Nigeria’s economy is on an upward course, as the Central Bank of Nigeria (CBN) announced a Balance of Payments (BOP) surplus of $6.83 billion for 2024, signaling a stark reversal from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
In a statement released earlier today, CBN stated that Nigeria’s BOP surplus in 2024 reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
Nigeria’s current & capital account posted a $17.22 billion surplus in 2024, led by a $13.17 billion goods trade surplus. Petroleum imports fell 23.2%; non-oil imports were down 12.6%; gas exports surged 48.3%; and non-oil exports rose 24.6%. Stronger trade, stronger economy.
Remittances remained a lifeline for Nigeria in 2024, with personal inflows rising by 8.9% to $20.93 billion, IMTO transfers surging by 43.5% to $4.73 billion, and official development assistance increasing by 6.2% to $3.37 billion—reflecting stronger diaspora engagement and global support for the economy.
Nigeria’s external reserves climbed $6B to $40.19B by the end of 2024. And net errors & omissions dropped by 79.5%, showing major gains in data quality & transparency.
The 2024 BOP surplus highlights the effectiveness of Nigeria’s ongoing reform agenda. 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
The CBN highlighted the success of reforms such as foreign exchange market liberalization, disciplined monetary policies to curb inflation, and coordinated fiscal measures. “This surplus marks a pivotal milestone for Nigeria’s economy, driven by effective policies and our commitment to stability,” stated the CBN Governor. “The benefits will resonate across investors, businesses, and citizens alike.”
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