The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has highlighted a significant factor contributing to the soaring exchange rate in Nigeria being the expenditure on foreign education and medical treatment by Nigerian students and citizens….CONTINUE READING
According to Cardoso, between 2010 and 2020, Nigerians spent approximately $40 billion on these expenses, surpassing the country’s foreign exchange reserves.
Foreign education expenses accounted for a substantial $28.65 billion of this total, while medical treatment abroad incurred approximately $11.01 billion.
These numbers were shared by Cardoso during a debate organized by the House of Representatives, where top government officials were present.
He cited data from UNESCO’s Institute of Statistics, showing a significant increase in the number of Nigerian students studying abroad over the years, reaching 96,702 in 2018.
