Nigeria Spends $40 Billion On Education And Healthcare Abroad In 10 Years

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Nigeria has used up a sum of $40 Billion in the last ten years to pay for schooling and medical care outside the country. That is as revealed by the head of the Central Bank of Nigeria (CBN), Yemi Cardoso. He talked about this during a meeting at the House of Representatives on Tuesday.

Cardoso gave a breakdown of how much money was spent, mentioning $28.65 Billion for foreign education and $11.01 Billion for medical treatment overseas between 2010 and 2020. He said this amount was more than what Nigeria currently has in foreign money reserves, weakening the naira.

He also said that the amount of goods and services Nigeria buys from other countries has gone up a lot. For example, in 1980, Nigeria spent $16.65 Billion, but by 2014, it was $67.05 Billion before dropping to $54.71 Billion last year. Food imports also went up from $2.99 Billion in 1980 to $14.84 Billion in 2019.

Cardoso also talked about the number of Nigerian students studying abroad, saying there are now over 100,000 with the biggest increase in those going to the United Kingdom.

Despite the reports, the apex bank governor believes Nigeria’s economy is getting better. He referenced the good reports from big international groups and banks, recommending that making big changes to fix Nigeria’s problems will help the economy.

 

 

 

 

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