Nigeria Records $6.83 Billion Balance of Payments Surplus in 2024 — CBN Hails Economic Rebound and Investor Confidence
CBN Attributes Surplus to Reforms, Robust Trade, and Diaspora Remittances
The Central Bank of Nigeria (CBN) has reported a remarkable $6.83 billion Balance of Payments (BOP) surplus for the 2024 financial year, signaling a robust economic rebound and improved external sector performance. This represents a sharp turnaround from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022, underscoring the impact of the country’s sweeping macroeconomic reforms and revitalised investor confidence.
According to the CBN’s statement, the country’s current and capital account registered a surplus of $17.22 billion in 2024. This was driven by a strong goods trade surplus of $13.17 billion, and a notable drop in import volumes. Petroleum imports dipped by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export front, gas exports surged by 48.3% to $8.66 billion, while non-oil exports climbed by 24.6% to $7.46 billion.
Remittance inflows also strengthened, with personal remittances rising by 8.9% to $20.93 billion. A significant spike was recorded in International Money Transfer Operator (IMTO) inflows, which soared by 43.5% to $4.73 billion—up from $3.30 billion in 2023. Official development assistance saw a 6.2% increase, totaling $3.37 billion.
On the financial account side, Nigeria recorded a net acquisition of financial assets amounting to $12.12 billion. Portfolio investment inflows more than doubled, growing by 106.5% to $13.35 billion, and resident foreign currency holdings expanded by $5.41 billion—further reflecting market confidence. However, foreign direct investment (FDI) declined by 42.3% to $1.08 billion. Despite this, the overall financial account position remained positive.
Additionally, the country’s external reserves climbed by $6.0 billion, ending the year at $40.19 billion, thereby strengthening Nigeria’s foreign exchange buffer.
In a noteworthy development, net errors and omissions—often used as a proxy for unrecorded transactions—narrowed significantly by 79.5% to a negative $5.10 billion in 2024, down from a staggering $24.90 billion in 2023. This reflects considerable progress in data collection, accuracy, and reporting integrity.
The CBN emphasized that this positive BOP position is a clear outcome of deliberate reforms. Key policy steps, including the liberalisation and unification of the foreign exchange market, a disciplined monetary policy framework, and coordinated fiscal measures, have collectively boosted the nation’s macroeconomic resilience and investor appeal.
“The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,” said the Governor of the Central Bank of Nigeria. “This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.”
The statement was signed by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at the Central Bank of Nigeria.
