Nigerian Medical Tourism Spending Crashes 96% in 2025 – CBN

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Nigeria has witnessed a staggering contraction in its international medical tourism spending, marking a pivot in the nation’s financial and healthcare trajectory. 

According to the latest data released by the Central Bank of Nigeria (CBN) on January 3, expenditure for outbound medical care fell by a massive 96.2% in the first half of 2025 compared to the same period in 2024.

The report, which tracks capital outflows from January to June, reveals that the total spend for the first six months of 2025 reached a mere $0.09 million. This stands in stark contrast to the $2.38 million recorded during the same timeframe in 2024, representing a total contraction of $2.29 million.

The 2024 data was characterised by an unusually high spike at the beginning of the year. In January 2024 alone, Nigerians spent $2.30 million on foreign medical services. However, this figure proved to be an anomaly, as spending dropped to zero in February and remained subdued mainly for the remainder of that year, fluctuating between $0.00m and $0.05m.

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In 2025, the “January spike” failed to materialise. Spending for January 2025 opened at a modest $0.06 million and remained near zero for much of the half-year. While April and June saw marginal activities of $0.01 million and $0.02 million, respectively, the overall trend points toward a sustained withdrawal from the international healthcare market.

Analysts suggest this decline is not merely a change in travel preference but a direct result of aggressive fiscal reforms and tightening foreign exchange conditions. A significant milestone in this shift was the launch of the Electronic Foreign Exchange Matching System in late 2024, followed by the introduction of a new Foreign Exchange Code in January 2025.

The governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, has been at the forefront of these changes, emphasising the need for transparency and the elimination of the “multiple exchange rate” system that previously distorted the market. By tightening the taps on FX and enforcing stricter governance, the CBN has inadvertently, or perhaps intentionally, discouraged non-essential outbound capital flight.

The Governor has been vocal about the necessity of these hardships to ensure long-term stability. During the launch of the FX Code, Cardoso reflected on the damage caused by previous administrative styles, warning against a return to the status quo.

“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, significantly damaged market integrity. Practices such as unprecedented financing methods contributed to inflation, currency depreciation, and the erosion of public confidence. These practices must never return,” Cardoso warned.

While the decline in spending might suggest economic pressure, it also presents an opportunity for the Nigerian domestic healthcare sector. As the cost of seeking treatment abroad becomes prohibitive due to FX scarcity and high exchange rates, more Nigerians are turning toward local private and public institutions. If the government can match this decrease in outbound spending with an increase in domestic investment in healthcare infrastructure, this “spending slump” could become a catalyst for a revitalised national health system.

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Frequently Asked Questions (FAQs) And Answers 

Why did Nigeria’s medical tourism spending drop so sharply in 2025?

The 96.2% decline is primarily attributed to stricter Foreign Exchange (FX) controls, the unification of exchange rates, and the implementation of the New FX Code by the CBN, which has made outbound capital transfers more transparent and regulated.

How much was spent on medical tourism in H1 2025?

The total expenditure for the first half of 2025 was $0.09 million, compared to $2.38 million in the first half of 2024.

What is the “Foreign Exchange Code” mentioned by Governor Cardoso?

Launched in January 2025, the code is a set of enforceable standards designed to promote ethical conduct, governance, and transparency in the Nigerian foreign exchange market to prevent market manipulation.

Does this mean Nigerians are healthier or just spending less?

The data reflects financial transactions through official channels. It suggests that economic barriers and policy shifts are limiting overseas healthcare spending, rather than a direct change in the population’s health status.