Nigeria posts $6.83bn balance of payments surplus in 2024 — CBN
The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, signaling a strong recovery from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
The announcement was made in a statement signed by the Acting Director of Corporate Communications, Sidi-Ali Hakama.
According to the apex bank, “This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.”
In 2024, the current and capital account recorded a surplus of $17.22 billion, supported by a goods trade surplus of $13.17 billion.
Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export side, gas exports surged by 48.3% to $8.66 billion, and non-oil exports rose by 24.6% to $7.46 billion.
Remittance inflows remained resilient, with personal remittances growing by 8.9% to $20.93 billion. Inflows through International Money Transfer Operators (IMTOs) jumped by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora.
Official development assistance also saw a modest increase of 6.2% to $3.37 billion.
Nigeria recorded a net acquisition of financial assets totaling $12.12 billion. Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion. Resident foreign currency holdings rose by $5.41 billion, indicating growing confidence in the country’s economic stability.
Although foreign direct investment declined by 42.3% to $1.08 billion, the overall financial account showed significant improvement.
The nation’s external reserves also increased by $6.0 billion to $40.19 billion by the end of 2024, strengthening Nigeria’s external buffer.
Net errors and omissions narrowed substantially by 79.5%, dropping to -$5.10 billion in 2024 from -$24.90 billion in 2023. This reflects major strides in data accuracy, transparency, and improved reporting systems.
The CBN noted that the 2024 BOP surplus highlights the effectiveness of Nigeria’s reform agenda. The liberalisation and unification of the foreign exchange market, disciplined monetary policies aimed at curbing inflation and stabilizing the naira, and coordinated fiscal and monetary strategies have contributed to enhanced competitiveness and renewed investor sentiment.
“The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,” said the CBN Governor.
“This surplus marks an important step forward for Nigeria’s economy—benefiting investors, businesses, and everyday Nigerians alike.”