Nigerians spent a sum of $3.05 billion on foreign travels between January and June 2021, representing a 62.1% surge when compared to $1.88 billion recorded in H2 2020.
This is according to data on Nigeria’s balance of payments account, obtained from the Central Bank of Nigeria (CBN).
The data also shows that travel expenses by Nigerians to foreign countries declined by 16.8% compared to $3.67 billion recorded in the H1 of 2020. A breakdown of the data, reveals that personal travel expenses accounted for a large chunk of the total expenses recorded in the review period.
Balance of payments is the statement of all transactions made between entities in a country and the rest of the world within a given period. In other words, the balance of payments statement tracks the monetary value of all transactions made by Nigeria with other countries of the world.
