Nigeria’s Medical Tourism Spending Drops 96.2% in H1 2025 — CBN

Nigeria’s spending on medical tourism dropped sharply by 96.2 per cent in the first half of 2025 compared with the same period in 2024, according to data from the Central Bank of Nigeria.

The report shows that medical tourism expenditure stood at $2.38m between January and June 2024, largely driven by an unusually high outflow of $2.30m in January. Spending then fell to near-zero levels for the rest of the period, recording $0.01m in March, $0.05m in May and $0.02m in June.

By contrast, total spending in the first half of 2025 was just $0.09m. January recorded $0.06m, while February and March saw no spending. Outflows rose slightly to $0.01m in April, dropped to zero in May, and increased to $0.02m in June.

Overall, medical tourism spending declined by $2.29m year-on-year, highlighting a significant slowdown in Nigerians’ overseas healthcare expenditure. Monthly figures in 2025 remained consistently low, with no month exceeding $0.06m, compared with the sharp January 2024 peak.

The sustained decline suggests a shift in outbound medical travel, possibly due to tighter foreign exchange conditions, greater reliance on domestic healthcare services, or broader economic and policy pressures.


In January 2025, CBN Governor Olayemi Cardoso introduced a new Foreign Exchange Code to strengthen transparency and accountability in the FX market. He said the code, alongside the Electronic FX Matching System launched in December 2024, aims to prevent practices that previously weakened market integrity, contributed to inflation and currency depreciation, and eroded public trust.

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