…Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion.
…International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora.
…Official development assistance also rose by 6.2% to $3.37 billion.
WED APRIL 09 2025-theGBJournal| A new Central Bank of Nigeria (CBN) report Wednesday, indicates that Nigeria posted a Balance of Payments surplus of $6.83 billion for 2024, marking a sharp turnaround from deficits in 2023 and 2022.
The improvement, according to the CBN, reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
The current and capital account also recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion.
Petroleum imports declined by 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 increased by 24.6% to $7.46 billion.
Remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged by 43.5%
to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora.
Official development assistance also rose by 6.2% to $3.37 billion.
The report shows that Nigeria equally recorded a net acquisition of financial assets totalling $12.12 billion.
Portfolio investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability.
Although foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.
The country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, bolstering its external buffer.
There was a Marked Improvement in Data Integrity, according to the CBN.
”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 said.
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