Nigeria recorded a $6.83 billion balance of payments (BoP) surplus in 2024, signaling a major shift in economic momentum, according to new data from the Central Bank of Nigeria (CBN). The surplus reflects improved foreign inflows, disciplined fiscal management, and renewed investor confidence in the country's macroeconomic direction.
This marks a strong rebound from consecutive deficits of $3.34 billion in 2023 and $3.32 billion in 2022, the apex bank noted.
The CBN attributed the positive trend to structural reforms, stronger trade performance, and the unification of the foreign exchange market. In 2024, the current and capital account recorded a surplus of $17.22 billion, driven by a $13.17 billion goods trade surplus.
Petroleum imports declined by 23.2 per cent to $14.06 billion, while non-oil imports dropped by 12.6 per cent to $25.74 billion. Gas exports surged by 48.3 per cent to $8.66 billion, and non-oil exports rose by 24.6 per cent to $7.46 billion.
Remittance inflows remained strong, with personal remittances rising 8.9 per cent to $20.93 billion. International Money Transfer Operator (IMTO) inflows jumped 43.5 per cent to $4.73 billion, reflecting increased engagement from the Nigerian diaspora.
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Official development assistance also increased by 6.2 per cent to $3.37 billion.
On the financial side, Nigeria acquired net financial assets worth $12.12 billion. Portfolio investment inflows more than doubled to $13.35 billion, a 106.5 per cent increase. Resident foreign currency holdings also grew by $5.41 billion, showing growing confidence in economic stability.
However, foreign direct investment fell by 42.3 per cent to $1.08 billion. Despite this, the financial account saw overall improvement.
External reserves rose by $6.0 billion to $40.19 billion by the end of 2024, reinforcing the country's external buffers.
The CBN also reported a sharp decline in net errors and omissions, which dropped by 79.5 per cent to a negative $5.10 billion, from $24.90 billion in 2023. This signals improved transparency and data accuracy.
CBN Governor Olayemi Cardoso said the surplus reflects the impact of well-coordinated fiscal and monetary measures aimed at stabilising the naira, taming inflation, and positioning Nigeria as a competitive investment destination.
"The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability," Cardoso said. "This surplus marks an important step forward for Nigeria's economy, benefiting investors, businesses, and everyday Nigerians alike."
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