data:
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The Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project is 93.40% complete.
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The OB3 River Niger Crossing stands at 93.88% completion.
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The ELPS Midline Compressor Project has reached 94.45% completion.
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The Odidi-Warri Expansion Project is 70.28% complete, while the Escravos-Odidi project is in its early stages at 17.49%.
Despite this infrastructure progress, industry experts emphasize that addressing distribution bottlenecks remains essential, as increased domestic production alone has so far failed to lower retail prices for the average Nigerian.
Is there a specific aspect of this situation—such as the infrastructure projects or the marketers’ stance—that you would like to explore further?
Economy
REVOLUTIONIZING THE SKIES: How Nigeria’s New $7 Billion AfDB Deal Will Transform Air Travel Forever!.
Nigeria has officially signed a Letter of Intent with the African Development Bank (AfDB) to advance aviation development across the continent. Minister of Aviation and Aerospace Development, Festus Keyamo, formalized the agreement during a dialogue in Brazzaville, Congo, where he served as the African Champion of the AfDB’s Integrated Aviation Transformation Programme.....KINDLY READ THE FULL STORY HERE▶
During the session, Minister Keyamo showcased President Bola Tinubu’s “Renewed Hope Agenda,” emphasizing the need for capital to support key infrastructure and the newly established Nigeria Aircraft Leasing Company. To attract this investment, the Minister highlighted Nigeria’s recent regulatory reforms, including the domestication of the Cape Town Convention and updates to insurance frameworks. In response, AfDB President Dr. Sidi Ould Tah pledged the bank’s support for the programme, signaling a shared commitment to strengthening aviation finance and infrastructure throughout Africa.
Nigeria Moves to Boost Aviation Sector Through AfDB Partnership
Nigeria has taken a major step toward modernizing its aviation industry by signing a Letter of Intent with the African Development Bank (AfDB). Aviation Minister Festus Keyamo, representing the country in Brazzaville, Congo, utilized the platform to present Nigeria’s aviation roadmap under President Tinubu’s “Renewed Hope Agenda.”
A core focus of the discussion was the Nigeria Aircraft Leasing Company, which is expected to improve aircraft financing for local operators. Minister Keyamo assured stakeholders that Nigeria is ready for increased investment, citing significant reforms such as the domestication of the Cape Town Convention and modernized insurance policies. The AfDB has signaled strong support for these initiatives, agreeing to collaborate on the Integrated Aviation Transformation Programme to drive sustainable growth for Nigeria and the wider African aviation market.
Option 3: Short & Punchy (Best for social media or newsletters)
Nigeria is accelerating its aviation growth through a new partnership with the African Development Bank (AfDB). Aviation Minister Festus Keyamo recently signed a Letter of Intent in Brazzaville to unlock funding for the sector, specifically targeting the new Nigeria Aircraft Leasing Company. By implementing key reforms—like the domestication of the Cape Town Convention—Nigeria is positioning itself as a hub for aviation investment. The AfDB has officially pledged its support, marking a key milestone in efforts to modernize air travel infrastructure across the African continent
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