Nigerians Spend $2.41 Million on Medical Tourism in 2024, Reports Show

In 2024, Nigerians spent $2.41 million on medical tourism, a 36.91% decrease from $3.82 million in 2023. The Central Bank confirmed this reduction, highlighting that most spending occurred in the first half of 2024, with January alone accounting for significant outflows. The latter half of the year saw a dramatic dip in expenditures.

A recent report by Saturday PUNCH has revealed that Nigerians spent approximately $2.41 million on medical tourism in 2024. This signifies a sharp decline from the $3.82 million allocated for foreign healthcare services in 2023, which translates to a notable 36.91% reduction in spending. The Central Bank of Nigeria corroborated these findings in their analysis of expenditures related to health and social services conducted with foreign exchange transactions.

The data indicates a significant disparity in spending across the year. For the first half of 2024, a substantial portion of $2.38 million was accounted for, whereas the latter half only saw expenditures of $0.03 million. An examination of the monthly breakdown suggests that the highest spending occurred right at the year’s start, with January recording $2.30 million. The subsequent months displayed minimal spending, with February and April reporting no expenditures at all.

Throughout the remaining months, the spending continued to dwindle. There were no expenditures in July and August 2024, followed by a mere $0.01 million in September. October saw no recorded spending again, and it was not until November that spending returned, albeit at just $0.01 million. This pattern of minimal expenses continued through to December, with $0.01 million reported once more.

In contrast, the spending trends for 2023 exhibited more consistent activity. January began with $0.34 million, followed by steady amounts in February and March at $0.32 million and $0.38 million, respectively. April’s expenditure increased to $0.50 million, culminating at $1.28 million in May. Following a dip back to $0.31 million in June, July 2023 marked a low with just $0.01 million spent. Afterward, there were fluctuations in spending until a peak of $0.28 million was reached at the end of December.

This significant decline in medical tourism spending by Nigerians raises questions about access to healthcare services domestically and the choices individuals make regarding their health needs. The overall trends point to a marked shift and potentially reflect either economic adjustments or changing health service preferences within the nation.

In conclusion, the financial commitment of Nigerians toward medical tourism has markedly decreased in 2024, down to $2.41 million from $3.82 million in 2023—a reduction of 36.91%. Spending trends indicate that expenditures were heavily front-loaded in the earlier part of the year, while the latter half experienced minimal outflows. This could suggest shifts in healthcare strategies, or greater reliance on domestic services as individuals navigate their options.

Original Source: punchng.com