Nigerian expenditure on health tourism, foreign education, and personal matters totaled $1.58 billion in the first half of 2023, as per data from the Central Bank of Nigeria.
During this period, $245.68 million was allocated to overseas health-related issues, $896.09 million to foreign education, and $434.63 million to various personal foreign needs.
Experts note that medical tourism and foreign education contribute to increased foreign exchange demand, with inadequate health infrastructure being a primary factor driving Nigerians to seek services abroad.
Given the challenging economic and security conditions in Nigeria, the trend of Nigerians seeking education abroad has become increasingly common.
The recent Open Doors Report by the Washington-based Institute of International Education highlighted a rise in the number of Nigerian students studying in the United States, reaching 17,640 in the 2022/2023 academic session compared to 14,438 in the previous session.
In 2022, spending on foreign education by Nigerians amounted to approximately $1.01 billion, marking a notable 40.36 percent increase from the $720.05 million spent in 2021.
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