Thursday, April 10, 2025 - The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022
The announcement was made in a statement signed by the
Acting Director of Corporate Communications, Sidi-Ali Hakama.
According to the apex bank, “This improvement reflects the
impact of wide-ranging macroeconomic reforms, stronger trade performance, and
renewed investor confidence in Nigeria’s economy.
The current and capital account 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.
Nigeria recorded a net acquisition of financial assets
totalling $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.
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