Nigeria’s economy is showing signs of resurgence, with the Central Bank of Nigeria (CBN) announcing a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year.
This marks a significant turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
According to the CBN, the current and capital account recorded a surplus of $17.22 billion in 2024, driven by a goods trade surplus of $13.17 billion.
The decline in petroleum imports by 23.2% to $14.06 billion, increase in gas exports by 48.3% to $8.66 billion, and growth in non-oil exports by 24.6% to $7.46 billion all contributed to this surplus. Additionally, personal remittances rose by 8.9% to $20.93 billion.
The CBN also reported a net acquisition of financial assets totaling $12.12 billion, with notable gains in portfolio investment inflows, which more than doubled to $13.35 billion, and resident foreign currency holdings, which grew by $5.41 billion.
The country’s external reserves increased by $6.0 billion to $40.19 billion, bolstering its external buffer.
Furthermore, the CBN noted a significant improvement in data integrity, with net errors and omissions narrowing by 79.5% to negative $5.10 billion in 2024.
The 2024 BOP surplus highlights the effectiveness of Nigeria’s ongoing reform agenda, including the liberalisation and unification of the foreign exchange market, disciplined monetary policy approach, and coordinated fiscal and monetary measures.
The CBN Governor attributed the positive turnaround to effective policy implementation and a commitment to macroeconomic stability, benefiting investors, businesses, and everyday Nigerians alike.
In a statement, Sidi-Ali, Hakama, Acting Director, Corporate Communications, said the surplus marks an important step forward for Nigeria’s economy.
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