The Central Bank of Nigeria (CBN) has announced that personal remittance inflows hit $20.93 billion in 2024, marking an 8.9% year-on-year increase. This reflects stronger engagement from the Nigerian diaspora and improved economic conditions.
This development was revealed in a statement released on Wednesday by the CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, alongside the announcement of a $6.83 billion balance of payments surplus for the 2024 financial year.
Major Turnaround in Nigeria’s External Finances
The reported surplus marks a significant shift from the deficits recorded in previous years — $3.34 billion in 2023 and $3.32 billion in 2022. According to the apex bank, the turnaround was driven by:
- Macroeconomic policy reforms
- Improved trade performance
- Renewed investor confidence
- Strong Remittance and Trade Inflows in 2024
Remittances through International Money Transfer Operators (IMTOs) surged by 43.5%, reaching $4.73 billion, compared to $3.30 billion in 2023. In addition, Official Development Assistance (ODA) rose by 6.2% to $3.37 billion.
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Key highlights:
- Non-oil exports grew by 24.6% to $7.46 billion
- Gas exports rose by 48.3% to $8.66 billion
- Petroleum imports declined by 23.2% to $14.06 billion
- Non-oil imports fell by 12.6% to $25.74 billion
These figures underscore the success of Nigeria’s diversification strategy and the positive impact of reforms in the oil and gas sector.
Financial Account and Investment Trends
On the financial account side:
- Nigeria recorded a net acquisition of financial assets worth $12.12 billion
- Portfolio investment inflows more than doubled, rising by 106.5% to $13.35 billion
- Resident foreign currency holdings grew by $5.41 billion
However, foreign direct investment (FDI) declined sharply by 42.3% to $1.08 billion, indicating areas that still require policy attention.
External Reserves and Data Accuracy Improve
Nigeria’s external reserves rose by $6 billion to close at $40.19 billion in 2024, boosting the country’s foreign exchange buffer. The CBN also noted a significant improvement in data transparency, with net errors and omissions dropping by 79.5% to -$5.10 billion, down from -$24.90 billion in 2023.
CBN Governor Reacts
Reacting to the performance, the CBN Governor stated:
“The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability. This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike.”
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Driving Forces Behind Economic Recovery
The CBN attributed the country’s improved external position to:
- Forex market liberalisation and unification
- A disciplined monetary policy
- Coordinated fiscal and monetary interventions
This news signals a renewed economic trajectory for Nigeria, reflecting better fiscal discipline, increased diaspora trust, and sustainable policy efforts.
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