Nigeria’s economy has recorded a major turnaround, with the Central Bank of Nigeria (CBN) announcing a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This is a sharp contrast to the deficits of $3.34 billion in 2023 and $3.32 billion in 2022, signaling a significant shift in the nation’s external financial position.
According to Mrs. Sidi-Ali Hakama, Acting Director of Corporate Communications at the CBN, the surplus is largely attributed to broad-based macroeconomic reforms, improved trade performance, and renewed investor confidence.
A major highlight of the report is the current and capital account surplus of $17.22 billion, driven by a goods trade surplus of $13.17 billion. While petroleum imports dropped by 23.2% to $14.06 billion and non-oil imports declined by 12.6%, gas exports surged by 48.3% and non-oil exports rose by 24.6%, showing a more diversified trade profile.
Remittance inflows remained strong, with personal remittances up by 8.9% to $20.93 billion, and International Money Transfer Operator (IMTO) inflows rising sharply by 43.5% to $4.73 billion.
Despite a 42.3% drop in foreign direct investment (FDI) to $1.08 billion, portfolio investment inflows more than doubled, climbing by 106.5% to $13.35 billion, while resident foreign currency holdings increased by $5.41 billion.
Nigeria’s external reserves grew by $6 billion, reaching $40.19 billion by the end of 2024, strengthening the country’s external buffer.
The CBN governor credited the turnaround to effective policy measures and a strong commitment to macroeconomic stability, emphasizing the broader impact for investors, businesses, and ordinary Nigerians.
In a further sign of progress, data integrity has improved, with net errors and omissions narrowing by nearly 80%, a reflection of enhanced data accuracy and transparency.
