Nigeria Posted $6.83bn Balance Of Payment Surplus In 2024 — CBN

The Central Financial institution of Nigeria (CBN) has introduced a Steadiness of Funds (BOP) surplus of $6.83 billion for the 2024 monetary 12 months, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022, in keeping with an announcement issued by the apex financial institution on Wednesday.

“This enchancment displays the influence of wide-ranging macroeconomic reforms, stronger commerce efficiency, and renewed investor confidence in Nigeria’s financial system,” the apex financial institution said.

The CBN stated present and capital accounts recorded a surplus of $17.22 billion in 2024, underpinned by a items commerce surplus of $13.17 billion. Petroleum imports declined by 23.2% to $14.06 billion, whereas non-oil imports fell by 12.6% to $25.74 billion.

On the export aspect, fuel exports rose by 48.3% to $8.66 billion, and non-oil exports elevated by 24.6% to $7.46 billion. Remittance inflows remained resilient, with private remittances rising by 8.9% to $20.93 billion.

In response to CBN, Worldwide Cash Switch Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from Nigerians in diaspora.

Official improvement help additionally rose by 6.2% to $3.37 billion. Improved Monetary Account and Reserve Place Nigeria recorded a internet acquisition of economic belongings totalling $12.12 billion.

Portfolio funding inflows greater than doubled, elevated by 106.5% to $13.35 billion, whereas resident overseas forex holdings grew by $5.41 billion, indicating stronger confidence in home financial stability.

Though overseas direct funding (FDI) fell by 42.3% to $1.08 billion, CBN stated the general monetary account posted notable features.

The nation’s exterior reserves elevated by $6.0 billion to $40.19 billion by year-end 2024, bolstering its exterior buffer marked enchancment in knowledge integrity.

Web errors and omissions narrowed considerably by 79.5% to adverse $5.10 billion in 2024, down from $24.90 billion in 2023, reflecting substantial enhancements in knowledge availability and seize.

The event represented a serious advance in knowledge accuracy, transparency, and total reporting integrity.

CBN stated the 2024 BOP surplus highlights the effectiveness of Nigeria’s ongoing reform agenda. The liberalisation and unification of the overseas change market, a disciplined financial coverage method to managing inflation and stabilising the Naira, and coordinated fiscal and financial measures have all contributed to enhanced competitiveness and investor sentiment.

It stated, “The optimistic turnaround in our exterior funds is proof of efficient coverage implementation and our unwavering dedication to macroeconomic stability,” stated the Governor of the Central Financial institution of Nigeria.

“This surplus marks an necessary step ahead for Nigeria’s financial system, benefiting traders, companies, and on a regular basis Nigerians alike.”