This was a dominant subject of discussion over recent years in Nigerian society. The majority of citizens act in the hope of pursuing at least somewhat better opportunities in the places they move to abroad.
Such a situation evokes certain challenges within a country and optimism for an enhanced future elsewhere.
A survey conducted by Phillips Consulting revealed that more than half of Nigerian professionals, 52%, were considering quitting their current jobs to move abroad within the next year. This indicates the extent of dissatisfaction among professionals and how they seek greener pastures.
Increasing Oversight of Students Abroad
This aspiration to relocate is reflected in the increasing number of students studying abroad. According to the UK’s Higher Education Statistics Agency, there was a 64% increase in the number of Nigerian students studying at British universities, from 13,020 in the previous year to 21,305 during the 2020–2021 academic year.
This is not a trend peculiar to the UK alone: in 2022, 65,929 Nigerian students received UK study visas. Meanwhile, 14,438 Nigerians were attending U.S. colleges during the 2021–2022 academic year, while Canadian universities hosted 13,745 Nigerian students in the same period. In fact, these figures depict an increasing tendency toward higher education abroad for a gateway to more opportunities.
The Complex Decision to Relocate
While the idea of relocating abroad can be quite exciting, it is seldom a decision taken lightly. The challenges are huge, and one has to prepare well for them. Some key considerations include:
Family Dynamics: How will your family adjust to the move?
- Financial Viability: Are you prepared to meet the financial obligations associated with living abroad?
- Choice of Destination: Is the location conducive to achieving your goals?
- Cost of Living: Can you afford the expenses and maintain a good lifestyle?
To answer these questions, one needs to plan and manage finances efficiently.
Financial Planning Before Emigration
Draw a Proper Budget
Before making the move, make a serious month-to-month budget. Start by considering your income and estimated expenses for rent, utilities, food, transportation, and other costs particular to your destination. Add in extra costs such as moving fees, insurance, and unexpected emergencies.
For example, if you have been accustomed to spending on entertainment or non-essential items, you may want to break these habits for essential costs. If your expenses outweigh your income, consider ways of increasing your earnings or cutting back on unnecessary spending.
Create an Emergency Fund
An emergency fund is the cornerstone of financial security, especially when relocating. This fund should cover three to six months of living expenses and act as a safety net for unexpected costs, such as medical emergencies or unforeseen travel expenses.
Start small and contribute to this constantly. With a stable income and disciplined approach to saving, you will be able to achieve this even before you make your move.
Be Realistic About Income
Understanding the salary range for your potential job is crucial. Research the cost of living in your new location and compare it with your expected income.
While a higher salary might seem appealing, it’s essential to factor in expenses. Cost comparison tools can provide a clearer picture of whether your earnings will support your desired lifestyle.
Managing Rent and Housing
Income-to-Rent Ratio
One common guideline is the income-to-rent ratio of 3:1, meaning your monthly income should be at least three times your rent. For instance, if you’re considering an $800 monthly rent, your income should be at least $2,400 to avoid financial strain.
If your income doesn’t meet this threshold, consider smaller housing options or delay your move until your financial situation improves.
Explore Roommate Options
Sharing an apartment with a roommate can dramatically reduce housing costs. This may also enable you to live more comfortably than you could alone.
The Larger Context of Emigration
Among the factors that have contributed to this urge to leave Nigeria are economic instability, increased insecurity, poor living conditions, and political changes. These crises have been heightened by issues like the removal of fuel subsidies and other policy changes that make relocation the main priority for young Nigerians.
However, the “Japa” phenomenon, as it has been locally termed, is beyond just wishing to leave; it requires some financial planning and insight into realities abroad.
Practical Tips to Financial Planning
Understand the Currency Exchange Rate
Relocation largely involves the issue of foreign exchange rates. A little knowledge of foreign exchange rates can save you from losing a lot and secure better deals for you.
Use an ATM card with low international transaction fees; or try drawing larger amounts of less often to reduce ATM fees.
Stay Informed
Monitor the fluctuations in currency, and check in regularly on your financial situation. Knowledge of economic trends going on in your host country can help you adapt and plan for changes.
Emigration overseas is a great decision with certain benefits and equal challenges. Nigerian emigrants will enhance their chances for success and stability in a new home through answering questions regarding finance, proper preparation, and realistic expectations
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