By Gwurld4026 
Nigeria Achieves $6.83bn Balance of Payments Surplus in 2024
Nigeria achieved a balance of payments (BoP) surplus of $6.83 billion in 2024, a significant improvement from deficits of $3.34 billion in 2023 and $3.32 billion in 2022, according to the Central Bank of Nigeria (CBN).
Key factors contributing to this positive performance include:
- Trade Balance: A goods trade surplus of $13.17 billion, driven by a 48.3% increase in gas exports to $8.66 billion and a 24.6% rise in non-oil exports to $7.46 billion.
- Remittances: An 8.9% year-on-year increase in remittances, totaling $20.93 billion in 2024.
- Imports: A 23.2% reduction in fuel imports to $14.06 billion and a 12.6% decrease in non-oil imports to $25.74 billion.
- Capital Flows: Portfolio investment inflows more than doubled to $13.35 billion, while foreign direct investment declined by 42.3% to $1.08 billion.
These developments reflect the impact of President Bola Tinubu’s economic reforms, including subsidy removals and currency devaluation, which have bolstered investor confidence and improved trade performance.