Nigerians spend $1.44bn on foreign education in H1 2026 – CBN

From Adanna Nnamani, Abuja

Nigerians spent $1.44 billion on foreign education in the first half of 2026, accounting for 50.5 per cent of the country’s total travel-related foreign exchange expenditure of $2.85 billion.

The figure represents a 3.51 per cent increase from the $1.39 billion spent in the corresponding period of 2025.

Data from the Central Bank of Nigeria’s (CBN) Balance of Payments statistics showed that Nigerians spent an additional $48.85 million on education abroad in the six months.

The data showed that education-related spending rose from $686.54 million in the first quarter of 2026 to $755.19 million in the second quarter, representing a 10 per cent increase.

However, spending in the second quarter was lower than the $800.16 million recorded in the corresponding period of 2025.

The figure represents a 5.62 per cent decline from the previous year.

Despite the second-quarter drop, the increase recorded in the first quarter pushed total education spending for the first half of 2026 above the level recorded in 2025.

Overall, Nigeria’s travel-related foreign exchange outflows fell by 3.47 per cent from $2.95 billion in the first half of 2025 to $2.85 billion in the same period of 2026.

The decline came as personal travel expenditure dropped, even though spending on foreign education increased.

Further analysis of the data showed that education expenses accounted for 59.1 per cent of the $2.44 billion spent on personal travel abroad during the period.

Meanwhile, Nigerians spent $341.28 million on health-related travel in the first half of 2026, slightly above the $340.94 million recorded in the corresponding period of 2025.

This means spending on foreign education was more than four times the amount spent on medical travel.

The figures highlight the demand for overseas education among Nigerian families despite rising tuition fees, accommodation costs and foreign exchange pressures.

The Federal Government allocated ₦3.52 trillion to education in the 2026 national budget.

At an exchange rate of ₦1,400 to the dollar, the $1.44 billion spent on foreign education in the first half of the year is equivalent to about ₦2.02 trillion.

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