Nigeria’s Economy Rebounds as CBN Posts $6.83bn Surplus, Signaling Renewed Global Confidence
By Nasir Dambatta
In a bold signal of Nigeria’s economic revival, the Central Bank of Nigeria (CBN) has announced a remarkable $6.83 billion Balance of Payments (BOP) surplus for 2024 — a dramatic reversal from the deficits of $3.34 ]billion in 2023 and $3.32 billion in 2022.
This historic turnaround, hailed by financial analysts as a defining moment, underscores the impact of President Tinubu’s far-reaching macroeconomic reforms, tighter fiscal coordination, and the Central Bank’s disciplined monetary strategy.
Trade Triumph and Investor Return
Driving the surplus is a resurgent trade sector. Nigeria recorded a goods trade surplus of $13.17 billion in 2024. Petroleum imports dropped by 23.2% to $14.06 billion, while non-oil imports slid by 12.6%. Meanwhile, gas exports surged by an impressive 48.3% to $8.66 billion, with non-oil exports rising by 24.6% to $7.46 billion — signaling a major leap in Nigeria’s export diversification efforts.
Remittances from Nigerians abroad also remained strong, hitting $20.93 billion. Notably, inflows through International Money Transfer Operators (IMTOs) jumped by a staggering 43.5% to $4.73 billion, reflecting growing confidence in the country’s reform path among the diaspora.
Record Portfolio Investment, Stronger Reserves
Portfolio investment inflows more than doubled, rising by 106.5% to $13.35 billion, a clear indicator of renewed global investor trust. Nigeria’s foreign reserves swelled by $6 billion to reach $40.19 billion by year-end — its highest in years.
Although foreign direct investment dipped to $1.08 billion, the overall financial account still showed robust gains, boosted by a $5.41 billion rise in resident foreign currency holdings.
Cleaner Data, Brighter Prospects
In another milestone, Nigeria slashed net errors and omissions by 79.5% to negative $5.10 billion — a sign of improved data integrity and institutional transparency. This development is expected to boost investor sentiment further and enhance Nigeria’s global financial credibility.
A Reform Agenda Paying Off
CBN Governor described the surplus as “an important step forward for Nigeria’s economy,” crediting it to ongoing forex market reforms, disciplined inflation management, and fiscal-monetary synergy.
“This marks a new chapter for Nigeria — one of stability, credibility, and prosperity for investors, businesses, and everyday Nigerians,” said Hakama Sidi-Ali, CBN’s Acting Director of Corporate Communications.
With renewed momentum and solid economic fundamentals, Nigeria is clearly charting a path back to growth, stability, and global investor confidence.
