Central Bank of Nigeria (CBN) has announced a balance of payments (BOP) surplus of $6.83 billion for 2024 financial year.
Gatekeepers News reports that CBN made the announcement in a statement on Wednesday by Hakama Sidi-Ali, its acting director of corporate communication,
CBN noted that the balance of payments in 2024 represents a surplus compared to the deficit of $3.34 billion recorded in 2023 and $3.32 billion in 2022.
The apex bank said the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
CBN said the current and capital accounts recorded a surplus of $17.22 billion in 2024, driven largely by a goods trade surplus of $13.17 billion.
It said, “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, CBN said gas exports rose by 48.3 per cent to $8.66 billion, while non-oil exports increased by 24.6 per cent to $7.46 billion.
It said, “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.”
The apex bank added that Nigeria recorded a net acquisition of financial assets totalling $12.12 billion.
It said, “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.”
CBN also reported that Nigeria’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, further strengthening its external buffer.
The apex bank noted that net errors and omissions narrowed significantly by 79.5 per cent to negative $5.10 billion in 2024 – down from $24.90 billion in 2023,
According to CBN; the development reflects progress in data capture, transparency, and reporting integrity.
Commenting on the report, Olayemi Cardoso, CBN Governor, said the positive turnaround in “our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,”
He said the surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.
