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

…as personal travel outflows decline

Nigerians spent $1.44 billion on foreign education in the first half of 2026, accounting for 50.5 percent of the country’s total travel-related foreign exchange outflows of $2.85 billion, data from the Central Bank of Nigeria (CBN) has shown.

The figure represents a 3.51 percent increase from the $1.39 billion spent in the corresponding period of 2025, an additional $48.85 million, according to the apex bank’s Balance of Payments statistics.

A quarterly breakdown shows education-related spending rose by 10 percent, from $686.54 million in the first quarter of 2026 to $755.19 million in the second quarter.

However, second-quarter spending fell 5.62 percent below the $800.16 million recorded in the same quarter of 2025. The stronger first-quarter performance was enough to lift the half-year total above the 2025 level.

Overall, Nigeria’s travel-related foreign exchange outflows declined by 3.47 percent, from $2.95 billion in the first half of 2025 to $2.85 billion in the review period.

A drop in personal travel expenditure drove the decline, even as spending on foreign education rose.

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

Spending on health-related travel stood at $341.28 million in the first half of 2026, marginally higher than the $340.94 million recorded a year earlier.

This means outlays on foreign education were more than four times the amount spent on medical travel.

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

In perspective, the federal government allocated N3.52 trillion to education in the 2026 national budget. At an exchange rate of N1,400 to the dollar, the $1.44 billion spent on foreign education in the first six months is about N2.02 trillion, more than half of that allocation.