CBN Reports $6.83 Billion Balance Of Payments Surplus For 2024

CBN Reports $6.83 Billion Balance Of Payments Surplus For 2024

The Central Bank of Nigeria (CBN) has reported a Balance of Payments (BoP) surplus of $6.83 billion for the 2024 fiscal year, a sharp rebound from deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022, respectively.

This was disclosed in an official statement signed by the Acting Director of Corporate Communications, Sidi-Ali Hakama…READ MORE…

According to the apex bank, the positive shift is attributed to comprehensive macroeconomic reforms, improved trade dynamics, and renewed investor confidence in the Nigerian economy.

Strengthened Trade and External Sector

The current and capital accounts posted a combined surplus of $17.22 billion in 2024, largely supported by a goods trade surplus of $13.17 billion. Notably, petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports dropped by 12.6% to $25.74 billion.

On the export front, gas exports rose significantly by 48.3% to $8.66 billion, while non-oil exports increased by 24.6% to $7.46 billion.

Remittance inflows also remained strong, with personal remittances rising by 8.9% to $20.93 billion. Inflows from International Money Transfer Operators (IMTOs) surged by 43.5%, reaching $4.73 billion, up from $3.30 billion in 2023. Additionally, official development assistance grew by 6.2% to $3.37 billion.

Improved Financial Account and Foreign Reserve Position

Nigeria recorded a net acquisition of financial assets amounting to $12.12 billion. Portfolio investments experienced a remarkable increase of 106.5% to $13.35 billion, while resident foreign currency holdings expanded by $5.41 billion—highlighting growing confidence in the country’s macroeconomic environment.

Although foreign direct investment (FDI) declined by 42.3% to $1.08 billion, the overall financial account performance remained strong.

By the end of 2024, Nigeria’s external reserves rose by $6 billion to stand at $40.19 billion, further reinforcing the country’s external sector resilience.