Nigerians spend $1.44bn on foreign education in H1 2026 – CBN

From Adanna Nnamani, Abuja
Nigerians spent $1.44 billion on foreign education in the first half of 2026, accounting for 50.5 per cent of the country’s total travel-related foreign exchange expenditure of $2.85 billion.
The figure represents a 3.51 per cent increase from the $1.39 billion spent in the corresponding period of 2025.
Data from the Central Bank of Nigeria’s (CBN) Balance of Payments statistics showed that Nigerians spent an additional $48.85 million on education abroad in the six months.
The data showed that education-related spending rose from $686.54 million in the first quarter of 2026 to $755.19 million in the second quarter, representing a 10 per cent increase.
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