Nigeria Reports $6.83bn Balance of Payments Surplus for 2024

The Central Bank of Nigeria (CBN) has reported a Balance of Payments surplus of $6.83 billion for the 2024 financial year, a significant turnaround from deficits in the previous two years. This improvement is attributed to macroeconomic reforms and enhanced trade performance, with the current and capital account surplus reaching $17.22 billion, supported by a goods trade surplus of $13.17 billion. Notable declines in petroleum imports and increases in gas and non-oil exports have contributed to this positive outcome. Additionally, personal remittances rose by 8.9% to $20.93 billion, reflecting strong engagement from the Nigerian diaspora. While foreign direct investment dropped by 42.3%, overall portfolio investment inflows more than doubled, indicating increased investor confidence. The country's external reserves also grew by $6 billion to $40.19 billion by the end of 2024, further solidifying its economic stability.