The cost of sponsoring a Nigerian child through private education from a private primary school to a public university is now ₦31.3 million ($19,431), according to a Cowrywise report. If that child goes through only private education, that bill shoots up to ₦65.5 million ($40,633).
However, parents who invest in a savings plan that accumulates ₦1,300,000 ($806) annually at a 10% interest rate per annum can save 33% of these fees, depending on the path mix a child adopts. The fees start counting from primary education, which ranges from ₦613,000($380) to ₦1.9 million ($1,178) for private schools and ₦45,000 to ₦53,000 annually for public schools.
By secondary school, which takes six years, the child’s school fees will range from ₦50,000 to ₦61,000 annually for public education and ₦750,000 ($465) to ₦2.8 million ($1736) for private education.
Public university education costs between ₦58,000 ($36) and ₦167,000 ($104) annually, while private university education ranges from ₦900,000 ($465) to ₦1.2 million ($744), making it the most expensive for public schools, while secondary school education is the most expensive for private schools.
With the rising cost of education becoming increasingly unaffordable for many parents and sponsors amid the country’s economic hardship, Cowrywise’s study highlights how the stratospheric cost of schooling is making it harder for families to keep their children in school.
While the study highlights why parents should be interested in the cost of education, it also spotlights how investment plans can help them reduce the financial burden of funding their child’s education.
Adopting the use of primary and secondary data, as well as analysis, the study focused on major education costs, excluding transportation and extracurricular activities costs, identifying investment as a smart strategy for effectively saving for planning to sponsor children’s education with reduced financial burden.
Giving children a quality education is said to be a long-term responsibility and investment for parents, with many benefits. However, in Nigeria, where 63% of its total population is multidimensionally poor, the rising costs of education at all levels are increasingly making it unaffordable, leading to a surge in dropouts.
“Education is an integral part of a child’s journey. It’s an ongoing experience that helps shape who they become, how they think, and the amazing opportunities ahead. That’s why every child must have access to education. But that brings up an important question: What does quality education cost?” Part of the study read.
At the primary level, despite the country’s Universal Basic Education (UBE) offering free education to make every child count, hidden fees such as registration, uniforms, and textbooks make schooling expensive. Also, the cost of enrolling a child into secondary school outpaces many parents’ income growth. These challenges contribute to the country’s 20 million out-of-school children.
At the tertiary level, the hike in school fees across government public universities has fuelled a significant dropout rate, making Nigeria experience 18% of tertiary students who left school owing to financial constraints.
In 2023, the University of Lagos increased its school fees, surging from about ₦26,000 ($16) – ₦76,000 ($47), depending on the course of study and level, to between ₦120,750 ($75) and ₦240,250 ($149). Other institutions, including UNIMAID, UNIABUJA, and UNIBEN, also experienced significant fee hikes.
But as the Nigerian government launched the Nigerian Education Loan Fund (NELFUND) for tertiary students in 2024, it claimed it had disbursed over ₦22 billion ($14 million) to over 200,000 students. However, concerns remain about the accessibility and effectiveness of these loans in addressing the issues of education affordability, as many students still drop out of school or turn to social media platforms like X and Facebook to crowdfund for school fees.
At all levels of education, the cost of enrolling a child in private schools is often unaffordable for low- or mid-income parents in the country.
