##istic agency noted a 64 % increase in nigerian students studying in the country, rising from 13, 020 in the 2019 / 2020 academic session to 21, 305 by the 2020 / 2021 session. 3 / 5 bis - central bankers'speeches given this data, it's crucial to highlight that between 2010 and 2020, foreign education expenses amounted to a substantial us $ 28. 65 billion, as per the cbn's publicly available balance of payments statistics. similarly, medical treatment abroad has incurred around us $ 11. 01 billion in costs during the same period. consequently, over the past decade, foreign exchange demand for education and healthcare has totaled nearly us $ 40 billion. notably, this amount surpasses the total current foreign exchange reserves of the cbn. mitigating a significant portion of this demand could have resulted in a considerably stronger naira today. personal travel allowances have accounted for a total of us $ 58. 7 billion during the same period. notably, between january and september 2019, the cbn disbursed us $ 9. 01 billion to nigerians for personal foreign travel. continuing on the topic of the demand for us dollars, nigeria's annual imports, which require dollars for payment, amounted to us $ 16. 65 billion in 1980. by 2014, the annual import expenditure had significantly surged to us $ 67. 05 billion, although it gradually decreased to us $ 54. 71 billion as of last year. similarly, food imports escalated from us $ 2. 63 billion in 1980 to us $ 14. 84 billion in 2019. in 1980, more than 75 percent of the vehicles used in nigeria were domestically produced by companies like volkswagen in lagos, peugeot in kaduna, and others. presently, over 99 percent of the cars driven are imported, necessitating dollar payments. similarly, in 1980, the majority of the clothing worn was sourced from nigerian textile mills in funtua, asaba, kano, lagos, and various other towns and cities. today, nearly all the clothing worn is made from imported fabrics. given the substantial demand for education, healthcare, professional services, personal travel, and similar needs, the exchange rate is bound to face ongoing pressure. on the supply side of the exchange rate, to bolster the inflow of us dollars into a country, the economy must " earn " these dollars through exports, whether oil or non - oil, or by attracting foreign investments. a robust economic foundation is essential to produce goods and services that the global

, moderate upticks which peaked at 1. 9 percent quarter two of ended that recession. however, the argentinian economy shrank by 4. 0 per cent in quarter two of 2018, bringing the country to the brink of another recession. 39. the brazilian economy had been in recession since 2015 and only emerged from it the first quarter of 2017 with a growth rate of 1. 0 percent. since then the growth has slowed progressively until the last quarter of 2017 when growth remained flat. however, the economy is gradually rebounding and has recorded 0. 1 and 0. 2 percentage growth rates in the first and second quarters of 2018. 40. given rising yields in advanced markets, capital outflows from emerging markets have increased tremendously. this has led to substantial exchange market pressures in many emerging markets with fx reserves falling about 25. 2 percent in argentina, 9. 6 percent in turkey, and 2. 1 percent in south africa since the beginning of the year. also, significant currency depreciation was recorded in argentina ( by 101 percent ), turkey ( 43 percent ), brazil ( 19 percent ), russia ( 19 percent ) and india ( 16 percent ) ; even as the naira remained stable. ( -. 006 % ) currency against the us dollar argentina turkey brazil india indonesia russia nigeria - 125 % - 100 % - 75 % - 50 % - 25 % 0 % 41. as a matter of fact, a recent bloomberg data on financial market performances shows that nigeria bond market remains one of the most attractive investment destinations - in the bloomberg ’ s emerging - market local - currency government bonds index, which covers major emerging markets such as nigeria, south africa, argentina, china, and russia, in the 2nd quarter of 2018, nigerian local bonds topped the chart with an average total return of 3. 2 % in dollar returns ( the index covers nigerian government bonds with maturities from 2019 to 2037 ). the total return is a combination of the price changes in the bonds over the 2nd quarter of 2018, the interest returns and the changes in the currency. 42. nigeria's dominance over this period was due to the stability of the i & e fx rate and the yields being high by emerging - market standards. investors are also sure that they can exit their positions if they want, which has been crucial in driving other investors into the market. outlook and policy thrust for 2019 43. global growth projections both for 2018 and 2019 have been revised downward to 3. 7 percent