In a significant boost to Nigeria’s economic prospects, the Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year.
This remarkable turnaround marks a departure from the deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022, respectively. The surplus is attributed to robust macroeconomic reforms, improved trade dynamics, and renewed investor confidence in the Nigerian economy.
The current and capital accounts collectively recorded a surplus of $17.22 billion, largely driven by a goods trade surplus of $13.17 billion. Notably, petroleum imports decreased by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export front, gas exports experienced a substantial increase of 48.3% to $8.66 billion, and non-oil exports rose by 24.6% to $7.46 billion.
These figures reflect a diversification of Nigeria’s export base and stronger global demand for Nigerian goods.
Remittance inflows also played a crucial role in this economic resurgence, 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, highlighting increased engagement from the Nigerian diaspora. Additionally, official development assistance grew by 6.2% to $3.37 billion.
The country’s external reserves increased by $6.0 billion to $40.19 billion by the end of 2024, bolstering its external buffer and signaling a more stable economic environment.This positive economic trend is a testament to the effectiveness of recent reforms and the resilience of the Nigerian economy.
As the country continues to navigate global economic challenges, this surplus positions Nigeria for further growth and development, offering a promising outlook for both domestic and international investors. Sources for this news include statements from the Central Bank of Nigeria and reports from reputable financial news outlets.
