The Central Bank of Nigeria has announced a balance of payments surplus of $6.83 billion in 2024, an improvement from $3.34 billion and $3.32 billion in 2023 and 2022, respectively.
This was disclosed in a statement by the apex bank’s acting spokesperson, Sidi-Ali Hakama, on Wednesday.
CBN said that the improvement is an indication of Nigeria’s economic resurgence due to reforms under the leadership of Olayemi Cardoso.
Further details of the data reeled out by CBN revealed that the country’s current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion.
Similarly, the CBN said that petroleum imports declined by 23.2 percent to $14.06 billion, while non-oil imports fell by 12.6 percent to $25.74 billion.
On the export side, gas exports rose by 48.3 percent to $8.66 billion, and non-oil exports increased by 24.6 percent to $7.46 billion.
This comes as CBN revealed that remittance inflows remained resilient, with personal remittances rising by 8.9 percent to $20.93 billion in the period under review.
“The International Money Transfer Operator (IMTO) inflows surged by 43.5 percent 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 percent to $3.37 billion,” the statement reads.
