In a significant financial milestone, Nigeria has recorded a balance of payments surplus of $6.83 billion in 2024, according to a statement by the Central Bank of Nigeria (CBN). The surplus, a stark contrast to the $3.34 billion and $3.32 billion deficits in 2023 and 2022 respectively, reflects the impact of bold economic reforms and a renewed surge in investor confidence.
The CBN credited the surplus to a robust trade performance, reforms in key sectors, and growing investor optimism under President Bola Tinubu’s administration. Since assuming office in 2023, Tinubu has ended fuel and electricity subsidies and allowed the naira to float freely—moves aimed at reviving Nigeria’s long-stagnant economic output.
Further bolstering the nation’s economic rebound is a $17.22 billion surplus in Nigeria’s current and capital accounts. The surplus was largely driven by a $13.17 billion goods trade balance and an 8.9% rise in diaspora remittances, which reached $20.93 billion in 2024.
CBN Governor Olayemi Cardoso said, “The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability.”
Notably, gas exports saw a 48.3% boost to $8.66 billion, while non-oil exports grew 24.6% to $7.46 billion. At the same time, fuel imports dropped by 23.2% to $14.06 billion, and non-oil imports fell 12.6% to $25.74 billion.
Portfolio investment inflows more than doubled to $13.35 billion, contributing to a net acquisition of $12.12 billion in financial assets. However, foreign direct investment dipped by 42.3% to $1.08 billion, reflecting lingering investor caution in long-term commitments.
Nigeria’s foreign reserves also experienced a boost, climbing $6 billion to close 2024 at $40.19 billion—marking a strong indicator of financial stability and international confidence in the country’s fiscal trajectory.
As the administration continues its push to restructure the oil sector and reform the tax system, analysts believe Nigeria is laying a firm foundation for sustainable economic growth and resilience.
CBN HQ Abuja Nigeria
