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Spending by Nigerians on overseas business trips rose sharply by 366 per cent to $672.27m in the first nine months of 2025, compared with $144.19m recorded during the same period in 2024, according to data from the Central Bank of Nigeria.
Figures published in the apex bank’s December 2025 Quarterly Statistics show that expenditure reached $231.7m in the first quarter, edged up to $234.56m in the second, and eased to $205.97m in the third quarter, bringing the cumulative total to $672.27m.
By contrast, spending in the corresponding quarters of 2024 declined steadily from $77.33m to $46.62m and $20.24m.
Business travel covers funds spent by residents on work-related trips abroad, including accommodation, meals and local transportation. These payments are recorded as service-related outflows in the Balance of Payments.
Analysts attribute the surge to improved access to foreign exchange and greater stability in the currency market. The Director of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said higher travel activity reflects renewed confidence in cross-border trade and stronger economic conditions. He noted that international commerce often requires physical engagement, making travel a key indicator of business expansion.
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Former President of the Chartered Institute of Bankers of Nigeria (CIBN), Segun Ajibola, added that the increase could signal both rising operational costs and growing commercial activity. If linked to expansion, he said, it may translate into higher output and support economic growth.
However, the Director-General of the Nigerian Employers’ Consultative Association, Adewale Oyerinde, warned that increased travel spending could widen service-sector outflows unless matched by export earnings. He cautioned that rising costs and currency pressures may strain corporate margins and external reserves despite recent Balance of Payments improvements.
