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Nigeria Records $6.83bn Balance of Payments Surplus in 2024

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Balance of Payments Surplus

By Adedapo Adesanya

Nigeria recorded a Balance of Payments (BOP) surplus amounting to $6.83 billion in 2024, according to the Central Bank of Nigeria (CBN).

The apex bank, in a statement signed by its spokesperson, Mrs Hakama Sidi Ali, said this marks a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.

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

Further details showed that Nigeria current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion.

Meanwhile, petroleum imports declined by 23.2 per cent to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion.

On the export side, gas exports rose by 48.3 per cent to $8.66 billion, and non-oil exports increased by 24.6 per cent to $7.46 billion.

Remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to $20.93 billion.

International Money Transfer Operator (IMTO) inflows surged by 43.5 per cent to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora while official development assistance also rose by 6.2 per cent to $3.37 billion.

Nigeria also recorded a net acquisition of financial assets totalling $12.12 billion during the review year.

Portfolio investment inflows more than doubled, increasing by 106.5 per cent to $13.35 billion from $6.47 billion in 2023, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability.

However, Nigeria’s foreign direct investment (FDI) fell by 42.3 per cent to $1.08 billion, with the central bank saying despite this, “The overall financial account posted notable gains.”

The country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, bolstering its external buffer.

The CBN said net errors and omissions narrowed significantly by 79.5 per cent to negative $5.10 billion in 2024, down from $24.90 billion in 2023, reflecting substantial improvements in data availability and capture.

“This represents a major advance in data accuracy, transparency, and overall reporting integrity,” it added.

Speaking on the development, the Governor of the Central Bank of Nigeria, Mr Yemi Cardoso said the 2024 BOP surplus highlights the effectiveness of Nigeria’s ongoing reform agenda, adding that 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.

“The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,” he said, adding that, “This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.”

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Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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  1. Pingback: Naira Stable Against Dollar at Official Market Amid Pause in Tariffs | Business Post Nigeria

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