Nigeria's Medical Tourism Spending Plummets by 96.2% in First Half of 2025

Significant Contraction in Overseas Healthcare Expenditure

Nigeria's medical tourism spending witnessed a substantial decline of 96.2% in the first half of 2025 when compared to the corresponding period in 2024. This dramatic reduction is highlighted in recent data released by the Central Bank of Nigeria (CBN), indicating a significant shift in how Nigerians access international health services.

According to the CBN's report, medical tourism expenditure fell from $2.38 million in the first six months of 2024 to a mere $0.09 million in the first half of 2025. This represents an eye-watering contraction of $2.29 million.

Detailed Spending Breakdown

The CBN's figures provide a clear picture of the spending patterns over the two periods:

• In the first half of 2024, medical tourism spending totaled $2.38 million. This was largely influenced by an unusually high outlay of $2.30 million in January alone. Subsequent months saw a sharp decrease, with February recording $0.00 million, March $0.01 million, April $0.00 million, May $0.05 million, and June $0.02 million.
• Conversely, the first half of 2025 recorded significantly lower spending, amounting to just $0.09 million. January 2025 saw $0.06 million, followed by $0.00 million in February and March. April registered a marginal $0.01 million, May returned to $0.00 million, and June concluded with $0.02 million. No single month in 2025 exceeded the $0.06 million mark.

This stark contrast underscores a sustained contraction in outbound medical travel, rather than a temporary dip.

Key Factors Driving the Decline

Several factors are believed to have contributed to this sharp decline in medical tourism spending:

• Economic Pressures and Foreign Exchange Conditions: Analysts point to Nigeria's challenging economic climate, particularly tighter foreign exchange conditions, as a primary driver. The increased difficulty in obtaining foreign currency has made overseas medical treatments significantly more expensive and less accessible for many Nigerians.
• New Foreign Exchange Code: In January 2025, the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, introduced a new Foreign Exchange (FX) Code. This policy aims to enhance transparency and accountability in the FX market, which has reshaped access to foreign currency and reduced discretionary outflows, including those for overseas healthcare.
• Growth in Domestic Healthcare Capacity: A contributing factor is the growing reliance on domestic healthcare services. Over recent years, Nigeria has seen improvements in its local healthcare infrastructure, with new hospitals and medical facilities emerging across the country. Healthcare experts suggest that Nigeria's growing capacity to deliver advanced medical care locally is playing a role in this shift.

Implications for Nigeria's Healthcare Landscape

The sustained decline in outbound medical tourism suggests a major shift in Nigerians' healthcare-seeking behavior. It indicates that fewer individuals are opting to travel abroad for medical treatments, potentially due to financial constraints and an increasing trust in local alternatives.

This trend has significant implications for policymakers and stakeholders in both the healthcare and travel industries, who may need to reassess their strategies to address the evolving needs of Nigerian patients. While the decline presents challenges for the medical tourism market, it also highlights opportunities for growth and investment within Nigeria's domestic healthcare sector.