In 2024, Nigerians spent $2.41 million on medical tourism, a decrease of 36.91% from $3.82 million in 2023, according to a report by Saturday PUNCH. The Central Bank of Nigeria confirmed this reduction. Significant spending occurred in early 2024, while later months showed minimal expenditures.
In a recent report published by Saturday PUNCH, it has been revealed that Nigerians spent approximately $2.41 million on medical tourism in 2024. This figure marks a notable decline when compared to the $3.82 million spent in 2023. Specifically, there was a decrease of $1.41 million, which translates to a 36.91% drop in spending on foreign healthcare services this past year.
The Central Bank of Nigeria corroborated these findings in its report concerning expenditures on health-related and social services, highlighting a significant reduction in foreign exchange transactions related to medical treatments abroad. Interestingly, analysis of the data indicates that the sum spent on these services in the first half of 2024 was substantially higher compared to the latter half of the year.
To be specific, a total of $2.38 million was allocated for medical tourism from January to June, while only $0.03 million was recorded from July to December. The monthly breakdown reveals that January saw the highest expenditure, with $2.30 million, followed by negligible amounts over the next several months. For February and April, no spending was reported; March saw $0.01 million; May had $0.05 million; and June accounted for $0.02 million.
Interestingly, during the second half of the year, no spending occurred in July and August, while a slight expenditure of $0.01 million was recorded in September. October once again showed no spending, before November and December each recorded just $0.01 million.
For comparative context, the spending patterns in 2023 indicate a higher volume of activity throughout the year. In that year, the amounts allocated varied month by month, starting with $0.34 million in January and culminating in $0.28 million by December.
In sum, the decline in medical tourism expenditure by Nigerians in 2024 reflects a significant change in trends from the previous year. With an overall spending of only $2.41 million, down from $3.82 million in 2023, the data suggests potential shifts in healthcare sourcing or prioritization. This could indicate a need for continued monitoring of healthcare accessibility and affordability within Nigeria.
Original Source: punchng.com
