Despite soaring inflation, a weak naira, and a worsening cost-of-living crisis, Nigerians spent a staggering $1.73 billion on foreign education and healthcare in the first half of 2025 (H1’25) — a 19 percent increase from the previous year and the highest level in four years, according to data from the Central Bank of Nigeria (CBN).
A Vanguard analysis of the CBN’s quarterly statistical bulletin revealed a steady rise in dollar outflows for education and health-related expenses abroad, underscoring the deepening loss of confidence in Nigeria’s domestic systems.
After a COVID-induced 74 percent drop in 2020, spending began to rebound — climbing from $1.14 billion in H1’23 to $1.46 billion in H1’24, and now surging to $1.73 billion in H1’25.
A breakdown shows that foreign education spending rose 15 percent year-on-year to $340.94 million, while medical-related expenses abroad increased 16.7 percent to $1.39 billion within the same period.
Overall, Nigerians’ expenditure on foreign education and healthcare jumped 50 percent (about $578 million) between H1’23 and H1’25 — despite a 99 percent depreciation of the naira, from ₦769/$1 in mid-2023 to ₦1,553/$1 by June 2025.
The persistent rise in offshore spending has drawn harsh criticism from education and health sector stakeholders, who describe it as a “national embarrassment” and a glaring indictment of the country’s failing public institutions.
Dr. Niyi Sunmonu, National President of the Congress of University Academics (CONUA), lamented:
“This is a sad commentary on our education system. Even after the devaluation of the naira, Nigerians continue to send billions abroad for education. It shows a complete loss of faith in our universities.”
Similarly, Dr. Akinola Akinmade, Deputy Medical Director at Afe Babalola University Multi-System Hospital (ABUAD-MSH), blamed the surge in medical tourism on “critical weaknesses” in Nigeria’s health infrastructure.
“Our hospitals lack specialised care, modern equipment, and public trust,” he said. “Most Nigerians going abroad seek cardiac surgeries, cancer treatment, or kidney transplants — conditions that should be treatable at home if facilities were adequate.”
Analysts say unless urgent reforms are implemented to revive the education and health sectors, Nigeria will continue to lose billions of dollars annually — further weakening the naira and draining scarce foreign reserves.
