The Central Bank of Nigeria (CBN) under Governor Olayemi Cardoso has recorded a remarkable $6.83 billion Balance of Payments (BOP) surplus in 2024. This major economic milestone comes on the heels of back-to-back deficits of $3.34 billion in 2023 and $3.32 billion in 2022, reinforcing growing investor confidence and affirming the success of Nigeria’s ongoing macroeconomic reforms.
Appointed on October 5, 2023, Cardoso has spearheaded transformative reforms at the apex bank, with a renewed focus on foreign exchange liberalization, inflation control, and trade competitiveness. According to the Ag. Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the impressive BOP figures reflect a substantial boost in both the current and capital accounts, which posted a combined surplus of $17.22 billion.
Driving this momentum is a strong trade performance that saw a goods trade surplus of $13.17 billion. Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports dropped 12.6% to $25.74 billion—signs of increasing local production capacity. Meanwhile, gas exports jumped 48.3% to $8.66 billion, and non-oil exports grew 24.6% to $7.46 billion, highlighting Nigeria’s diversifying economy.
Remittance inflows also played a pivotal role, with personal remittances climbing by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, fueled by stronger engagement from the Nigerian diaspora. Official development assistance rose 6.2% to $3.37 billion, showcasing international confidence in Nigeria’s fiscal trajectory.
Nigeria also recorded a net acquisition of financial assets totaling $12.12 billion, with portfolio investment inflows more than doubling to $13.35 billion—an increase of 106.5%. Although foreign direct investment dropped by 42.3% to $1.08 billion, rising resident foreign currency holdings by $5.41 billion and growing external reserves to $40.19 billion reflect rising economic confidence.
Equally impressive was the significant improvement in data integrity. Net errors and omissions shrank by 79.5%—from $24.90 billion in 2023 to just $5.10 billion in 2024—thanks to stronger data capture systems and transparency measures implemented by the apex bank.
Governor Cardoso noted that the surplus is a reflection of effective policy implementation, adding, “This turnaround in our external finances benefits investors, businesses, and everyday Nigerians. It marks a pivotal step forward in restoring macroeconomic stability and national prosperity.”
The CBN’s FX market reforms—including the Electronic Foreign Exchange Matching System (EFEMS)—have unified exchange rates, increased transparency, and improved ease of doing business. Notably, the clearance of a $7 billion forex backlog sent a strong message to international investors that Nigeria is serious about creating a stable, investor-friendly environment.
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Complementing this economic victory, Hakama Sidi-Ali, the CBN’s spokesperson, was recently honoured with the “Outstanding Spokesperson (Banking Sector)” award at the 2025 National Spokespersons Awards, held at the Abuja Intercontinental Hotel. Organized by the Nigeria Institute of Public Relations (NIPR) and Image Merchants Promotion Ltd., the event celebrated excellence in public communication across sectors.
Sidi-Ali was praised for her proactive crisis communication, particularly in debunking rumours about the introduction of N5,000 and N10,000 banknotes and for her diplomatic communications during Nigeria’s tariff negotiations with the United States. Her recognition underscores the critical role that effective communication plays in driving confidence in Nigeria’s economic management.
The awards night also spotlighted strategic communicators like Olufemi Soneye of the NNPCL, Fabian Benjamin of JAMB, and Hadiza Umar of NITDA. Institutions such as the Nigerian Customs Service, Air Peace, and the University of Ilorin were recognized for their exemplary media engagement and digital presence.
As Nigeria navigates global economic uncertainties, the CBN’s record-breaking BOP surplus under Cardoso’s leadership sends a strong signal: Nigeria is back on the path of economic resurgence. With transparent policies, stable fiscal measures, and strengthened investor relations, the country is poised for sustainable growth and a future of economic dominance in Africa.
Dr. Ibrahim Modibbo, a current affairs analyst write from Abuja
