From January to September 2023, the Central Bank of Nigeria (CBN) allocated $1.81 billion for overseas medical and educational expenses, representing a 49.22% increase compared to the same period in 2022 ($1.21 billion).
Nigerians have increasingly sought healthcare and education abroad due to a combination of factors:
* **Healthcare:** Lackluster health infrastructure and limited access to specialized treatments.
* **Education:** Declining educational standards and the allure of international qualifications.
Despite the increase in expenditure, the allocation remains below the $2.49 billion allocated in 2021, reflecting the impact of falling foreign investment, oil production, and remittances.
CBN Governor Olayemi Cardoso has identified medical tourism and educational pursuits as major factors driving the demand for foreign currency.
In the 2022-2023 academic year, 17,640 Nigerian students were enrolled in US colleges, marking a 22.2% increase from the previous year. Nigeria ranks among the top 10 countries with the highest number of students studying in the US.
Medical travel is primarily driven by:
* Inadequate medical equipment and infrastructure.
* Lack of trust in domestic healthcare facilities. CONTINUE READING
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