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