Many people in Nigeria want to move to other countries to find better jobs and a better way of life.
More than half of Nigerian workers (52%) said they are thinking about quitting their jobs and moving abroad next year, according to a survey by Phillips Consulting.
Data from the UK’s Higher Education Statistics Agency shows more Nigerian students are studying in the UK. The number of Nigerian students in UK universities jumped from 13,020 in 2019-2020 to 21,305 in 2020-2021, a 64% increase.
In 2022, 65,929 Nigerian students got visas to study in the UK. In the US, 14,438 Nigerian students enrolled for the 2021-2022 school year, and 13,745 were in Canadian universities.
Moving to another country is a big decision that comes with many things to consider.
How will your family cope? Can you handle the money needed? Where exactly will you move to? Those are important questions.
Before moving, make sure you have enough money to live on your own. Create a monthly budget to plan how you will spend your money. List your income and all your expenses.
Think about extra costs like rent, food, utilities, and transport when making your budget.
If you were a housewife and spent most of your money on fun activities, moving alone might mean changing your spending habits. Subtract your expenses from your income to see if you can afford to live alone.
If you find you are spending more than you earn, you need to either earn more or spend less.
If you have money left after expenses, plan how to use that extra money wisely.
Save money for emergencies
It is important to have some extra savings for emergencies. This is money you can use if something unexpected happens so you won’t need to borrow or use your retirement savings.
Start small by saving enough to cover three to six months of living expenses before you move. This can be helpful for unexpected costs like medical bills or other emergencies.
If you have a steady income and save a little each month, you will be able to build up your emergency fund.
Be realistic about your income
Ask yourself, “What is the salary range for this job?” Money is a big factor in deciding on a job. If you move to a place with lower living costs but earn the same, you might end up with more money.
Use cost comparison tools to see how much living in different places will cost you. These tools compare salaries and living costs so you can make a smart financial decision.
Think about rent costs
Landlords like it when your monthly income is three times the rent. For example, if rent is $800, you should earn at least $2,400 a month to afford it comfortably.
If you can’t afford the rent, you may need to find a smaller place or wait until you save enough money.
Consider having a roommate
You don’t have to move out with a roommate, but it can save you money. Rent tends to be cheaper if you share with a roommate, and you might even be able to afford a bigger place.
Many young Nigerians plan to leave the country by 2023 for better living conditions. Reasons include poor living conditions, insecurity, economic problems, upcoming elections, leadership changes, and removal of fuel subsidies.
But moving abroad needs careful planning and money. Think about all the work it takes just to move to another city—moving to another country is even harder.
Know how to use exchange rates
You should understand exchange rates before you move. Knowing how it works can help you avoid losing money when changing currencies.
Keep an eye on rates before and during your move so you can exchange money at the best times.
Use a debit card with no ATM withdrawal fees and low or no fees for international transactions. If you can’t avoid ATM fees, try to make fewer, larger withdrawals; this usually saves more money than making many small withdrawals.