The Central Bank of Nigeria (CBN) has reported a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, a significant recovery from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
This announcement was made in a statement by Sidi-Ali Hakama, the Acting Director of Corporate Communications at the CBN.
The central bank noted that this improvement is a result of comprehensive macroeconomic reforms, enhanced trade performance, and renewed investor confidence in Nigeria’s economy.
In 2024, the current and capital accounts recorded a surplus of $17.22 billion, driven by a goods trade surplus of $13.17 billion. Petroleum imports decreased by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion.
In the export sector, gas exports experienced a remarkable increase of 48.3%, totaling $8.66 billion, while non-oil exports grew by 24.6% to reach $7.46 billion.
Remittance inflows remained robust, with personal remittances rising by 8.9% to $20.93 billion. Inflows from International Money Transfer Operators (IMTO) surged by 43.5%, jumping to $4.73 billion from $3.30 billion in 2023, indicating stronger engagement from the Nigerian diaspora. Additionally, official development assistance increased by 6.2%, reaching $3.37 billion.
Regarding financial stability, Nigeria saw a net acquisition of financial assets totaling $12.12 billion. Portfolio investment inflows more than doubled, soaring by 106.5% to $13.35 billion, while resident foreign currency holdings rose by $5.41 billion, reflecting increased confidence in the country’s economic stability.
Although foreign direct investment declined by 42.3% to $1.08 billion, the overall financial account demonstrated significant improvements.
