Nigeria recorded a $6.83 billion balance of payments (BoP) surplus in 2024, a strong indicator of renewed economic momentum, according to the Central Bank of Nigeria (CBN).
The surplus, driven by improved foreign inflows and prudent fiscal management, reflects growing investor confidence and a gradual recovery from recent economic headwinds.
The apex bank said the figure marks a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
It added that the current and capital account 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 per cent to $14.06 billion, while non-oil imports fell 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 increased by 24.6 per cent to $7.46 billion. Remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to $20.93 billion.
