Nigeria posts $6.83bn Balance of Payments surplus in 2024 — CBN

The Central Bank of Nigeria (CBN) has reported a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, a remarkable shift from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.

This development, disclosed in a statement by the Acting Director of Corporate Communications, Sidi-Ali Hakama, highlights Nigeria’s improving economic fundamentals and the outcome of key macroeconomic reforms.

According to the CBN, the positive BOP performance was driven by stronger trade figures, resilient remittance inflows, and renewed investor confidence. “This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy,” the bank stated.

The current and capital account recorded a surplus of $17.22 billion in 2024. This was largely supported by a goods trade surplus of $13.17 billion. On the import side, petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports dropped by 12.6% to $25.74 billion.

Exports also recorded significant gains, with gas exports rising by 48.3% to $8.66 billion, and non-oil exports increasing by 24.6% to $7.46 billion.

Personal remittances grew by 8.9% to $20.93 billion, and inflows through International Money Transfer Operators (IMTOs) surged by 43.5% to $4.73 billion, reflecting stronger engagement from the Nigerian diaspora. Official development assistance rose by 6.2% to $3.37 billion.

The CBN also reported a net acquisition of financial assets amounting to $12.12 billion in 2024. Portfolio investment inflows more than doubled, rising by 106.5% to $13.35 billion. Resident foreign currency holdings increased by $5.41 billion, indicating greater confidence in Nigeria’s domestic economy.

Although foreign direct investment (FDI) dropped by 42.3% to $1.08 billion, the overall financial account posted significant improvements.

In addition, the country’s external reserves grew by $6 billion, reaching $40.19 billion by the end of 2024, enhancing Nigeria’s external buffer and stability.

The CBN’s announcement underscores a broad-based recovery in the country’s external account and a positive outlook for sustained economic momentum in 2025.