Nigeria Loses U.S. $500 Million to Foreign Universities

The Univeristy of Lagos campus.

The Committee of Vice Chancellors of Nigeria has said Nigerians spend an average of U.S. $500 million a year on European and American universities.

The communiqué, signed by Prof. Michael Faborode, noted that the amount was about 70 per cent of the total allocation in 2008 to all federal universities.

It said that this was an indication of the loss of faith in Nigerian universities as shown by the rush for foreign institutions, even to other African countries.