CBN: Nigeria posted $6.83bn balance of payments surplus in 2024

The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year.

CBN announced this via a statement issued by its Acting Director of Corporate Communications, Hakama Sidi-Ali, on Wednesday, April 9, 2025.

Sidi-Ali said this marked a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022, adding that the improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.

Sidi-Ali stated that the current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion.

She noted that 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, the CBN spokesperson disclosed that gas exports rose by 48.3% to $8.66 billion, and non-oil exports increased
by 24.6% to $7.46 billion.

Sidi-Ali stated: “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.”

Sidi-Ali added that Nigeria recorded a net acquisition of financial assets totalling $12.12 billion.

She said portfolio investment inflows increased by 106.5% to $13.35 billion, while
resident foreign currency holdings grew by $5.41 billion.

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Sidi-Ali said though foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.

The CBN official noted that the country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024.

According to her, net errors and omissions narrowed significantly by 79.5% to negative $5.10 billion in 2024, down from $24.90 billion in 2023.

She stated that this represents a major advance in data accuracy, transparency, and overall reporting integrity.

Sidi-Ali said the 2024 BOP surplus highlighted the effectiveness of Nigeria’s ongoing reform agenda, adding: “The liberalisation and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilising the naira, and coordinated fiscal and monetary measures have all contributed to enhanced competitiveness and investor sentiment.”

Speaking on the development, CBN Governor Olayemi Cardoso said: “The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability.

“This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.”

The Star