Nigeria has recorded a balance of payments surplus of $6.83 billion for the year 2024, signaling an economic rebound.
This figure marks a notable increase from the $3.34 billion and $3.32 billion surpluses recorded in 2023 and 2022, respectively.
The development was disclosed in a statement issued on Wednesday by the Central Bank of Nigeria’s acting spokesperson, Sidi-Ali Hakama.
According to the apex bank, the improvement reflects the country’s economic recovery, attributed to reform measures implemented under the leadership of CBN Governor Olayemi Cardoso.
According to the data, Nigeria’s current and capital account posted a surplus of $17.22 billion in 2024, supported by a goods trade surplus of $13.17 billion.
The CBN noted a decline in petroleum imports, which dropped by 23.2 percent to $14.06 billion, while non-oil imports fell by 12.6 percent to $25.74 billion.
On the export front, gas exports climbed significantly by 48.3 percent to reach $8.66 billion.
Non-oil exports also rose by 24.6 percent to $7.46 billion, contributing to the overall trade balance.
The CBN further stated that remittance inflows remained strong, with personal remittances increasing by 8.9 percent to a total of $20.93 billion during the period.
Inflows from International Money Transfer Operators also experienced substantial growth, rising by 43.5 percent to $4.73 billion from $3.30 billion in the previous year. The statement also noted a 6.2 percent increase in official development assistance, which reached $3.37 billion.
These figures collectively point to increased confidence in Nigeria’s economy, driven by both local and international financial engagements.
