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Nigeria’s foreign exchange crisis is significantly altering migration patterns, as many aspiring emigrants are reassessing their plans to move to traditional destinations like the US, UK, and Canada. The escalating migration costs and stricter visa regulations are driving individuals to explore alternative European destinations, such as Portugal, Finland, Hungary, and Sweden, which offer lower visa requirements, a more affordable cost of living, and pathways to permanent residency.

The devaluation of the local currency by President Bola Tinubu in June 2023 has led to a sharp depreciation, surpassing N1,500/$1 by March 2025. This has resulted in increased costs for plane tickets, visa fees, and other relocation expenses. “Going abroad is quite discouraging now because the financial implications and the disposition of the Trump administration toward foreigners in America are something to worry about,” stated developmental economist Illias Aliyu.

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The trend is also influenced by the growing trend of remote work, which could reduce the need for relocation. Furthermore, stricter immigration policies in key destinations, such as the UK’s restrictions on international students bringing dependents, are adding to the challenge. Canada has also tightened its rules, making it more competitive for Nigerian students.

Maureen Chimaobi, a consultant at Travel and Tours Limited, noted, “In the past, we would receive numerous applications from Nigerian students looking to study abroad, but this year has seen a slowdown in enquiries.” She attributed this decline to the “jackpot syndrome,” where students apply to multiple foreign universities hoping for admission and scholarships.

As access to foreign exchange tightens, Nigerians are turning to alternative financing methods, such as informal lenders, cooperative societies, and peer-to-peer lending arrangements. Some migrants are also pursuing government-backed scholarships and work-study opportunities in countries with lower migration costs.

Chidinma Onyewere, an employee at Access Bank, had initially shelved her plans to study abroad due to rising costs. However, after advice from a former colleague who successfully relocated to the US, she is reconsidering. “She told me to start applying to schools and get admission first, that everything else would fall into place,” Onyewere said. “Most people who travel take loans and pay them off once they get there.”

Another travel agent based in Lagos, who requested to remain anonymous, noted that several European countries offer relatively easy pathways for Africans, particularly for those with a secondary school certificate. These countries not only provide educational opportunities but also have frameworks that facilitate residency and eventual citizenship for international students, including those from Africa.

“In some of these countries, you can get residency after studying for a year or two, and then you can work and bring your family over,” the travel agent explained. “It’s not as difficult as people think, and it’s definitely more affordable than trying to migrate to the US or UK.”

As Nigeria’s foreign exchange crisis continues to shape migration patterns, it remains to be seen how these alternative destinations will fare in attracting aspiring migrants. One thing is certain, however: the traditional migration routes are no longer the only option, and Nigerians are increasingly exploring new paths to achieve their goals

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