Foreign exchange spending by Nigerians on business travel surged by 366 per cent to $672.27 million in the first nine months of 2025, reflecting improved access to FX and stronger international business engagement.
Data from the Balance of Payments (BoP) section of the December 2025 Quarterly Statistics released by the Central Bank of Nigeria show that business travel-related FX outflows rose sharply from $144.19 million recorded in the same period of 2024.
A breakdown of the figures indicates that spending stood at $231.7 million in the first quarter of 2025, increased slightly to $234.56 million in the second quarter, and eased to $205.97 million in the third quarter, bringing the cumulative total for the nine-month period to $672.27 million.
By contrast, business travel expenditure in 2024 declined steadily across the quarters, falling from $77.33 million in Q1 to $46.62 million in Q2 and $20.24 million in Q3.
Business travel expenses cover spending by Nigerian residents on overseas trips undertaken for work-related purposes, including meetings, conferences, training programmes and other professional engagements. Payments for accommodation, local transportation and meals are recorded as service outflows in the BoP, while air tickets and fares are excluded.
Economic analysts say the sharp increase points to renewed confidence in the economy and improved foreign exchange liquidity. In separate interviews, experts noted that greater FX availability enabled more Nigerian professionals and firms to re-engage with international partners.
The Director of the Centre for Promotion of Private Enterprise, Muda Yusuf, said the rise in business travel spending mirrors stronger international trade activity.
“An increase in business travel is a reflection of improved confidence in international trade. There is a clear relationship between the frequency of travel and the volume of cross-border business transactions,” Yusuf said.
He added that improved exchange rate stability and FX liquidity in 2025 strengthened Nigeria’s integration with the global economy, allowing more businesses to pursue overseas opportunities.
Similarly, a former chairman of the Chartered Institute of Bankers of Nigeria, Segun Ajibola, noted that the increase likely reflects both expanded business activities and higher travel-related costs, even as the economy remains under cost pressures.
Overall, analysts say the surge in FX usage for business travel underscores a rebound in international engagement and signals improving confidence in Nigeria’s economic outlook.
