New data from the Central Bank of Nigeria (CBN) reveals that Nigerians expended a total of $1.58 billion on foreign medical tourism, education, and personal matters within the first six months of 2023. The breakdown of the expenses indicates that $245.68 million was spent on overseas health-related issues, $896.09 million on foreign education, and $434.63 million on various other personal foreign needs.
The data, extracted from the CBN’s Balance of Payment compilation, sheds light on the increasing financial strain caused by medical tourism and foreign education on the country’s foreign exchange demand. Nigerians have been seeking medical treatment abroad and pursuing education in foreign institutions due to perceived deficiencies in local health infrastructure and economic challenges.
Experts note that the lack of confidence in domestic medical facilities, attributed to inadequate infrastructure and outdated equipment, has been a driving factor for Nigerians seeking health services abroad. Dr. Obinna Ogbonna, the National Vice Chairman of the Joint Health Sector Unions, emphasizes the need for significant improvements in Nigeria’s health centers to curb the trend of medical tourism.
In an effort to address the issue, a bill proposing a seven-year jail term or a fine of N500 million for those engaging in medical tourism recently passed a second reading in the House of Representatives. The goal is to encourage the development of standard infrastructure and up-to-date equipment in local medical facilities.
Similarly, the exodus of Nigerians for foreign education has become a common practice amid economic challenges and security concerns in the country. The Open Doors Report by the Institute of International Education in Washington revealed a notable increase in the number of Nigerian students studying in the United States. In the 2022/2023 academic session, the count rose to 17,640 from the previous session’s 14,438.
This trend has prompted concerns, and the government is taking steps to address the situation. The 2024 budget allocated N1.33 trillion to the health sector, marking a 23.15 percent increase from the previous year. While efforts are underway to reverse the trend of medical tourism and enhance local health facilities, the economic challenges and security situation continue to drive Nigerians towards foreign shores for medical treatment and education.
