• Wednesday, April 24, 2024
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Foreign students expenses hit $40bn in U.S.

Foreign students expenses reach $40 in US

International students increased their spending in the U.S. to over $40.1 billion, during the 2022-2023 academic year, reflecting a 19% rise from the previous year.

Their contributions to the U.S. economy are significant, and it is encouraging to see an annual increase for the second year in a row,” according to NAFSA: Association for International Educators.

Nigeria’s contribution to the U.S. economy via international students, although less prominent than China and India.

Despite facing economic challenges in Nigeria, including declining oil production and foreign exchange difficulties.

Nigerian students,  and other international students in the U.S. during the 2022-2023 academic year, spent over $40.1 billion.

China and India which are the primary sources of international students, comprise nearly 53% of the total. Chinese students contributed $12.2 billion, while Indian students added $7.13 billion to the U.S. economy.

This growth represents the second consecutive year of rising expenditures, covering not just tuition fees but also housing, transportation, food, and other consumer goods during their stay at higher education institutions.

“International education does not just benefit individuals. It is also vital to American diplomacy, to our economic competitiveness, even to our national security,” said Antony Blinken, Secretary of State Antony Blinken.

According to the Open Doors report by the Institute of International Education, enrollment of over one million international students in various U.S. institutions for the 2022-2023 academic year represented a 12% increase from the previous year.

In the 2022-2023 academic year, international students’ expenditures supported 368,333 jobs, marking a 9.8% increase from the prior year.