Nigerians spent a total of $2.41 million on medical tourism in 2024, indicating a significant drop from the $3.82 million expended in 2023.
The data, sourced from the Central Bank of Nigeria’s sectoral utilisation report for transactions valid for foreign exchange, shows a 36.91 per cent decline year-on-year in the amount Nigerians spent on overseas medical care.
A breakdown of the report revealed that Nigerians spent $2.38 million on health-related services abroad between January and June 2024. In contrast, the figure for the second half of the year nosedived to $0.03 million.
Specifically, in January 2024 alone, $2.30 million was spent, accounting for the bulk of the annual expenditure.
The following months saw a drastic reduction: February recorded no spending, March saw $10,000, April had none, while May and June recorded $50,000 and $20,000 respectively.
In the latter half of the year, no foreign medical expenses were recorded in July, August, and October. September accounted for $10,000, and the same amount was recorded in both November and December.
In comparison, the 2023 data showed a more consistent monthly spending pattern. January, February, and March 2023 recorded $340,000, $320,000, and $380,000 respectively.
The figures peaked in May 2023 with $1.28 million and closed the year at $280,000 in December.
Healthcare experts have linked the decline in foreign medical expenditure to a combination of factors, including the naira’s volatility, tighter forex policies, and possibly improved access to local healthcare services in select urban centres.
However, critics argue that the decrease might not necessarily reflect better healthcare delivery in Nigeria but rather growing difficulties in accessing foreign exchange for overseas treatment.
The persistent trend of medical tourism has long drawn criticism from stakeholders who argue that investing in the domestic health sector would reduce the need for outbound medical trips, save foreign exchange, and boost public confidence in local medical institutions.
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