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The Central Bank of Nigeria (CBN) has reported a significant Balance of Payments (BOP) surplus of $6.83 billion for the 2024 fiscal year, marking a robust reversal from consecutive deficits recorded in the previous two years. This improvement is a direct outcome of broad economic reforms, improved trade dynamics, and strengthened investor confidence in the Nigerian economy.
The BOP, a critical indicator of a country’s financial transactions with the global economy, measures the net flow of capital, goods, services, and financial transfers. In 2024, Nigeria’s surplus sharply contrasts with the deficits of $3.34 billion in 2023 and $3.32 billion in 2022, showcasing a dramatic shift in the nation’s external financial health.
According to the CBN, the strong BOP position was driven by a combined current and capital account surplus of $17.22 billion, fueled by a notable goods trade surplus of $13.17 billion. This performance is underpinned by the apex bank’s strategic reforms, including the unification of the foreign exchange (FX) market and enhanced compliance frameworks across financial institutions.
Trade and Investment Highlights
In 2024, Nigeria recorded a substantial decline in petroleum imports, down 23.2% to $14.06 billion, and a 12.6% drop in non-oil imports to $25.74 billion. On the export side, gas exports surged by 48.3% to $8.66 billion, while non-oil exports rose by 24.6% to $7.46 billion—clear signs of diversification efforts and strengthened trade policies.
Remittance inflows remained strong, with personal remittances increasing by 8.9% to $20.93 billion. Inflows from International Money Transfer Operators (IMTOs) climbed 43.5% to $4.73 billion, driven by increased diaspora engagement. Official development assistance also grew by 6.2% to $3.37 billion, contributing to Nigeria’s fiscal resilience.
On the financial side, Nigeria achieved a net acquisition of financial assets worth $12.12 billion. Portfolio investment inflows soared by 106.5% to $13.35 billion, a testament to investor optimism and a favorable regulatory environment. Resident foreign currency holdings increased by $5.41 billion, reflecting confidence in monetary and exchange rate policies.
Despite a 42.3% decline in foreign direct investment (FDI) to $1.08 billion, the CBN emphasized that overall financial account performance remained strong, supported by robust capital market participation and compliance with international regulatory standards.
Regulatory Compliance and Data Integrity
In a major win for regulatory transparency and compliance reporting, the CBN reported a 79.5% reduction in net errors and omissions, which fell to negative $5.10 billion in 2024 from $24.90 billion in 2023. This substantial improvement reflects enhanced data capture, increased accuracy, and better adherence to global reporting standards—key pillars in regulatory compliance and financial governance.
Furthermore, Nigeria’s external reserves rose by $6.0 billion, reaching $40.19 billion by year-end. This bolstered buffer underscores the success of Nigeria’s monetary policy and its commitment to sound risk assessment, compliance automation, and financial crime prevention strategies.
CBN Governor Olayemi Cardoso lauded the surplus, stating, “The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability. This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.”
The CBN reaffirmed its commitment to sustaining this momentum through continued regulatory monitoring, data privacy safeguards, and strategic deployment of compliance software and RegTech solutions.
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