Nigerians have reportedly expended over $40 billion on education and healthcare overseas between 2010 and 2020, as stated by Central Bank Governor Oluyemi Cardoso on Tuesday.
Mr. Cardoso emphasized that the substantial number of Nigerians seeking education abroad and engaging in medical tourism are key factors straining the naira.
During his address to the House of Representatives, he highlighted the significant demand for dollars from these sectors, attributing it to the currency’s challenges.
The Central Bank chief also revealed that the population of Nigerian students studying abroad has surged, surpassing 100,000 students. Moreover, the expenditure on foreign education and medical treatment totaled over $40 billion within the specified timeframe.
In a related development, Mr. Cardoso noted that the amount spent on education and healthcare abroad exceeds Nigeria’s current foreign reserves.
In response to queries during the session, he clarified that the decision to relocate a CBN department to Lagos was operational, not political. Additionally, he deferred questions on the removal of items from the FX ban to the Minister of Finance.
Regarding recent reforms by President Bola Tinubu, particularly in the foreign exchange and petroleum sectors, Mr. Cardoso acknowledged the challenges, including inflationary pressures. However, he expressed optimism that these reforms would attract investors, thus stabilizing the FX market.
Despite assurances of improvement, the depreciation of the naira remains a concern, with a significant decline observed since Mr. Tinubu’s assumption of office.
