THE NEWS
Nigeria’s economy recorded a remarkable turnaround in 2024 with a balance of payments surplus of $6.83 billion, following deficits in the previous two years. The Central Bank attributed the surplus to sweeping reforms implemented by the Tinubu administration, including subsidy removals, naira devaluation, and sectoral overhauls.
The country’s current and capital accounts posted a $17.22 billion surplus, driven by a $13.17 billion trade balance. Gas exports surged by 48.3% to $8.66 billion, while non-oil exports climbed 24.6% to $7.46 billion. Remittances rose 8.9% to $20.93 billion.
Meanwhile, fuel imports declined 23.2% to $14.06 billion, and non-oil imports dropped 12.6%. Portfolio investment inflows more than doubled to $13 billion, although foreign direct investment dropped 42.3% to $1.08 billion.
Foreign reserves increased by $6 billion to reach $40.19 billion by year-end. Central Bank Governor Olayemi Cardoso stated, “The positive turnaround in our external finances reflects growing investor confidence and prudent policy decisions.