Nigeria Spends $1.58bn On Foreign Education, Tourism, Others In 6 Months – CBN 

Data from the Central Bank of Nigeria reveal that Nigerians spent $1.58 billion within six months on health tourism, foreign education, and miscellaneous personal needs.

The apex bank’s Balance of Payment compilation for the first half of 2023 exposes a breakdown, showcasing $245.68 million allocated to overseas health concerns, $896.09 million for foreign education, and $434.63 million for diverse personal requirements.

The escalating demand for foreign exchange triggered by medical tourism and foreign education has industry experts expressing concerns.

The National Vice Chairman of the Joint Health Sector Unions, Dr. Obinna Ogbonna, highlighted the lack of confidence in local health facilities due to inadequate infrastructure.

A proposed legislative response, a bill aiming to impose a seven-year jail term or a fine of N500 million, reflects the government’s effort to curb medical tourism.

However, the president of the Medical and Dental Consultants Association of Nigeria, Prof. Aminu Muhammad, stressed that reversing this trend requires immediate action to enhance local healthcare infrastructure.

Despite a 23.15 percent increase in the health sector’s allocation in the 2024 budget, challenges persist. The Open Doors Report indicates a surge in Nigerian students pursuing education abroad, reaching 17,640 in the 2022/2023 academic session.

The economic downturn and security concerns are driving this academic exodus, with 2022 witnessing a notable 40.36 percent surge in spending on foreign education compared to 2021.

As Nigeria grapples with these outflows, there is a growing call for urgent measures to fortify domestic healthcare and education sectors, transforming them into attractive alternatives for citizens.