Despite the sharp depreciation of the naira, Nigerians increased their spending on foreign education and healthcare by 26% in the first nine months of 2024, reaching $2.3 billion. This surge, driven by panic buying and front-loading of forex demand, highlights critical weaknesses in Nigeria’s education and healthcare systems. Experts argue that the trend reflects a lack of confidence in local institutions and calls for urgent reforms to address these deficiencies.
Stakeholders in the education sector, including ASUU and NAPTAN, describe the massive outflow of funds as a national embarrassment and an indictment of Nigeria’s university system. They argue that if even half of this expenditure were invested in local universities, significant improvements could be achieved. Similarly, medical professionals emphasize the need for systemic healthcare reforms to reduce medical tourism, citing poor infrastructure and limited access to specialized treatments as key factors driving Nigerians abroad for healthcare.
Experts suggest that the government should prioritize investments in education and healthcare to stem this capital flight. Proposed solutions include increased funding for universities, improved medical infrastructure, public-private partnerships, and attracting Nigerian-trained professionals back to the country. Without strategic interventions, the trend of seeking education and healthcare abroad is likely to persist, further weakening domestic institutions.
Source: Vanguard