Nigeria’s foreign education outflows increased to $1.44 billion in the first half of 2026, up from $1.39 billion recorded in the corresponding period of 2025, reflecting sustained demand for overseas education amid foreign exchange pressures.
Data from the Central Bank of Nigeria’s (CBN) Balance of Payments statistics showed that education-related spending rose by $48.85 million, representing a 3.51 per cent year-on-year increase.
The amount accounted for 50.5 per cent of Nigeria’s total travel-related foreign exchange outflows of $2.85 billion during the six-month period.
A quarterly breakdown showed that spending on foreign education increased by 10 per cent to $755.19 million in the second quarter of 2026 from $686.54 million in the first quarter.
However, the second-quarter figure was 5.62 per cent lower than the $800.16 million recorded in the corresponding period of 2025. The stronger first-quarter performance supported the overall increase in first-half expenditure.
Despite the rise in education-related payments, Nigeria’s total travel-related foreign exchange outflows declined by 3.47 per cent to $2.85 billion in H1 2026 from $2.95 billion in the same period of 2025.
The decline was driven by lower personal travel expenditure, which offset the increase in spending on education abroad.
Further analysis of the CBN data showed that education-related expenses accounted for 59.1 per cent of the $2.44 billion spent on personal travel abroad during the review period.
Meanwhile, foreign health-related travel expenditure stood at $341.28 million in H1 2026, marginally higher than the $340.94 million recorded a year earlier.
This placed spending on foreign education at more than four times the amount spent on medical travel during the period.
The figures highlight the scale of foreign exchange demand associated with overseas education, including tuition fees and other education-related expenses, as Nigerian households contend with rising costs and currency pressures.
In comparison, 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 half of the year translates to approximately N2.02 trillion.
The estimated naira equivalent represents more than half of the Federal Government’s annual education allocation, illustrating the scale of private spending on education-related services abroad relative to public budgetary provision for the domestic education sector.
The CBN’s Balance of Payments statistics provide data on Nigeria’s external transactions, including payments for travel-related services, and offer an indication of the foreign exchange demand associated with Nigerians’ overseas activities.