In a significant boost to Nigeria’s external financial position, the Central Bank of Nigeria (CBN) has confirmed that the country recorded a balance of payment surplus of $6.83 billion in 2024, reflecting growing confidence in the Tinubu administration’s economic reforms.
The apex bank revealed that the surplus was largely driven by improved export earnings, foreign direct investments, and remittance inflows from Nigerians in the diaspora. This figure marks a sharp departure from the deficits recorded in previous years and points to a renewed global interest in Nigeria’s economic stability.
A balance of payment surplus occurs when a nation's total inflow of foreign currency exceeds its outflow, and for Nigeria, this signals not just improved trade performance but also a recovering investment climate buoyed by President Bola Ahmed Tinubu’s market-driven policies and reforms in the foreign exchange sector.
The CBN, in its report, attributed the strong performance to rising oil and non-oil exports, sustained diaspora remittances, and strategic economic diplomacy that opened up fresh bilateral and multilateral payment corridors. The bank noted that the surplus has contributed to stabilizing the naira, increasing foreign reserves, and rebuilding investor trust.
Economic experts have described the development as a positive indicator that Nigeria’s fiscal tightening and monetary policy restructuring are finally paying off. It is also seen as a step toward reducing the country’s dependence on borrowing and strengthening its external reserves amid global economic uncertainty.
As the nation moves forward with its economic recovery blueprint, the CBN has reiterated its commitment to maintaining policy consistency and supporting initiatives that drive sustainable growth and enhance Nigeria’s financial reputation on the global stage.
– Abuja Network News