Nigeria’s foreign reserves strained by medical tourism, says Emefiele


Central Bank of Nigeria Governor Godwin Emefiele said medical tourism is straining Nigeria’s foreign exchange reserves.

Emefiele said this at an event to launch a new 100-suit private health facility, Duchess International Hospital, in Ikeja, Lagos on Friday, calling on the private sector to invest in medical facilities that would improve access to care. world-class health care system in the country.

He said: “Medical tourism puts enormous pressure on our foreign exchange reserves, and more importantly, for every billion dollars spent on medical treatment abroad, there is less than $ 1 billion that could be available. for other critical sectors of our economy.

“As part of this effort, CBN and some private sector stakeholders have supported COVID-19 response initiatives through CACOVID. “

Although monetary policy recognized that interventions in the manufacturing sector were essential to boost Nigeria’s economic recovery, Emefiele said it was also important to continue to support the medical sector.

The governor of the CBN also listed some of the bank’s contributions to the health sector, particularly support during the pandemic.

“When we launched COVID-19 response initiatives, CBN set aside N100 billion to support the health sector. But in the face of increased demand, we have disbursed 107.7 billion naira, supporting 114 health care projects that include medical diagnostics, pharmaceuticals, dental services, eye clinics as well as private hospitals. and audiences – to name a few, ”he added.


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