The Central Bank of Nigeria (CBN) has announced a remarkable turnaround in the country’s external financial standing, recording a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year.
This marks a significant recovery from a deficit of $3.34 billion in 2023 and $3.32 billion in 2022.
According to a press release on 9 April 2025, the CBN stated that the surplus “reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.”
The current and capital accounts showed a surplus of $17.22 billion, driven by a $13.17 billion goods trade surplus.
Petroleum imports declined by 23.2 per cent to $14.06 billion, while non-oil imports dropped by 12.6 per cent to $25.74 billion. On the export side, gas exports rose by 48.3 per cent to $8.66 billion, and non-oil exports surged by 24.6 per cent to $7.46 billion.
Personal remittances also increased by 8.9 per cent to $20.93 billion, and International Money Transfer Operator (IMTO) inflows jumped by 43.5 per cent to $4.73 billion.
“This represents stronger engagement from the Nigerian diaspora,” the statement noted.
The financial account recorded net inflows of $12.12 billion. Portfolio investment more than doubled to $13.35 billion, while foreign direct investment dropped by 42.3 per cent to $1.08 billion. Official development assistance rose by 6.2 per cent to $3.37 billion.
The CBN also reported a $6 billion boost to external reserves, which closed the year at $40.19 billion. Net errors and omissions narrowed drastically by 79.5 per cent to -$5.10 billion from -$24.90 billion in 2023 — a development the Bank said reflects “substantial improvements in data availability and capture.”
The CBN Governor commented on the report: “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 Bank reiterated that the 2024 surplus “highlights the effectiveness of Nigeria’s ongoing reform agenda,” including exchange rate unification, disciplined monetary policy, and coordinated fiscal measures.
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