Nigeria’s expenditure on medical tourism dropped sharply by 96.2 per cent in the first half of 2025 when compared with the same period in 2024, according to fresh data released by the Central Bank of Nigeria covering January to June of both years.
The report, obtained by our correspondent on Saturday, revealed that medical tourism spending in the first six months of 2024 amounted to $2.38m, a figure largely driven by a substantial outlay recorded at the beginning of the year.
Data from the apex bank showed that spending on overseas medical services opened strongly in January 2024 at $2.30m before plunging to $0.00m in February.
Expenditure remained subdued in March 2024 at $0.01m, dropped again to $0.00m in April, edged up slightly to $0.05m in May, and eased to $0.02m in June.
In contrast, medical tourism spending in the first half of 2025 was significantly lower, with total expenditure standing at just $0.09m over the six-month period.
A breakdown of the figures indicated that spending in January 2025 was $0.06m, followed by $0.00m in both February and March.
Expenditure rose marginally to $0.01m in April 2025, declined again to $0.00m in May, and increased slightly to $0.02m in June.
A comparison of both periods showed a contraction of $2.29m, representing a 96.2 per cent year-on-year decline in medical tourism spending between the first halves of 2024 and 2025.
The data highlighted that while January 2024 recorded an unusually high spike in spending, expenditure declined sharply thereafter and failed to recover meaningfully throughout 2025.
Monthly figures for 2025 remained consistently low, with no single month exceeding $0.06m, in stark contrast to the $2.30m peak recorded in January 2024.
The sustained downturn points to a significant shift in outbound medical travel patterns, potentially reflecting tighter foreign exchange conditions, increased utilisation of domestic healthcare services, or policy and economic pressures constraining overseas medical spending.
Overall, spending on medical tourism declined by $2.29m, falling from $2.38m in the first half of 2024 to just $0.09m in the corresponding period of 2025, underscoring a pronounced slowdown in Nigerians’ overseas healthcare expenditure.
In January 2025, the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, introduced a new Foreign Exchange Code aimed at improving transparency and accountability in the foreign exchange market.
Cardoso explained that the Nigerian FX Code, which followed the launch of the Electronic Foreign Exchange Matching System in December 2024, establishes clear and enforceable standards for ethical conduct and governance in the FX market, addressing longstanding challenges that previously undermined market integrity.
“We must not forget where we are coming from. The era of multiple exchange rates, which created privileges for a select few at the expense of most Nigerians, inflicted significant damage on market integrity.
“Practices such as unprecedented ways and means financing contributed to inflation, currency depreciation, and eroded public confidence. These practices must never return,” Cardoso warned.
