Abuja: The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of 6.83 billion dollars for the 2024 financial year.
According to News Agency of Nigeria, this marks a decisive turnaround from deficits of 3.34 billion dollars in 2023 and 3.32 billion dollars in 2022. Hakama Sidi-Ali, CBN’s Director of the Corporate Communications Department, stated that this improvement reflected the impact of macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
Sidi-Ali reported that the current and capital account recorded a surplus of 17.22 billion dollars in 2024, supported by a goods trade surplus of 13.17 billion dollars. Petroleum imports declined by 23.2 percent to 14.06 billion dollars, while non-oil imports dropped by 12.6 percent to 25.74 billion dollars. On the export side, gas exports rose by 48.3 percent to 8.66 billion dollars, and non-oil exports increased by 24.6 percent to 7.46 billion dollars.
She highlighted that remittance inflows remained resilient, with personal remittances rising by 8.9 percent to 20.93 billion dollars. International Money Transfer Operator inflows surged by 43.5 percent to 4.73 billion dollars, up from 3.30 billion dollars in 2023, reflecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2 percent to 3.37 billion dollars.
Nigeria recorded a net acquisition of financial assets totaling 12.12 billion dollars. Portfolio investment inflows more than doubled, increasing by 106.5 percent to 13.35 billion dollars, while resident foreign currency holdings grew by 5.41 billion dollars, indicating stronger confidence in domestic economic stability.
Although Foreign Direct Investments (FDIs) dropped by 42.3 percent to 1.08 billion dollars, the overall financial account posted notable gains. The country’s external reserves increased by 6.0 billion dollars to 40.19 billion dollars by year-end 2024, bolstering its external buffer.
There was a marked improvement in data integrity, with net errors and omissions narrowing significantly by 79.5 percent to negative 5.10 billion dollars in 2024, down from 24.90 billion dollars in 2023. This reflects substantial improvements in data availability and capture, representing a major advance in data accuracy, transparency, and overall reporting integrity.
Sidi-Ali noted that the 2024 BOP surplus highlighted the effectiveness of Nigeria’s ongoing reform agenda. The liberalization and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilizing the Naira, and coordinated fiscal and monetary measures have all contributed to enhanced competitiveness and investor sentiment.
Meanwhile, the CBN Governor, Yemi Cardoso, stated that the positive turnaround in the country’s external finances was evidence of effective policy implementation and unwavering commitment to macroeconomic stability. According to Cardoso, this surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.