Despite the over 30 per cent depreciation of the naira, Nigerians increased spending on foreign education and health services by 26 per cent, to $2.3 billion in the first nine months of 2024.
This upsurge in spending, according to stakeholders in the education and health sectors, is an indictment on the country’s university system and a reflection of critical gaps in the local health care system.
Financial Vanguard analysis of data from the Central Bank of Nigeria, CBN, Statistical Bulletin revealed that spending on foreign education rose by 26.5 per cent, YoY, to $1.8 billion in first nine months of 2024, 9M’24, from $1.44 billion in same period of 2023, 9M’23.
Similarly, spending on foreign health services rose by 24.8 per cent, YoY, to $465.67 million in 9M’24 from $366.05 million in 9M’23.
Consequently, spending on both services rose by 26.6 per cent to $2.387 billion in 9M’24 from $1.81 billion in 9M’23.
