CBN Reports $6.83 Billion Balance of Payments Surplus for 2024

The Central Bank of Nigeria (CBN) has disclosed a significant improvement in the country’s Balance of Payments (BOP), recording a surplus of $6.83 billion in 2024. This marks a sharp reversal from previous years, which saw deficits of $3.34 billion in 2023 and $3.32 billion in 2022.

The announcement was made in a statement issued by the Acting Director of Corporate Communications, Hakama Sidi-Ali.

According to the CBN, the positive shift is the result of comprehensive macroeconomic reforms, improved trade performance, and a resurgence of investor confidence in the Nigerian economy.

In 2024, the current and capital accounts showed a combined surplus of $17.22 billion, largely driven by a goods trade surplus of $13.17 billion. Petroleum product imports dropped by 23.2%, totaling $14.06 billion, while non-oil imports saw a 12.6% decline, amounting to $25.74 billion.

On the export front, gas exports surged by 48.3% to $8.66 billion, and non-oil exports increased by 24.6%, reaching $7.46 billion.

Personal remittance inflows remained strong, growing by 8.9% to $20.93 billion. The country also witnessed a 43.5% jump in International Money Transfer Operator (IMTO) receipts, which rose to $4.73 billion from $3.30 billion in 2023. In addition, official development assistance grew by 6.2%, bringing in $3.37 billion.

The CBN noted a net acquisition of financial assets valued at $12.12 billion. Portfolio investments played a key role, more than doubling to $13.35 billion—an increase of 106.5%. Resident foreign currency holdings also grew by $5.41 billion, signaling growing faith in Nigeria’s economic outlook.

While foreign direct investment declined by 42.3% to $1.08 billion, the overall financial account still posted positive figures.

By the end of 2024, Nigeria’s external reserves had increased by $6.0 billion, reaching $40.19 billion and further reinforcing the country’s economic buffer.