Nigerians spent $1.44bn on foreign education in the first half of 2026, marking a 3.51% rise from the $1.39bn recorded in the same period of 2025, according to the Central Bank of Nigeria (CBN) Balance of Payments statistics.
The figure represents an additional $48.85 million in education-related foreign exchange outflows between January and June 2026.
Education spending accounted for 50.5 percent of Nigeria’s total travel-related foreign exchange outflows, which stood at $2.85 billion during the period.
A quarterly breakdown of how Nigerians spent the $1.44bn on education showed that spending rose by 10 percent, from $686.54 million in the first quarter of 2026 to $755.19 million in the second quarter.
However, second-quarter spending fell 5.62 percent below the $800.16 million recorded in the same quarter of 2025. The stronger first-quarter performance was enough to lift the half-year total above the 2025 level.
Overall, Nigeria’s travel-related foreign exchange outflows declined by 3.47 percent, from $2.95 billion in the first half of 2025 to $2.85 billion in the review period.
A drop in personal travel expenditure drove the decline, even as spending on foreign education rose.
Further analysis showed that education accounted for 59.1 percent of the $2.44 billion spent on personal travel abroad during the period.
Spending on health-related travel stood at $341.28 million in the first half of 2026, marginally higher than the $340.94 million recorded a year earlier.
This means outlays on foreign education were more than four times the amount spent on medical travel.
The figures underscore the sustained appetite for overseas education among Nigerian families, despite rising tuition fees, accommodation costs and foreign exchange pressures.
At an approximate official exchange rate of ₦1,400 to the dollar, the $1.44 billion spent on overseas education equates to about ₦2.02 trillion. This amount exceeds half of the Federal Government’s ₦3.52 trillion allocation to education in the 2026 national budget.Businessday
The sustained rise in foreign education spending underscores continued preference among Nigerian households for international degrees, specialised courses, and global opportunities despite high tuition, accommodation costs, and foreign exchange pressures. Analysts note that this outflow places ongoing demand on the country’s foreign reserves at a time when authorities prioritise currency stability.
The data also renews focus on domestic education quality and capacity. While Nigerian families continue to invest heavily abroad, improving local tertiary institutions remains critical to reducing education-related capital flight and retaining talent.
CBN’s latest Balance of Payments figures reaffirm that foreign education remains the dominant component of Nigeria’s travel-related external payments in 2026.
