BY NKECHI NAECHE- ESEZOBOR–Nigeria’s apex bank, the Central Bank of Nigeria, CBN, on Wednesday announced a balance of payments surplus of $6.83bn for 2024, marking a sharp turnaround from deficits in 2023 and 2022.
The CBN in a statement posted via its official X account noted that the country’s BOP surplus in 2024 reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
He noted that Nigeria’s current & capital account posted a $17.22bn surplus in 2024, led by a $13.17bn goods trade surplus.
However petroleum imports fell 23.2%; Non-oil imports down 12.6%; Gas exports surged 48.3%; and Non-oil exports rose 24.6%. Stronger trade, stronger economy.
The statement added that remittances remained a lifeline for Nigeria in 2024, with personal inflows rising by 8.9% to $20.93bn, IMTO transfers surging by 43.5% to $4.73bn, and official development assistance increasing by 6.2% to $3.37bn—reflecting stronger diaspora engagement and global support for the economy.
While the nation’s external reserves climbed $6B to $40.19B by the end of 2024. And net errors & omissions dropped by 79.5%, showing major gains in data quality & transparency.
It added that 2024 BOP surplus highlights the effectiveness of Nigeria’s ongoing reform agenda. The liberalisation and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilising the naira, and coordinated fiscal and monetary measures have all contributed to enhanced competitiveness and investor sentiment.
Commenting the CBN Governor, Olayemi Cardoso said “The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability. This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.”
