The Governor of the Central Bank of Nigeria, Olayemi Cardoso, revealed that Nigerians expended a staggering $39.56 billion on education and medical tourism between 2010 and 2020. Speaking before Nigerian lawmakers, Cardoso highlighted that over 100 Nigerian students studying abroad accounted for $28.5 billion of this expenditure, while medical tourism incurred a cost of $11.06 billion during the same period.
Cardoso’s statement comes against the backdrop of the naira’s recent depreciation to 1,500 per US dollar, before slightly rebounding to N1,419.86. This significant outflow of funds for foreign education and medical treatment has raised concerns about its impact on the nation’s economy and currency value.
The Central Bank’s publicly available Balance of Payments Statistics further underscore the substantial nature of these foreign education expenses, reaching $28.65 billion.
The revelation by Governor Cardoso brings to light the scale of Nigerians’ reliance on overseas educational opportunities and medical services, while also highlighting the associated financial implications for the nation.
