The Central Bank of Nigeria (CBN) announced today that the country posted a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year—a remarkable shift from deficits of $3.34 billion in 2023 and $3.32 billion in 2022. The figures, released in a statement by Sidi-Ali Hakama, Acting Director of Corporate Communications, highlight a strengthening external position driven by trade gains, remittances, and renewed investor confidence.
Trade Performance Bolsters Current and Capital Accounts
The CBN noted that Nigeria’s current and capital accounts together recorded a surplus of $17.22 billion in 2024, led by a $13.17 billion goods trade surplus. Petroleum imports fell 23.2 percent to $14.06 billion, while non‑oil imports dropped 12.6 percent to $25.74 billion. On the export front, gas shipments surged 48.3 percent to $8.66 billion, and non‑oil exports climbed 24.6 percent to $7.46 billion.
Remittance inflows also held strong. Personal remittances grew 8.9 percent to $20.93 billion, and transfers via International Money Transfer Operators jumped 43.5 percent to $4.73 billion. Official development assistance rose 6.2 percent to $3.37 billion, further underpinning the external surplus.
Financial Account and Reserves Gain Momentum
On the financial side, net acquisitions of foreign assets reached $12.12 billion. Portfolio investment inflows more than doubled—up 106.5 percent to $13.35 billion—while resident holdings of foreign currency increased by $5.41 billion, signaling growing confidence in Nigeria’s economic outlook. Although foreign direct investment dipped 42.3 percent to $1.08 billion, the overall financial account still posted solid gains.
By year‑end, Nigeria’s external reserves had climbed $6.0 billion to $40.19 billion, providing a stronger buffer against external shocks.
Macroeconomic Reforms and Investor Sentiment
The CBN attributed the turnaround to a series of macroeconomic reforms aimed at stabilizing the naira, improving liquidity, and enhancing trade facilitation. Renewed interest from foreign investors, coupled with a more diversified export base and disciplined import management, has underpinned the country’s healthier external position.
Looking ahead, the central bank said it will continue monitoring global developments and working with fiscal authorities to sustain this momentum, ensuring Nigeria’s external sector remains resilient.