The Central Bank of Nigeria (CBN) has announced a significant economic milestone with the country posting a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This marks a sharp turnaround from deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022, respectively.
According to the CBN, the surplus reflects the impact of sweeping macroeconomic reforms, improved trade performance, and renewed investor confidence in Nigeria’s economy.
Trade Performance Strengthens
The current and capital accounts recorded a strong surplus of $17.22 billion in 2024, bolstered by a robust goods trade surplus of $13.17 billion. Petroleum imports dropped by 23.2% to $14.06 billion, while non-oil imports declined by 12.6% to $25.74 billion.
On the export front, gas exports surged by 48.3% to $8.66 billion, and non-oil exports rose by 24.6% to $7.46 billion.
Remittance inflows also remained resilient, with personal remittances increasing by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows jumped by 43.5% to $4.73 billion, up from $3.30 billion in 2023. Official development assistance rose by 6.2% to $3.37 billion.
Improved Financial Accounts and Reserves
Nigeria also recorded a net acquisition of financial assets totaling $12.12 billion. Portfolio investment inflows more than doubled, rising 106.5% to $13.35 billion. Resident foreign currency holdings increased by $5.41 billion, highlighting stronger investor confidence in the domestic economy. Although foreign direct investment dipped by 42.3% to $1.08 billion, the overall financial account posted notable gains.
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The country’s external reserves grew by $6.0 billion, reaching $40.19 billion by the end of 2024, enhancing Nigeria’s external financial buffer.
Enhanced Data Integrity
In a further sign of progress, the CBN reported a 79.5% improvement in data accuracy, with net errors and omissions narrowing significantly to negative $5.10 billion in 2024, down from $24.90 billion in 2023.
Policy Outlook
The CBN credited the surplus to ongoing economic reforms, including the liberalization and unification of the foreign exchange market, disciplined monetary policy, and coordinated fiscal strategies aimed at taming inflation and stabilizing the naira.
“This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike,” said the Governor of the Central Bank of Nigeria.
Sidi-Ali Hakama (Mrs.), Acting Director of Corporate Communications, underscored the positive outlook, reaffirming the institution’s commitment to transparency and macroeconomic stability.
