The Central Bank of Nigeria (CBN) has reported a significant rise in personal remittance inflows, which reached $20.93 billion in 2024, an 8.9 percent year-on-year increase.
This development was announced in a statement released on Wednesday by the bank’s acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali.
The apex bank also disclosed a remarkable turnaround in the country’s balance of payments, recording a surplus of $6.83 billion for the 2024 financial year.
This contrasts sharply with the deficits of $3.34 billion and $3.32 billion posted in 2023 and 2022, respectively.
According to the CBN, the improved figures reflect a combination of macroeconomic reforms, strengthened trade performance, and renewed investor confidence.
Notably, inflows through international money transfer operators surged by 43.5 percent to $4.73 billion, compared to $3.30 billion in 2023, underscoring increased engagement from the Nigerian diaspora.
“Remittance inflows remained resilient, with personal remittances rising by 8.9 percent to $20.93 billion.
“International money transfer operator inflows surged by 43.5 percent to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2 percent to $3.37 billion,” the statement said
The bank noted a current and capital account surplus of $17.22 billion, supported by a goods trade surplus of $13.17 billion.
Non-oil exports grew by 24.6 percent to $7.46 billion, while gas exports soared by 48.3 percent to $8.66 billion.
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Meanwhile, petroleum imports dropped by 23.2 percent to $14.06 billion, and non-oil imports declined by 12.6 percent to $25.74 billion.
On the financial account front, the country posted a net acquisition of financial assets totaling $12.12 billion.
Portfolio investment inflows more than doubled, rising by 106.5 percent to $13.35 billion. However, foreign direct investment declined sharply by 42.3 percent to $1.08 billion.
Nigeria’s external reserves also received a boost, increasing by $6 billion to close the year at $40.19 billion, further strengthening the nation’s foreign exchange buffer.
The CBN also reported a substantial improvement in data accuracy. Net errors and omissions dropped by 79.5 percent to -$5.10 billion, a sharp improvement from the -$24.90 billion recorded in 2023. The bank attributed this to better data capture and enhanced transparency.
Reacting to the figures, the CBN Governor Yemi Cardoso said, “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.”
