The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year. This development signals a major turnaround from the deficits of the past two years and validates President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Notably, the 2024 surplus marks a sharp contrast to the $3.34 billion deficit recorded in 2023 and the $3.32 billion shortfall in 2022. This significant improvement underscores the impact of the Tinubu administrationโs macroeconomic reforms, improved trade dynamics, and renewed investor confidence.
CBN Governor, Olayemi Cardoso, during a media briefing in Abuja, stated, โThe positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,โ according to a statement by Mrs. Hakama Sidi-Ali, the CBN’s Acting Director of Corporate Communications.
He added, โThis surplus marks an important step forward for Nigeriaโs economy, benefiting investors, businesses, and everyday Nigerians alike.โ
A closer look at the data reveals that the current and capital accounts posted a robust surplus of $17.22 billion, largely driven by a remarkable goods trade surplus of $13.17 billion.
Petroleum imports saw a notable decline of 23.2%, falling to $14.06 billion, while non-oil imports dropped by 12.6% to $25.74 billion. On the export front, Nigeria recorded a 48.3% surge in gas exports, reaching $8.66 billion, while non-oil exports grew by 24.6% to $7.46 billion โ a clear indication of the countryโs ongoing efforts to diversify away from oil dependency.
Further bolstering the external account, remittance inflows from Nigerians abroad remained resilient. Personal remittances rose by 8.9% to $20.93 billion, while International Money Transfer Operator (IMTO) inflows jumped by a staggering 43.5% to $4.73 billion.
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