Nigerians spent $1.44 billion on education-related services abroad in the first half of 2026, accounting for more than half of the country’s total travel-related foreign exchange outflows during the period, according to data from the Central Bank of Nigeria (CBN).
The figure represents a 3.51 per cent increase from the $1.39 billion recorded in the corresponding period of 2025, an additional $48.85 million spent on overseas education in six months.
The CBN’s Balance of Payments statistics show that education-related payments accounted for 50.5 per cent of Nigeria’s total travel-related foreign exchange outflows of $2.85 billion between January and June 2026.
The figures highlight the continued demand for international education among Nigerian families despite rising tuition fees, accommodation costs and the financial pressure associated with foreign exchange payments.
A quarterly breakdown shows that Nigerians spent $686.54 million on education-related services abroad in the first quarter of 2026.
The amount increased to $755.19 million in the second quarter, representing a rise of $68.65 million, or approximately 10 per cent, compared with the first three months of the year.
However, second-quarter spending was lower than the $800.16 million recorded in the same period of 2025, representing a year-on-year decline of 5.62 per cent.
The strong first-quarter performance was enough to push total education-related outflows above the level recorded in the first half of last year.
The figures suggest that demand for overseas education remained substantial, although spending patterns varied between the two quarters.
While education spending increased, Nigeria’s overall travel-related foreign exchange outflows declined during the period.
The country recorded $2.85 billion in total travel-related outflows in the first half of 2026, compared with $2.95 billion in the corresponding period of 2025. This represents a decrease of approximately 3.47 per cent.
Education-related expenses accounted for 59.1 per cent of the $2.44 billion recorded under personal travel outflows.
Meanwhile, spending on health-related travel reached $341.28 million in the first half of 2026, slightly above the $340.94 million recorded a year earlier.
The figures indicate that education-related payments were more than four times the amount spent on medical travel abroad during the six-month period.
The scale of overseas education spending highlights the demand for international academic opportunities and the amount of foreign currency required to pay for education-related services outside Nigeria.
For households, overseas study can involve tuition, accommodation and other living expenses. For the wider economy, these payments form part of Nigeria’s external transactions and contribute to demand for foreign exchange.
The figures alone do not establish why individual families choose foreign institutions, nor do they measure the quality of education available locally. However, they provide an indication of the financial significance of overseas education to Nigerian households and the country’s external payments.
The Federal Government allocated ₦3.52 trillion to education in the 2026 national budget. At an illustrative exchange rate of ₦1,400 to the dollar, the $1.44 billion spent on foreign education would be equivalent to approximately ₦2.02 trillion.
As Nigeria continues to address challenges in its education sector, the data brings renewed attention to domestic education funding, institutional capacity and the demand for internationally recognised qualifications.