Nigeria has made a remarkable economic recovery in 2024, posting a $6.83 billion Balance of Payments (BOP) surplus, according to the Central Bank of Nigeria (CBN). This marks a sharp contrast to the previous years, where the country saw deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
The CBN highlighted that the impressive turnaround was driven by a combination of macroeconomic reforms, a stronger trade performance, and renewed investor confidence. The statement, signed by Ag. Director of Corporate Communications, Sidi-Ali Hakama, revealed that both the current and capital accounts saw a surplus of $17.22 billion in 2024, supported by a $13.17 billion goods trade surplus.
In particular, gas exports surged by 48.3%, reaching $8.66 billion, while non-oil exports rose by 24.6%, totaling $7.46 billion. Petroleum imports saw a decline of 23.2%, while non-oil imports dropped by 12.6%.
Remittance inflows showed resilience, with personal remittances rising by 8.9% to $20.93 billion, and International Money Transfer Operator (IMTO) inflows skyrocketing by 43.5% to $4.73 billion. Additionally, official development assistance increased by 6.2%, reaching $3.37 billion.
On the financial front, Nigeria recorded a net acquisition of financial assets totaling $12.12 billion. Notably, portfolio investment inflows more than doubled, growing by 106.5% to $13.35 billion. Despite a 42.3% drop in foreign direct investment, the financial account still posted strong results.
Nigeria’s external reserves also saw a boost, rising by $6.0 billion to $40.19 billion by the end of 2024, enhancing the country’s external buffer and signaling strong economic stability.
