Nigerians’ Medical Tourism Spending Drops to $2.41 Million in 2024
Nigerians spent about $2.41 million on medical tourism in 2024, a 36.91% decrease from $3.82 million in 2023. The Central Bank of Nigeria reported this notable decline, highlighting that spending was significantly higher in the first half of 2024 compared to the second half, which reflects a potential shift in health service trends.
In a recent analysis conducted by Saturday PUNCH, it is reported that Nigerians allocated approximately $2.41 million on medical tourism from January to December 2024. This figure indicates a notable decrease from the $3.82 million that was spent in the previous year, which translates to a decline of about 36.91% in medical tourism expenditures.
The Central Bank of Nigeria has validated these findings in its report covering the usage of foreign exchange for health-related and social services. It appears that spending on foreign healthcare was significantly higher in the first half of 2024, totaling about $2.38 million, compared with a mere $0.03 million in the latter half.
A closer look at the monthly spending reveals some interesting trends. In January alone, a sizeable amount of $2.30 million was recorded, but February through June displayed minimal activity, with March showing just $0.01 million, and the spending continuing to dwindle in April and May.
A pattern of inactivity is notable in the latter part of the year, with July and August showing no expenditures at all. Subsequently, in September, only $0.01 million was spent, followed by more minimal activity in October through December, where consistently $0.01 million was spent each month.
In contrast, the expenditures for medical tourism in 2023 had a more dynamic pattern. January recorded $0.34 million, and there were varying amounts in February through May, peaking at $1.28 million. Spending fluctuated throughout the year, reflecting changes in demand and possibly shifting health priorities.
Ultimately, this decline in medical tourism expenditure signals potential shifts in healthcare strategies or economic factors influencing Nigeria’s investment in foreign medical services.
The drop in Nigerians’ expenditure on medical tourism in 2024, which totaled approximately $2.41 million, down from $3.82 million in 2023, suggests a significant change in health service trends. Monthly analysis highlights that the majority of spending occurred in the first half of the year, with a striking decrease in the latter half. Overall, the data indicates shifting healthcare needs or perhaps budgetary constraints facing many citizens.
Original Source: punchng.com
