“Reform Agenda Working,” Says CBN As Nigeria Posts $6.83bn External Account Surplus

This figure marks a significant departure from the deficits of $3.34 billion recorded in 2023 and $3.32 billion recorded in 2022.

CBN’s Acting Director of Corporate Communications, Sidi-Ali Hakama, confirmed the figures in a statement on Wednesday.

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

CBN attributed the stronger trade and external performance as playing a significant role.

According to the breakdown, the current and capital accounts recorded a surplus of $17.22 billion in 2024, underpinned 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 rose by 48.3% to $8.66 billion, and non-oil exports increased by 24.6% to $7.46 billion.

Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged 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 rose by 6.2% to $3.37 billion.

The Country also saw improvement in its financial account and reserve position, with net acquisition of financial assets totaling $12.12 billion.

Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability. Although foreign direct investment fell by 42.3% to $1.08 billion, 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.

There was also an improvement in data integrity, with net errors and omissions narrowing significantly by 79.5% to negative $5.10 billion in 2024, down from $24.90 billion in 2023. This reflects substantial improvements in data availability and capture.

“This represents a major advance in data accuracy, transparency, and overall reporting integrity,” the CBN statement noted.

Regarding the outlook and policy impact, the report revealed that the 2024 balance of payments surplus highlights the effectiveness of Nigeria’s ongoing reform agenda.

“The liberalization and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilizing the naira, and coordinated fiscal and monetary measures have all contributed to enhanced competitiveness and investor sentiment,” the statement added.

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