Business
How Nigerians Spent $1.58bn On Foreign Bills In 180 Days
The Central Bank of Nigeria has given an insight into a substantial foreign financial outflow by Nigerians in the first half of 2023.
The figures indicate an astonishing $1.58 billion spent on health tourism, foreign education, and diverse personal ventures.
Delving into the details, $245.68 million was directed towards overseas health-related matters, a significant $896.09 million invested in foreign education, and an additional $434.63 million allocated for miscellaneous personal foreign needs.
The apex bank, in a document titled, “Note D,” clarifies Balance of Payments as “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”
In response, Dr. Obinna Ogbonna, National Vice Chairman of the Joint Health Sector Unions, expressed, “Nigerians who are well-to-do lack confidence in our medical facilities.
“Even though we have well-trained personnel that can handle all medical cases, the infrastructure and the equipment are not adequate.”
“These prefer to spend their money abroad, but when they get there, it is still Nigerian doctors that will attend to them.
“We hope President Bola Tinubu will make our health centres attractive by putting up standard infrastructures and equipment that are up-to-date with the current emerging diseases ravaging the country.”
Addressing the surge in medical tourism amid falling revenues, the nation is actively working to reverse this trend.
A bill, which recently cleared its second reading in the House of Representatives, proposes stringent measures, including a potential seven-year jail term or a fine of N500 million, aiming to deter such practices.
The Nigerian Economic Summit Group (NESG) has projected that the country has the potential to achieve a 5.5% growth in Gross Domestic Product (GDP) if critical policy reforms are sustained.
This was disclosed on Thursday during the launch of the NESG’s 2025 Macroeconomic Outlook report.
Speaking at the event, the Chief Economist and Director of Research & Development at NESG, Dr. Olusegun Omisakin, highlighted the need for more efficient policy implementation to unlock Nigeria’s economic potential.
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“We believe at the optimal level, if we embark on more efficient policy reforms, the Nigerian economy has the potential, the GDP to end up at 5.5 per cent, and we believe that this is achievable,” Omisakin stated.
More to follow……….
The Central Bank of Nigeria (CBN) has announced the release of the Nigerian Foreign Exchange (FX) Code, a set of guidelines designed to promote ethical conduct among authorized dealers in the country’s FX market.
In a statement, the apex bank disclosed that the official launch of the Code would take place on Tuesday, January 28, 2025, at the CBN Head Office Auditorium in Abuja.
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“The Central Bank of Nigeria has approved the release of the Nigerian Foreign Exchange (FX) Code as a guideline to the banking industry to promote the ethical conduct of authorised dealers in the Nigerian Foreign Exchange Market,” the statement read.
The introduction of the FX Code is expected to enhance transparency, accountability, and professionalism within Nigeria’s foreign exchange ecosystem, aligning it with global best practices.
The event is anticipated to attract key stakeholders in the financial and banking sectors, as well as representatives from authorized FX-dealing institutions across the country.
The 47th President of the United States, Donald Trump attracted up 3 trillion dollars in investments into the country’s economy in his first full day at work.
This was gleaned from the verified handle of the POTUS on micro-blogging site, X, on Wednesday.
Biztellers reports that the POTUS is focused ensuring at least $1 trillion investment daily for the first seven days of his return to the White House, which would be driven by key clearly identified areas, including artificial intelligence.
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President Trump wrote, “In total, before the end of my first full business day in Washington and the White House, we’ve already secured nearly $3 trillion of new investments in the United States.
“And probably, that’s going to be six or seven by the end of the week.”
In a short video clip accompanying the statement, President Trump assured that the surge in investments would likely hit $7 trillion within his first seven days as the 47th POTUS.
He highlighted that artificial intelligence had proven to be an area lots of willing entrepreneurs had shown much appetite for.
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