Nigeria Records $6.83bn Balance of Payments Surplus in 2024

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.”