Market News

 The cost of relocating from Nigeria to 21 countries has declined by between two and 19 per cent over the past year, largely driven by the naira’s improved performance against major international currencies, according to the third-quarter edition of the State of Japa Report published by Japa Calculator. 

The report, released by the free online relocation decision platform, offers a comparison of the financial requirements for Nigerians seeking to move abroad, taking into account visa fees, proof of funds where applicable, one-way airfares from Lagos and three months’ rent in their intended destinations. 

It attributed the reduction in relocation costs to the naira’s recovery against the dollar, pound sterling and euro, which has lowered the naira equivalent of major expenses associated with moving abroad. 

According to the report, the dollar is now about eight per cent cheaper against the naira at the Central Bank of Nigeria’s official exchange rate than it was a year ago, while the pound has also declined by eight per cent and the euro by 11 per cent. 

A typical relocation to Canada, one of the most popular destinations among Nigerians, is now estimated to cost approximately N22.1 million, compared with N24.1 million in 2025. 

South Africa remains the cheapest destination among the 21 countries assessed, with an estimated relocation cost of N2.8 million through its Critical Skills Visa route. Turkey recorded the biggest reduction in relocation expenses, with costs falling by 19 per cent year-on-year. 

The findings suggest that improved exchange-rate conditions have provided some financial relief to prospective Nigerian migrants, particularly those whose relocation expenses are denominated in foreign currencies. 

However, the report cautioned that currency appreciation does not necessarily translate into cheaper immigration processes across all destinations, as some countries have increased their visa charges. 

Australia, for instance, raised its skilled and student visa fees by approximately 25 per cent from July 1, 2026, reflecting an additional financial burden for Nigerians considering the country. 

The Skilled Independent visa (subclass 189) increased from A$4,910 to A$6,135, while the student visa application fee for most applicants rose from A$2,000 to A$2,500. 

Beyond the cost reductions, the report identified a significant shift in the countries attracting the attention of Nigerians considering relocation. 

Japa Calculator recorded 1,645 relocation cost calculations between July and September 2026, representing an 18 per cent increase from the 1,393 recorded in the preceding quarter. Since the platform was launched, it has recorded 4,569 calculations. 

Canada emerged as the most researched destination, accounting for 21 per cent of all calculations, moving ahead of the United Kingdom and Germany. 

The United States, which previously occupied the top position, dropped to fifth place with seven per cent of calculations. Australia accounted for another seven per cent, while Rwanda, Cape Verde and Ireland entered the top 10 destinations attracting interest. 

The changing preferences come amid evolving immigration policies and rising application costs in some traditional destinations, highlighting the importance of considering visa eligibility and immigration restrictions alongside financial requirements. 

However, the report stressed that the number of calculations represents interest in relocation destinations rather than actual migration or completed applications. 

It also noted that although moving abroad has become less expensive in naira terms, the underlying costs in foreign currencies have not necessarily declined. Consequently, the apparent savings largely reflect exchange-rate movements rather than reductions in international living costs or immigration expenses.