The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
The CBN made the announcement in a statement signed by the Ag. Director, 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. Stronger Trade and External Account Performance.
“The current and capital account recorded a surplus of $17.22 billion in 2024, underpinned 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 rose by 48.3% to $8.66 billion, and non-oil exports increased by 24.6% to $7.46 billion.
“Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged 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 rose by 6.2% to $3.37 billion.
“Improved Financial Account and Reserve Position Nigeria recorded a net acquisition of financial assets totalling $12.12 billion. Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability.
“Although foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.
“The country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, bolstering its external buffer”.
MESSAGE us @ https://Wa.me/+2348072633727 for business relationship, Advert, PR, Publicity, Awareness, Interviews, Feature Stories, Press Release/Statement and so on…
YOU CAN READ MORE NEWS UPDATES AND INFO @ https://www.voiceairmedia.com
By Waheed Adekunle Despite humongous resources available to Governor Ademola Adeleke's government, he couldn't do…
News Update The Nigerian government has confirmed that President Bola Tinubu approved US military strikes…
News Update President Donald Trump, on Thursday, announced that the United States had carried out…
News Update The attention of the Presidency has been drawn to a viral falsehood circulating…
THE Senior Special Assistant to President Bola Ahmed Tinubu on National Assembly Matters, Hon. Ibrahim…
By Abioye Tosin Lawrence | Community & Development Correspondent NEWS UPDATE In a deliberate move…