Nigerians' spending on business travels has surged by 366% to $672 million in 2025 compared to the previous year, highlighting a significant increase in foreign exchange access.
In the first nine months of 2025, Nigerians spent $672.27 million on business travel, marking a dramatic increase of 366% from $144.19 million during the same period in 2024. This surge is attributed to greater access to foreign exchange for Nigerians, which has allowed more individuals to travel for business purposes. The report is based on data from the Central Bank of Nigeria's Quarterly Statistics, specifically in the Balance of Payments section, indicating changing trends in international travel funding.
Examining the quarterly breakdown, business travel expenditure began at $231.7 million in Q1 2025, slightly increased to $234.56 million in Q2, and then moderated to $205.97 million in Q3. In contrast, the previous year showed a decline in spending, with Q1 2024 at $77.33 million, Q2 at $46.62 million, and Q3 plummeting to $20.24 million. This stark contrast demonstrates both the recovery and increased capabilities of Nigerians to partake in international business engagements amid evolving economic conditions.
Business travel encompasses expenses incurred by Nigerian residents while traveling abroad, including costs for accommodations and local expenditures related to work. The substantial increase in spending raises implications for economic growth, international business relations, and currency stability, suggesting a renewed confidence among Nigerian businesses in engaging with global markets.
