Nigeria records $6.83 billion balance of payments surplus in 2024 – CBN 

The apex bank attributed this turnaround to sweeping macroeconomic reforms, improved trade dynamics, and renewed investor confidence.

The disclosure was made in a statement signed by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications at the CBN, and released on Wednesday.

According to the CBN, the current and capital account recorded a combined surplus of $17.22 billion in 2024. A major driver of this performance was a goods trade surplus of $13.17 billion, reflecting Nigeria’s stronger export profile and a significant reduction in import volumes.

Specifically, petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports dropped by 12.6% to $25.74 billion, showcasing the impact of import substitution strategies and the push toward local refining.

On the export side, gas exports surged by 48.3% to $8.66 billion, and non-oil exports grew by 24.6% to $7.46 billion, as the government’s diversification efforts continue to yield results.

Personal remittances also played a pivotal role in stabilizing the BOP position. Inflows rose by 8.9% to $20.93 billion, underpinned by stronger engagement from the Nigerian diaspora. International Money Transfer Operator (IMTO) inflows soared by 43.5%, reaching $4.73 billion, up from $3.30 billion in 2023.

In addition, official development assistance increased by 6.2% to $3.37 billion, reflecting sustained international support and donor engagement with Nigeria’s reform efforts.

In the financial account, Nigeria recorded a net acquisition of financial assets totaling $12.12 billion, marking a recovery in capital inflows and market confidence. Portfolio investments more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings rose by $5.41 billion—an indicator of growing trust in the stability of Nigeria’s financial system.

Although foreign direct investment (FDI) fell by 42.3% to $1.08 billion, the overall financial account posted substantial gains, largely supported by favorable portfolio flows and asset accumulation.

Nigeria’s external reserves increased by $6.0 billion, closing the year at $40.19 billion, enhancing the country’s external buffer and providing greater capacity for exchange rate defense and economic resilience.

Significantly, net errors and omissions fell by 79.5% to negative $5.10 billion, from a high of $24.90 billion in 2023. This sharp decline points to improved data integrity, better reporting mechanisms, and enhanced transparency in external account monitoring, the apex bank stated.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso was quoted to have said the positive turnaround in the country’s external finances is evidence of effective policy implementation and the bank’s unwavering commitment to macroeconomic stability.