Nigeria’s spending on medical tourism has seen a dramatic decline of 96.2% in the first half of 2025 compared to the same period in 2024, according to recent data released by the Central Bank of Nigeria for January through June of both years.
The report indicates that medical tourism spending reached $2.38 million in the first six months of 2024, primarily driven by a significant outlay in January. Spending began the year at $2.30 million in January 2024 but dropped sharply to $0 million in February. It remained low in March at $0.01 million, dipped to $0 million in April, slightly rose to $0.05 million in May, and fell back to $0.02 million in June.
In contrast, spending during the first half of 2025 was markedly lower, totaling only $0.09 million. January 2025 saw an expenditure of $0.06 million, followed by $0 million in February and March. Spending edged up slightly to $0.01 million in April, fell back to $0 million in May, and rose to $0.02 million in June.
A comparison of the two periods reveals a sharp contraction of $2.29 million, representing a 96.2% decrease in medical tourism spending year-on-year between the first halves of 2024 and 2025. The trend shows that while spending spiked unusually in January 2024, it significantly tapered off afterward and failed to recover meaningfully in 2025.
Monthly figures in 2025 remained consistently low, with no month surpassing $0.06 million, in stark contrast to the $2.30 million peak recorded in January 2024. This sustained decline suggests a major shift in outbound medical travel patterns, potentially reflecting tighter foreign exchange conditions, increased utilization of domestic healthcare, or policy and economic pressures that limit overseas medical spending.
Overall, medical tourism expenditure fell by $2.29 million, declining from $2.38 million in the first half of 2024 to just $0.09 million in the same period of 2025, indicating a pronounced slowdown in Nigerians’ overseas healthcare spending.
In January 2025, the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, launched a new Foreign Exchange Code aimed at enhancing transparency and accountability in the foreign exchange market. Cardoso emphasized that the Nigerian FX Code, which follows the introduction of the Electronic Foreign Exchange Matching System in December 2024, establishes clear and enforceable standards for ethical conduct and governance in the foreign exchange market, addressing past challenges that undermined market integrity.
“We must not forget where we are coming from. The era of multiple exchange rates created privileges for a select few at the expense of most Nigerians and 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.
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