Business
Foreign Education Gulps $221m In Three Months – CBN
Data obtained from the Central Bank of Nigeria (CBN) and analysed has shown that Nigerians spent at least $220.86 million on foreign education between December 2021 and February 2022.
According to the CBN data on the amount spent on educational service under the sectoral utilisation for transactions valid for foreign exchange for December 2021 to February 2022, in December 2021, the apex bank spent $90.67m on foreign education.
It also stated that in January 2022, a total of $60,202,730.84 was spent on foreign education, while noting that $69.9m was spent in February 2022.
The Tide’s source reports that education in Nigeria, especially at the tertiary level, has mostly been marred by industrial actions by tertiary institution-based unions such as the Academic Staff Union of Universities (ASUU) and the Academic Staff Union of Polytechnics (ASUP).
Currently, academic activities in Nigerian universities and polytechnics are grounded on issues bordering on lecturers’ welfare.
While ASUU has been on strike for close to three months, polytechnic lecturers just commenced a two-week warning strike.
The CBN data revealed that Nigerians remitted more than $220m to foreign academic institutions in three months without significant reciprocity in form of inflows from foreign sources to the local education sector.
The huge net dollar outflows have dual adverse effects of underinvestment in domestic education and creating pressure on the naira exchange rate.
The high demand for dollars to pay foreign educational institutions affects Nigeria’s foreign reserves and increases pressure on the exchange rate.
The Tide’s source reports that the United Nations Educational Scientific and Cultural Organisation observed that about 76,338 Nigerians were studying abroad as of 2018, the highest from an African country, this is as the government has consistently failed to appropriate enough funds to the nation’s education sector.
The National President, Academic Staff Union of Polytechnics, Dr. Anderson Ezeibe, said the failure of the government to invest adequately in the education sector had negatively impacted the education sector.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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