Nigeria Achieves $6.83 Billion Balance of Payment Surplus in 2024, Indicating Economic Recovery
Nigeria has recorded a balance of payments (BoP) surplus of $6.83 billion in 2024, a clear sign of economic revival, according to the Central Bank of Nigeria (CBN). This marks a significant improvement from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022, signaling a decisive turnaround in the country’s economic trajectory.
The CBN attributes the surplus to improved foreign inflows, prudent fiscal management, and an overall better economic climate. The surplus reflects growing investor confidence and the gradual recovery of Nigeria’s economy from past challenges. The apex bank noted that the country’s current and capital accounts recorded a combined surplus of $17.22 billion, largely driven by a robust goods trade surplus of $13.17 billion.
In particular, Nigeria’s petroleum imports saw a reduction of 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export side, gas exports rose by 48.3% to $8.66 billion, and non-oil exports also grew by 24.6% to $7.46 billion, reflecting the country’s diversified export performance.
The CBN also highlighted the resilience of remittance inflows, with personal remittances rising by 8.9% to $20.93 billion, further strengthening Nigeria’s external account.
This balance of payments surplus is a strong indication of Nigeria’s improving economic fundamentals, driven by key macroeconomic reforms, a stronger trade performance, and renewed investor confidence in the country.
