Nigeria Just Made $6.83 Billion in One Year

By Achimi Muktar

In a stunning economic turnaround, Nigeria has posted a $6.83 billion balance of payments surplus in 2024 — its first positive balance in three years, according to new data released by the Central Bank of Nigeria (CBN).

This marks a sharp shift from the $3.34 billion deficit in 2023 and the $3.32 billion loss in 2022, positioning Nigeria firmly back on the global economic scoreboard.

The balance of payments — essentially a scoreboard tracking all money flowing in and out of a country — is one of the clearest indicators of a nation’s financial health. And for Nigeria, 2024’s numbers are the most encouraging in recent history.

So, what changed?

According to the CBN, the surplus reflects a wave of strategic reforms, trade gains, and more accurate economic reporting. A key driver? A goods trade surplus of $13.17 billion, as Nigeria’s exports soared and imports shrank.

Here’s a breakdown of the big wins:

Gas exports jumped 48.3% to hit $8.66 billion

Non-oil exports climbed 24.6% to reach $7.46 billion

Petroleum imports fell 23.2%, saving billions

Non-oil imports dropped 12.6%, showing a shift toward local production and economic resilience

Meanwhile, personal remittances — money sent home by Nigerians abroad — rose by nearly 9% to $20.93 billion. More tellingly, inflows from International Money Transfer Operators (IMTOs) surged by 43.5%, adding another $4.73 billion to the country’s coffers.

Foreign investors are also paying attention: portfolio investment inflows more than doubled, climbing by a staggering 106.5% to $13.35 billion. While foreign direct investment (FDI) dipped 42.3% to $1.08 billion, the growth in portfolio confidence paints a hopeful picture for future investor engagement.

The reforms that worked:

The CBN credits this remarkable turnaround to bold policy shifts, including:

The liberalisation and unification of the foreign exchange market

A tightened monetary policy aimed at curbing inflation and stabilising the naira

Improved coordination between fiscal and monetary authorities

Additionally, external reserves swelled by $6 billion, reaching $40.19 billion by year-end — a solid buffer for future economic shocks.

Even the "invisible" numbers showed progress. The CBN reported a 79.5% reduction in net errors and omissions — typically a red flag for unrecorded transactions — shrinking from -$24.90 billion in 2023 to just -$5.10 billion in 2024. That improvement, the bank says, signals better transparency and data integrity.

CBN Governor’s Verdict:

“This surplus marks an important step forward for Nigeria’s economy,” said the CBN Governor. “It’s evidence of effective policy implementation and our unwavering commitment to macroeconomic stability — benefiting investors, businesses, and everyday Nigerians alike.”