Nigeria posts $6.83bn balance of payments surplus in 2024

The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, signaling a strong recovery from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.

The announcement was made in a statement signed by the Acting Director of Corporate Communications, Sidi-Ali Hakama.

According to the apex bank, “This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.”

In 2024, the current and capital account recorded a surplus of $17.22 billion, supported by a goods trade surplus of $13.17 billion.

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, gas exports surged by 48.3% to $8.66 billion, and non-oil exports rose by 24.6% to $7.46 billion.

Remittance inflows remained resilient, with personal remittances growing by 8.9% to $20.93 billion. Inflows through International Money Transfer Operators (IMTOs) jumped 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 saw a modest increase of 6.2% to $3.37 billion.

Nigeria recorded a net acquisition of financial assets totaling $12.12 billion. Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion. Resident foreign currency holdings rose by $5.41 billion, indicating growing confidence in the country’s economic stability.

Although foreign direct investment declined by 42.3% to $1.08 billion, the overall financial account showed significant improvement.