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Everything You Need to Know Before You
Make Your Relocation Plans.
MoneyAfrica
If we ask ten Nigerians about their
future, we can bet eight out of ten
would mention relocation, most likely
to Canada.
The cost of living will affect your budget, regardless of the program
fee. Conversely, a study abroad program in London, for instance, will
come with a hefty living cost, compared to studying in other places
like Lancaster or Durham. Research the comparable cost of living of
the country you are moving to. This will show how much you need
to live comfortably.
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N83,500
Medical test N40,000
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Police character certificate N10,000
Visa fee N348,890 ($502)
(Standard visa and per person if you’re applying with dependants)
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IHS fee $1038 N721,410
(per person if you’re applying with dependants)
Proof of funds (including living expense and tuition)
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Tuition ($15,000 to $30,000) N11,000,000
Living expenses $1334 * 9 months (in London) N7,143,570
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$1023 * 9 months (outside London) N5,478,165
Flight cost N550,000
Note
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The estimated cost is per person, it will be slightly different if you’re relocating with dependents. Budget an average of
N20,000,000 to N30,000,000 depending on your dependants and school tuition.
**Some schools will require you to pay the full amount at once, while some others require you to pay in installments or
twice. Do proper research on the school you intend to study.
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WES N159,850 ($230)
Transcript N20,000 - N50, 000
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International passport N45,000
Medicals N40,000
Police clearance certificate
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N10,000
Application fees IRCC N379,500 (C $825)**
RPRF IRCC N230,000(C $500)**
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Dependent (children) N103,500 (C $225)
Proof of funds $13,213 $16449(2), $20,222 (3) $24553 (4) N6,077,980 **
Flight N550,000
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Tuition (20,000 - 30,000 CAD dollar) N10,000,000 ***
On average, your budget should be N10,000,000 to N20, 000, 000 depending on your dependants and school
tuition for those exploring the study route.
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** This is the cost per person
In addition, you also need to consider some other costs like; food, housing, utilities, transportation, insurance and other
recurring expenses at your destination.
*** Will not need to pay tuition if going via the express entry route.
*** 460 is the exchange rate used
This is just an estimate, not the actual cost. Kindly carry out proper research on how much it will cost you to move to
any of these countries.
The good side of this category of investment is that the risk level is
low to moderate, and you can withdraw your money anytime you
need it without worries.
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Set a Saving Deadline
Setting yourself up for success means a plan and a schedule.
Figure out the monthly or weekly contributions that you'll need to
reach your goals. If you know you need N15,000,000 to move,
you may need to set aside N1,250,000 a month for the next 12
months.
Break other goals into an account, whether it’s for a car, house,
children’s tuition, retirement or anything else. That way, you
can decide how to divide your resources into the accounts
based on your savings timeline and the amount you need to
reach your goals.
In the end, we hope this handbook will enable you to take more
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calculated risks and effectively plan your relocation before you bid
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this country farewell.
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Join our thriving community and get access to financial knowledge
and education that will change your life forever.
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on
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