The Central Bank of Nigeria (CBN) has reported a significant economic milestone for 2024, with a Balance of Payments (BOP) surplus of $6.83 billion, a sharp contrast to the deficits of $3.34 billion in 2023 and $3.32 billion in 2022. This marks a remarkable recovery for the country’s financial health, fueled by robust macroeconomic reforms and a revitalized trade performance.
In a statement by Sidi-Ali Hakama, the Acting Director of Corporate Communications, the CBN credited the surplus to key economic reforms, stronger trade performance, and a surge in investor confidence. In 2024, the current and capital account posted a surplus of $17.22 billion, underpinned by a goods trade surplus of $13.17 billion.
Petroleum imports saw a decline of 23.2%, while non-oil imports also decreased by 12.6%. On the export front, gas exports soared by 48.3%, reaching $8.66 billion, and non-oil exports grew by 24.6% to $7.46 billion. These figures reflect Nigeria’s growing position in the global market.
Nigeria’s remittance inflows remained strong, with personal remittances increasing by 8.9% to $20.93 billion, and remittances through International Money Transfer Operators (IMTOs) spiking by 43.5% to $4.73 billion. The Nigerian diaspora’s contribution to the economy continues to be a vital lifeline.
The country also saw a growth in official development assistance (ODA), with a 6.2% increase, bringing it to $3.37 billion. Additionally, Nigeria recorded net financial assets acquisitions totaling $12.12 billion, while portfolio investment inflows surged by 106.5% to $13.35 billion.
Despite a 42.3% decline in foreign direct investment (FDI), the overall financial account showed strong improvements, indicating a growing trust in Nigeria’s economic stability. The country’s external reserves also grew by $6 billion, reaching $40.19 billion by the end of 2024.
The CBN’s success in reducing net errors and omissions by 79.5% to -$5.10 billion reflects improved transparency and data accuracy in financial reporting.
In a statement, CBN Governor, Godwin Emefiele, celebrated the surplus as a significant achievement, pointing to Nigeria’s sound policy measures, including the liberalization of the foreign exchange market and coordinated fiscal strategies, which have boosted the economy’s competitiveness and attracted investor interest.
“This surplus is a testament to the effectiveness of our reform agenda and signals an important step forward for Nigeria’s economy, benefiting investors, businesses, and citizens alike,” Emefiele said.
