Canada has recently implemented new immigration regulations that significantly raise the financial requirements for skilled workers, including those from Nigeria’s thriving tech sector. As of May 2024, applicants under Canada’s Express Entry system must now demonstrate settlement funds of over CAD $13,757 for a single applicant, a 3.8% increase from the previous year. This figure increases with the number of accompanying family members. While this policy is aimed at adjusting for inflation and ensuring newcomers can sustain themselves, it disproportionately affects tech professionals from countries like Nigeria, where currency devaluation and economic instability make meeting these requirements difficult.
The move has sparked concern among Nigerian tech workers, many of whom have looked to Canada as a prime destination for work, stability, and a higher quality of life. Canada’s reputation as a welcoming hub for skilled immigrants—especially in areas like software development, cybersecurity, and data science—has made it an attractive option for Nigerian professionals facing limited opportunities at home.
However, the new financial threshold may now exclude many talented but financially constrained applicants. Nigerian tech workers often struggle with low local salaries, high inflation, and restricted access to foreign exchange, making it harder to convert and save enough Canadian dollars to meet the settlement fund requirement.
This policy shift could potentially reduce the influx of Nigerian tech talent into Canada, at a time when the country is aiming to fill labor shortages in its tech sector. Critics argue that these changes run counter to Canada’s broader immigration goals and risk slowing the diversity and innovation driven by skilled newcomers.
In response, immigration consultants and advocacy groups are urging the Canadian government to consider more flexible policies for applicants from developing countries or to create separate tech-targeted streams with lower financial barriers. Meanwhile, some Nigerian tech workers are beginning to explore alternative destinations like the UK, Germany, and the Netherlands, which may offer more accessible immigration pathways.
Overall, the raised financial barrier presents a significant challenge for Nigerian tech professionals and may have broader implications for Canada’s global competitiveness in attracting top talent.
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