Nigerians spent $185 million on foreign (medical) health services in the first half of 2022; a 65% decrease from the $528 million spent in the same period in 2021.
Nigerians’ spending on foreign medical services fell significantly in 2020, as travel restrictions were imposed and the disease’s prevalence increased in other developed countries.
Nigerians spent $1 billion on foreign health-related expenses in 2020, up from $2.6 billion in 2019. It fell to $615 million in 2021 and may fall even further in 2022.
Meanwhile, due to a lack of trust and inadequacies in the Nigerian health sector, Nigerians have a penchant for traveling abroad for medical services.
Regardless of the decrease in foreign medical expenses, the underlying factors driving the massive capital flight remain; and would necessitate immediate attention, as continued spending on imported services burdens the country’s balance of payment; and, as a result, piles more pressure on the exchange rate.