Nigeria posts $6.83bn Balance of Payments surplus in 2024 — CBN reports

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”.

 

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