The Central Bank of Nigeria has announced a Balance of Payments surplus of $6.83 billion for the 2024 financial year, marking a turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
This improvement according to a release from the Apex Bank, signed by the Acting Director of Corporate Communications, Sidi Ali, Hakama 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 $3.17 billion dollars.
Petrol imports declined by 23.2 percent to %14.06 billion while non-oil imports fell by 12.6 percent to $25.74 billion. On the export side, gas exports rose by 48.3 percent to $8.66 billion, and non-oil exports increased by 24.6 percent to $7.46 billion.
Remittance inflows remained resilient, with personal remittances rising by 8.9 percent to $20.93 billion. International Money Transfer Operator (IMTO)inflows surged by 43.5 percent to $4.73 billion from $3.30 billion recorded in 2023. This reflects stronger engagement from the Nigerian Diaspora.
Nigeria equally recorded a net acquisition of financial assets totalling $12.12 billion Portfolio investment Inflows more than doubled, increasing by 106.5 percent to $13.35 billion, while resident foreign currency holdings grew by $5.41dollars, indicating stronger confidence in domestic economic stability.
Although foreign direct investment fell by 42.3 percent to $1.06 billion dollars.
Nigeria’s external reserves increased by $6.0 dollars to $40.19 billion by the end of 2024.
Notably, ner errors and ommissions narrowed by 79.5 percent to negative $5.10 billion in 2024 down from $24.90 billion in 2023, indicating substantial improvements in data availability and captur