Nigeria’s spending on overseas medical treatment plunged sharply in the first half of 2025, declining by 96.2 per cent year-on-year, according to available data.
A comparison of both periods shows a contraction of $2.29 million, with medical tourism expenditure falling from $2.38 million in the first half of 2024 to just $0.09 million in the corresponding period of 2025.
The data reveal that January 2024 recorded an unusually high spending spike of about $2.30 million, accounting for the bulk of outbound medical expenses during that period, However, expenditure dropped steeply in subsequent months and failed to recover throughout 2025, signalling a sustained downturn rather than a temporary fluctuation.
Monthly figures for 2025 remained consistently low, with no single month exceeding $0.06 million in medical tourism spending, this contrasts sharply with the pattern observed in early 2024 and underscores a dramatic shift in Nigerians’ overseas healthcare consumption behaviour.
Analysts say the sustained decline suggests a major change in outbound medical travel patterns, potentially driven by tighter foreign exchange conditions, rising travel and healthcare costs abroad, and increased reliance on domestic medical services. Broader economic pressures, including inflation and weakened purchasing power, may also be discouraging Nigerians from seeking treatment overseas.
The slowdown comes against the backdrop of sweeping reforms in Nigeria’s foreign exchange market. In January 2025, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, launched a new Nigerian Foreign Exchange Code aimed at strengthening transparency, accountability and ethical conduct in the FX market.
Cardoso explained that the FX Code follows the introduction of the Electronic Foreign Exchange Matching System in December 2024 and is designed to address longstanding governance gaps that undermined market integrity.
He warned against a return to past practices, including multiple exchange rates and excessive ways-and-means financing, which he said fuelled inflation, currency depreciation and eroded public confidence.
