•Represents 19% increase; highest in 4yrs
By Babajide Komolafe
In spite of the high exchange rate and inflation-induced cost of living crisis across the country, Nigerians increased spending on foreign education and health services by 19 per cent to $1.73 billion in the first half of 2025, H1’25 representing the highest in four years, since 2022.
Vanguard analysis of data from the quarterly statistical bulletin of the Central Bank of Nigeria, CBN, showed a rising trend in the amount Nigerians spent on foreign education and health services.
Analysis showed that after a four years COVID-19 induced 74 per cent drop to $1.14 billion in H1’23, from $4.347 billion in H1’19, the amount spent on foreign education and health rose by 21.6 per cent to $1.457 billion in H1’24.
The upward trend continued in H1’25 when the amount spent on foreign education and health services rose by another 19 per cent to $1.73 billion.
Vanguard analysis showed that spending on foreign education rose by 15 per cent, YoY to $340.94 million in H1’25 from $296.63 million in H1’24.
Similarly, spending on foreign health services rose by 16.7 per cent, YoY to N1.733 billion in H1’25 from $1.16 billion in H1’24.
Consequently, the amount spent by Nigerians on foreign education and health services in six months grew by 50 per cent ($578 million) in two years, namely H1’24 and H1’25.
This upward trend defies the over 99 per cent depreciation of the Naira during this period when the exchange rate rose to N1,553 per dollar at the end of H1’25 from N769 per dollar in H1’23.
The continuous increase in spendings on foreign education and health services have been severely criticised by stakeholders in both sectors.
The stakeholders described the increase in spending on foreign education as a national embarrassment and an indictment of the university education system in the country, calling for 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 in an earlier report by Vanguard, Dr. Akinola Akinmade, Deputy Medical Director, Afe Babalola University Multi-System Hospital (ABUAD-MSH), 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.”
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