The Central Bank of Nigeria (CBN) has released a new report revealing a significant drop in medical tourism spending during President Bola Ahmed Tinubu’s first 22 months in office. The data, published in the CBN’s latest Quarterly Statistical Bulletin, shows that Nigerians spent approximately $4.74 million on foreign healthcare services between May 2023 and March 2025 — a 52% reduction from the $9.83 million recorded during the same period under President Muhammadu Buhari.
This decline marks a notable shift in Nigeria’s healthcare expenditure patterns and suggests growing confidence in domestic medical services.
The Tinubu administration has prioritized healthcare reform as part of its Renewed Hope Agenda, with initiatives focused on upgrading federal medical centers, expanding health insurance coverage, and incentivizing private sector participation in the health sector.
“This trend is encouraging,” said a senior official at the Federal Ministry of Health. “It reflects the impact of strategic investments and policy reforms aimed at strengthening our healthcare system and reducing dependence on foreign medical services.”
However, experts caution that while the decline in medical tourism spending is promising, it must be matched by sustained improvements in service delivery, affordability, and patient outcomes within Nigeria.
The CBN report also highlights broader implications for Nigeria’s foreign exchange reserves, as reduced medical tourism spending helps conserve hard currency and ease pressure on the naira.