The current trend of upwardly mobile citizens who emigrate from Nigeria to countries such as the United Kingdom, Canada and United States of America, colloquially named ‘Japa Movement’ shows no sign of slowing.
The multitude of reasons given by those who wish to emigrate from Nigeria impacts a large proportion of the population. Those who can fund the travel from their earnings and savings constitute a small part of the population. For others, alternative means of funding is a requirement to finance their travel.
Yes, it is possible to borrow money for emigration, but the options available to you will depend on your personal financial situation and credit history.
Here are a few potential avenues to explore:
- Personal loans: Many banks and online lenders offer personal loans that can be used for any purpose, including emigration. You’ll typically need to have good credit to qualify, and you may need to provide proof of income and other documentation. Shop around to compare interest rates and terms from different lenders before applying.
- Immigration loans: Some lenders offer loans specifically for immigration-related expenses, such as visa application fees, medical exams, and travel costs. These loans may have higher interest rates and fees than other types of loans, so be sure to read the terms carefully before applying.
- Government assistance: Depending on your country of origin and destination, there may be government programs or loans available to help fund your emigration. Check with your local embassy or consulate for more information. This includes government schemes to attract health workers.
- Friends and family: If you have a good relationship with friends or family members who have the financial means to help you out, you may be able to borrow money from them directly. Be sure to formalize the agreement in writing and establish clear repayment terms to avoid any misunderstandings or conflicts down the line.
- Credit cards: Some credit cards offer travel rewards and perks, such as cash back or points that can be redeemed for flights, hotel stays, and other travel expenses. If you have good credit, you may be able to apply for a new credit card with a generous sign-up bonus or ongoing rewards program. Just be sure to read the fine print and understand any fees or restrictions that may apply.
- Crowdfunding: If you have a compelling emigration-related story or project, you may be able to raise funds through a crowdfunding platform such as Kickstarter or GoFundMe. Keep in mind that these platforms typically take a percentage of the funds raised, and there’s no guarantee that you’ll reach your funding goal.
Whatever approach you choose, be sure to carefully evaluate your financial situation and make a plan for repaying the loan before you commit to any borrowing. Choosing to emigrate from Nigeria whether it’s for studying, working or family reasons, can be a life-changing experience, but it’s important to ensure that you’re able to cover the costs responsibly.