The Central Bank of Nigeria has disclosed that over a six-month period, Nigerians expended $1.58 billion on health tourism, foreign education, and other personal matters. This information is from the apex bank’s Balance of Payment compilation which covers the first half of 2023.
During this period, Nigerians allocated $245.68 million to overseas health-related matters, $896.09 million to foreign education, and $434.63 million to other personal foreign needs according to the data provided by the CBN.
The term ‘Balance of Payments’ as stated in Note D, is defined by the apex bank as “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”
The drain from medical tourism and foreign education has been noted to exert pressure on foreign exchange demand in the country, as per experts. Poor health infrastructure has significantly contributed to the tendency for Nigerians to seek medical treatment abroad.
Dr. Obinna Ogbonna, the National Vice Chairman of the Joint Health Sector Unions, remarked that Nigerians who are financially capable often lack trust in the country’s medical facilities. He highlighted the inadequacy of infrastructure and equipment and urged for government intervention to enhance the appeal of health centers.
Efforts to address the trend of medical tourism include a proposed bill introducing a jail term of seven years or a fine of N500 million, and the recent allocation of N1.33 trillion to the health sector in the 2024 budget, representing a 23.15 percent increase from the previous year.
In the realm of foreign education, an increasing number of Nigerian students are pursuing studies abroad due to economic and security concerns within the country. The Open Doors Report from the Institute of International Education indicated a rise in the number of Nigerian students studying in the United States.
These figures demonstrate a growing trend of Nigerians spending on foreign education, which expanded by 40.36 percent from $720.05 million in 2021 to $1.01 billion in 2022.
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