The Central Bank of Nigeria (CBN) announced a balance of payment balance (BOP) for fiscal year 2024 to $6.83 billion, marking a clear deficit of $3.34 billion in 2023 and a clear deficit of $3.32 billion in 2022.
The announcement was published in a statement signed by Sidi-Ali Hakama, acting director of Sidi-Ali Hakama.
According to Apex Bank, “this improvement reflects the impact of widespread macroeconomic reforms, stronger trade performance and reconfidence on the Nigerian economy.”
Current and capital account surpluses were $17.22 billion in 2024, with support of $13.17 billion. Oil imports fell 23.2% to $14.06 billion, while non-oil imports fell 12.6% to $25.74 billion.
In terms of exports, natural gas exports rose 48.3% to $8.66 billion, while non-oil exports rose 24.6% to $7.46 billion.
Remittance inflows remained flexible, with individual remittances rising 8.9% to $20.93 billion. International currency transfer operators (IMTO) inflows soared 43.5% to USD 4.73 billion, up from USD 3.3 billion in 2023, reflecting participation of Nigerian diaspora. Official development assistance also increased by 6.2% to $3.37 billion.
Nigeria recorded total revenues of financial assets, totaling USD 12.12 billion. Inflows to portfolio investments more than doubled, up 106.5% to $13.35 billion, while residents’ foreign currency holdings increased by $5.41 billion, indicating stronger confidence in the stability of the domestic economy.
Although FDI fell 42.3% to $1.08 billion, overall financial accounts have seen significant gains.
By the end of 2024, the country’s external reserves increased by $6 billion to $40.19 billion, strengthening its external buffer.
