Nigerians Spend $1.73bn On Foreign Education, Health In 6 Months.

Despite the soaring exchange rate and inflation-driven cost of living crisis across the country, Nigerians increased spending on foreign education and health services by 19 per cent to $1.73bn in the first half of 2025. This represents the highest level recorded in four years, dating back to 2022.

An analysis of data from the Central Bank of Nigeria’s quarterly statistical bulletin shows a steady rise in the amount Nigerians spend on overseas education and medical services.

The data revealed that after a four-year, COVID-19-induced decline of 74 per cent to $1.14bn in the first half of 2023, down from $4.347bn in the first half of 2019, spending on foreign education and health services rebounded strongly. It rose by 21.6 per cent to $1.457bn in the first half of 2024.

The upward movement continued in the first half of 2025, with spending increasing by a further 19 per cent to $1.73bn.

Further breakdown shows that expenditure on foreign education grew by 15 per cent year-on-year to $340.94m in the first half of 2025, compared with $296.63m in the corresponding period of 2024.

Spending on foreign health services also rose sharply, increasing by 16.7 per cent year-on-year to $1.733bn in the first half of 2025 from $1.16bn recorded in the same period of 2024.

As a result, the total amount spent by Nigerians on foreign education and health services over six months rose by about 50 per cent, equivalent to $578m, within just two years, covering the periods of the first half of 2024 and the first half of 2025.

This persistent rise has occurred despite the more than 99 per cent depreciation of the naira over the same period, with the exchange rate weakening to ₦1,553 per dollar at the end of the first half of 2025, from ₦769 per dollar in the first half of 2023.

The continued increase in spending on foreign education and healthcare has drawn strong criticism from stakeholders in both sectors.

They described the surge in overseas education spending as a national embarrassment and a clear indictment of Nigeria’s university education system, calling for thorough investigations.

“It is a sad commentary and an indication of total indictment of our university education system. If the foreign exchange was floated leading to a high devaluation of the naira and we see this much being spent on foreign education. It is a lack of confidence in our system,” said the National President of the Congress of University Academics, CONUA, Dr Niyi Sunmonu.

Also speaking on the trend, Dr Akinola Akinmade, Deputy Medical Director of Afe Babalola University Multi-System Hospital, said: “The surge reflects critical gaps in the local healthcare system. These gaps include limited access to specialised care, outdated infrastructure, and a growing lack of trust in domestic healthcare delivery. The major medical conditions fueling medical tourism are cardiac surgery, cancer therapy, and kidney transplant surgeries.”