Nigerians have spent a sum of $185 million on foreign (medical) health services in the first half of 2022, falling by 65% compared to $528 million recorded in the corresponding period of 2021.
This is according to data included in the country’s balance of payment breakdown, obtained from the Central Bank of Nigeria.
NewsBeatng reports that the balance of payment (BOP) breaks down the total amount of forex inflows and outflows in a country wherein a positive balance indicates a current account surplus and a negative current account deficit.
The $185 million stated, represents the total outflow of forex officially incurred for health services.
While the amount dropped compared to the corresponding period of 2021, it however increased by 113.1% compared to N86.9 million that was spent in the second half of last year.
Nigerians’ spending on foreign medical services dropped significantly in 2020 in the heat of the pandemic, with travel restrictions being placed and the growing incidence of the disease in other developed countries.In 2020, Nigerians parted with a sum of $1 billion for foreign health-related expenses, from $2.6 billion recorded in 2019. It fell further to $615 million in 2021 and could reduce further in 2022.
Meanwhile, Nigerians have had a knack for traveling abroad for medical services because of a lack of trust and the inadequacies in the Nigerian health sector. Dollar spend on medical tourism
The covid-19 pandemic changed a whole lot of things that we would otherwise refer to as norms. From working, eating, travelling amongst others, the pattern has been affected, including Nigerians’ unsatiable demand for foreign services.
While the numbers do not explicitly indicate the reason for the sudden crash, the decline happened during and after the covid-19 pandemic.Travelling outside the country, especially for healthcare-related reasons has declined due to travel restrictions and access to forex.
Also, the rising cost of travelling abroad due to the naira devaluation and the global energy crisis has also discouraged foreign travelling, as the globe continues to grapple with the effect of the Russia-Ukraine war. Nigeria has also attracted a significant increase in new hospitals as millions of dollars in investments pour into the sector.
The human health sector of the country’s economy recorded a real GDP growth rate of 4.93%, 5.91 and 2.23 in 2021, Q1 2022, and Q2 2022 respectively.
