Foreign Medical, School Bills Gulped $1.58bn in Six Months – CBN

Nigerians spent $1.58bn on health tourism, foreign education, and other personal matters in six months, data from the Central Bank of Nigeria have revealed.

The data from the apex bank’s Balance of Payment compilation spanning the first six months of 2023 showed that Nigerians spent $245.68m on overseas health-related issues, $896.09m on foreign education, and $434.63m on other personal foreign needs.

The apex bank, in an explanatory note titled, Note D, defined Balance of Payments as “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”

Medical tourism and foreign education have continued to put pressure on foreign exchange demand in the country, according to experts.

Poor health infrastructure has been cited as one of the reasons why Nigerians travel abroad for proper health services.