ABUJA — The Central Bank of Nigeria (CBN) on Wednesday announced that personal remittance inflows rose to $20.93 billion in 2024, marking an 8.9 per cent year-on-year increase. This was revealed in a statement signed by the bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.
The apex bank also reported a balance of payments (BoP) surplus of $6.83 billion for 2024, a dramatic turnaround from the deficits of $3.34 billion and $3.32 billion recorded in 2023 and 2022, respectively.
Diaspora Engagement Powers Growth
According to the statement, inflows through International Money Transfer Operators (IMTOs) surged by 43.5 per cent to $4.73 billion, up from $3.30 billion the previous year, reflecting stronger engagement with the Nigerian diaspora.
“Remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to $20.93bn,” the statement read. “IMTO inflows surged by 43.5 per cent… reflecting stronger engagement from the Nigerian diaspora.”
Official development assistance also rose by 6.2 per cent to $3.37 billion, further boosting Nigeria’s external accounts.
Trade and Capital Accounts Strengthen
The current and capital account registered a surplus of $17.22 billion, driven by a goods trade surplus of $13.17 billion.
Non-oil exports increased by 24.6 per cent to $7.46 billion, while gas exports rose 48.3 per cent to $8.66 billion. On the import side, petroleum imports dropped by 23.2 per cent to $14.06 billion, and non-oil imports decreased by 12.6 per cent to $25.74 billion.
On the financial account front, Nigeria posted a net acquisition of financial assets worth $12.12 billion.
Portfolio investment inflows more than doubled, climbing 106.5 per cent to $13.35 billion, and resident foreign currency holdings rose by $5.41 billion.
However, foreign direct investment (FDI) declined by 42.3 per cent to $1.08 billion, highlighting persistent investor concerns over long-term economic and regulatory conditions.
Reserves and Transparency Improve
The CBN said Nigeria’s external reserves grew by $6 billion, reaching $40.19 billion by the end of 2024, helping to strengthen the country’s foreign exchange buffer.
The statement also pointed to a marked improvement in data reporting and transparency. Net errors and omissions—a key metric for data quality—dropped by 79.5 per cent to – $5.10 billion, down from – $24.90 billion in 2023.
Policy Reforms Behind Surplus — CBN Governor
CBN Governor [Name] was quoted as saying the figures reflect the success of sustained policy efforts.
“The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,” he said. “This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.”
The central bank credited the improved outlook to key reforms such as the liberalisation and unification of the foreign exchange market, disciplined monetary policy, and coordinated fiscal interventions.