Nigeria recorded a $17.22 billion surplus in its current and capital accounts for the year 2024, marking a major recovery from previous years and signaling renewed investor confidence and export strength. The Central Bank of Nigeria (CBN) released the figures as part of its latest economic report.
This strong performance stemmed largely from a robust goods trade surplus, which stood at $13.17 billion. Additionally, remittances surged by 8.9% to reach $20.93 billion. Gas and non-oil exports also played a crucial role, increasing by 48.3% and 24.6% respectively, further lifting Nigeria’s external earnings.
On the import side, Nigeria saw significant cost-saving trends. Fuel imports fell by 23.2%, and non-oil imports dropped by 12.6%, reducing pressure on foreign reserves and the naira.
While portfolio investments more than doubled to $13.35 billion, foreign direct investment dropped by 42.3%, settling at $1.08 billion. Still, the country’s foreign reserves rose by $6 billion, ending 2024 at $40.19 billion.
CBN Governor Olayemi Cardoso stated that the figures show real progress under current economic policies. He added that the government remains committed to building on these reforms to ensure long-term financial and economic stability.
