Nigeria’s Business Travel FX Spending Surges 366% to $672M Amid Growing Global Engagement
Nigeria has witnessed a remarkable surge in foreign exchange (FX) spending for business travel, with expenditures reaching $672.27 million in the first nine months of 2025—a 366% increase from $144.19 million in the same period of 2024. The spike comes as more Nigerians gain access to FX, enabling them to travel abroad for meetings, conferences, training, and other work-related activities. According to the Central Bank of Nigeria’s (CBN) December 2025 Quarterly Statistics, this jump signals renewed confidence in international business engagements.
Quarterly data shows spending rose steadily in 2025, starting at $231.7 million in Q1, $234.56 million in Q2, and moderating slightly to $205.97 million in Q3. By contrast, 2024 saw business travel spending decline from $77.33 million in Q1 to $20.24 million in Q3. These figures, captured in the Balance of Payments under services, include payments for accommodation, local transport, and meals abroad, but exclude airfare. The trend highlights how easier access to FX has strengthened Nigerians’ ability to conduct international business.
Experts see the increase as a positive indicator of Nigeria’s growing connectivity with the global economy. Dr. Muda Yusuf, Director of the Centre for Promotion of Private Enterprise (CPPE), noted that higher travel spending reflects stronger confidence in international trade and improved FX stability. “If there is no trade, there will not be travel. The surge in business travel demonstrates that Nigerian businesses are actively engaging with global partners,” he explained, emphasizing the relationship between international transactions and physical movement.
While the growth signals optimism, analysts caution that rising travel expenditures also carry financial risks. Prof. Segun Ajibola, former Chairman of the Chartered Institute of Bankers of Nigeria, explained that the 366% jump could strain company budgets. “Business travel costs are expenses, but if driven by expansion, they can boost economic output by increasing business volumes and contributing to GDP,” he said. Adewale Oyerinde, Director-General of NECA, added that high travel costs could put pressure on foreign reserves and affect profit margins for multinationals and exporters relying on global supply chains.
Despite these challenges, the surge in FX spending underscores a resilient Nigerian economy increasingly integrated into global markets. Improved FX liquidity and stable exchange rates in 2025 have enabled businesses to invest in international engagements, fostering trade and partnerships. Analysts note that while companies must navigate rising costs, the overall trend signals stronger international ties and renewed business confidence that could benefit Nigeria’s long-term economic growth.
source: punch