Despite a worsening cost-of-living crisis, soaring inflation and a sharply depreciated naira, Nigerians significantly increased spending on foreign education and healthcare services in the first half of 2025.
An analysis of data from the Central Bank of Nigeria’s (CBN) Quarterly Statistical Bulletin by Vanguard shows that spending on foreign education and health services rose by 19 per cent year-on-year to $1.73 billion in H1 2025, the highest level recorded in four years.
The data reveal a steady recovery in offshore spending following the COVID-19 downturn. After a four-year, pandemic-induced decline of about 74 per cent — from $4.347 billion in H1 2019 to $1.14 billion in H1 2023 — spending rebounded by 21.6 per cent to $1.457 billion in H1 2024. The upward trend continued in H1 2025 with a further 19 per cent increase.
Breakdown of the figures shows that expenditure on foreign education rose by 15 per cent to $340.94 million in H1 2025, up from $296.63 million in H1 2024.
Similarly, spending on foreign healthcare services climbed by 16.7 per cent to $1.733 billion from $1.16 billion in the corresponding period of 2024.
Overall, Nigerians spent $578 million more on foreign education and healthcare over two years, representing a 50 per cent increase between H1 2024 and H1 2025.
This surge occurred despite the naira losing over 99 per cent of its value within the same period, as the exchange rate weakened to about ₦1,553 per dollar at the end of H1 2025, compared with ₦769 per dollar in H1 2023.
Stakeholders React
The growing outflow of foreign exchange has drawn sharp criticism from stakeholders, particularly in the education and health sectors.
Describing the trend as a national embarrassment, the National President of the Congress of University Academics (CONUA), Dr. Niyi Sunmonu, said the figures reflect a deep loss of confidence in Nigeria’s university system.
“It is a sad commentary and a total indictment of our university education system. If foreign exchange liberalisation has led to massive naira devaluation and yet we see this level of spending on foreign education, it shows a lack of confidence in our system,” he said, calling for a thorough investigation.
On the healthcare side, Dr. Akinola Akinmade, Deputy Medical Director of Afe Babalola University Multi-System Hospital (ABUAD-MSH), attributed the rising medical tourism to structural weaknesses in local healthcare delivery.
“The surge reflects critical gaps in the local healthcare system, including limited access to specialised care, outdated infrastructure, and growing mistrust in domestic healthcare delivery,” he said.
According to him, the major medical conditions driving Nigerians abroad include cardiac surgeries, cancer treatment and kidney transplant procedures.
Analysts warn that unless Nigeria urgently addresses quality, capacity and trust deficits in its education and healthcare systems, the country will continue to lose scarce foreign exchange, further straining the economy.
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