Nigerians spend $1.44 billion on foreign education in H1 2026

Nigerians spent a total of $1.44 billion on foreign education-related travel in the first half of 2026, representing a 3.51% increase from the $1.39 billion recorded in the corresponding period of 2025.

Data from CBN Balance of Payments statistics shows the increase translates to an additional $48.85 million spent on education-related services abroad between January and June 2026.

This highlights the continued demand for international education among Nigerian households despite the financial pressures associated with tuition fees, accommodation, and foreign exchange costs.

What the data is saying

The data also shows that education-related payments accounted for 50.5% of Nigeria’s total travel-related foreign exchange outflows of $2.85 billion during the period. This means that more than half of the money spent on travel-related services abroad went towards education.

However, the increase in education spending occurred alongside a decline of 3.47% in overall travel outflows from $2.95 billion in H1 2025 to $2.85 billion in the review period, suggesting that education-related payments remained relatively resilient even as total expenditure on travel-related services moderated.

A breakdown of the data reveals that education-related outflows increased between the first and second quarters of the year.

In Q1 2026, Nigerians spent $686.54 million on education-related travel.
The figure rose to $755.19 million in Q2 2026, representing an increase of $68.65 million, or 10% quarter-on-quarter.
The stronger second-quarter performance indicates that demand for foreign education remained firm through the first half of the year despite elevated living costs and tighter household budgets.

On a year-on-year basis, education-related spending abroad reached $686.54 million in Q1 2026, significantly higher than the $592.71 million recorded in Q1 2025. This represents an increase of $93.83 million, or 15.83% year on year.

However, spending was reversed in the second quarter. Education-related outflows declined to $755.19 million in Q2 2026 from $800.16 million in Q2 2025, representing a decrease of $44.97 million, or 5.62%.
Despite the second-quarter decline, the strong performance in Q1 was sufficient to push first-half education spending above the level recorded a year earlier.

The figures suggest that the increase in H1 2026 education spending was concentrated in the first quarter, while the second quarter recorded a year-on-year moderation.

Education accounts for more than half of travel outflows

The data shows that education-related expenses accounted for a significant portion of Nigeria’s travel-related foreign exchange outflows during the review period.

Total travel-related outflows stood at $2.85 billion in H1 2026, compared with $2.95 billion in H1 2025. This represents a decline of $102.49 million, or 3.47%.

Of this figure, education-related payments contributed 50.5%, meaning more than half of all travel-related foreign exchange spending was linked to educational activities abroad.
In practical terms, for every $100 spent on travel-related services abroad during the first half of 2026, approximately $50.50 went towards education-related expenses.
Similarly, education expenses represented 59.1% of total personal travel outflows, which amounted to $2.44 billion during the six-month period.

This suggests that spending on tuition, accommodation, living expenses and other education-related costs remains one of the largest drivers of personal foreign exchange demand among Nigerians.

Education spending versus medical travel expenses

The data also highlights the glaring contrast between education-related and health-related foreign travel spending.

Health-related outflows totaled $341.28 million in H1 2026, up marginally from $340.94 million recorded in the same period of 2025.
This represents an increase of approximately $340,000, or 0.10%, indicating that health-related outflows remained broadly stable year on year.
The quarterly figures show that health-related spending increased from $151.53 million in Q1 2025 to $162.52 million in Q1 2026, representing a rise of 7.25%.

However, in Q2, health-related outflows declined from $189.41 million in 2025 to $178.77 million in 2026, a reduction of 5.62%.

In contrast, education-related spending of $1.44 billion was more than four times higher than medical travel spending, reinforcing the dominant role of education in personal foreign exchange outflows.

Within the personal travel category, health-related expenses accounted for a much smaller share, while education continued to absorb the bulk of overseas spending by Nigerian households, although they remain an important source of foreign spending for Nigerians seeking medical services abroad.

Total travel outflows decline despite higher education spending

Nigeria’s total travel-related outflows declined from $2.95 billion in H1 2025 to $2.85 billion in H1 2026, representing a decrease of approximately 3.47%.

The decline was largely reflected in personal travel outflows, which fell by 2.04%, while education-related payments increased by 3.51%.
Quarterly figures show that total travel outflows rose from $1.27 billion in Q1 2025 to $1.36 billion in Q1 2026, an increase of approximately 7.16%.
In Q2, however, travel-related outflows declined from $1.69 billion in 2025 to $1.49 billion in 2026, representing a fall of approximately 11.45%.
The second-quarter reduction was sufficient to outweigh the first-quarter increase, resulting in lower overall travel spending for the first half of the year.

The contrast between total travel outflows and education-related payments is noteworthy. While total travel spending declined, education spending continued to grow over the six-month period.

This suggests that education-related expenses remained a relatively firm component of Nigeria’s external payments, even as other travel-related expenditure moderated.

Backstory

Nairametrics previously reported that Nigerians spent a total of $1.39 billion (N2.16 trillion) on foreign education in the first half of 2025, marking a significant increase from the corresponding period in 2024.

The figure represented a 20% rise in dollar terms and a 38% increase in naira, based on an average exchange rate of N1,553.6/$ during the period.
Between 2020 and the first half of 2025, Nigerians spent an estimated $11.1 billion (N9.9 trillion) on foreign education, according to data compiled from the Central Bank of Nigeria.
This amount represents approximately 2.6% of Nigeria’s annual nominal GDP over the same period and, in many cases, exceeds the combined education budgets of federal and state governments.

For context, the Federal Government allocated N2.52 trillion to the education sector in the 2025 national budget, representing about 5% of total government expenditure.

Nigerian households spent N2.16 trillion on foreign education in just the first six months of 2025. This is nearly equivalent to the government’s full-year budgetary provision for the sector.

What you should know

The Federal Government of Nigeria allocated N3.52 trillion to the education sector in the 2026 national budget, making it one of the largest education allocations in Nigeria’s history. This accounts for approximately 6.05% of the total proposed N58.18 trillion budget.

Notably, Nigerians spent $1.44 billion on foreign education in H1 2026 alone.
At an average official exchange rate of N1,400/$, that amount translates to about N2.02 trillion, highlighting the persistent demand for overseas study and the significant foreign exchange implications for the economy.
For many families, international education remains a strategic investment despite higher costs arising from currency depreciation, global inflation, and rising tuition fees across major study destinations.

The figures also point to the persistent challenge facing Nigeria’s education sector. While enrolment in domestic institutions continues to grow, many students and parents still seek opportunities abroad due to perceived advantages in academic quality, global exposure, research infrastructure, professional opportunities and post-study pathways.