Nigerians Invest $1.44 Billion in Foreign Education in 2026

In the first half of 2026, Nigerians spent a total of $1.44 billion on foreign education-related travel, reflecting a 3.51% increase from the $1.39 billion spent in the same period in 2025. According to data from CBN Balance of Payments statistics, this increase represents an additional $48.85 million spent on education-related services abroad between January and June 2026.

Education-related payments constituted 50.5% of Nigeria’s total travel-related foreign exchange outflows, which amounted to $2.85 billion during the period. Despite a decline of 3.47% in overall travel outflows from $2.95 billion in H1 2025 to $2.85 billion in H1 2026, education spending remained resilient.

A breakdown indicates that education-related outflows rose from $592.71 million in Q1 2025 to $686.54 million in Q1 2026, a 15.83% year-on-year increase. In contrast, health-related outflows decreased, highlighting the significant role of education in personal foreign exchange demand among Nigerians.