The Central Bank of Nigeria (CBN) has announced that personal remittances into Nigeria rose to $20.93 billion in 2024, representing an 8.9% year-on-year increase.
This was revealed in a statement released on Wednesday by the apex bank while unveiling a balance of payments surplus of $6.83 billion for the 2024 financial year — a strong reversal from the deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
The statement, signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, attributed the improvement to ongoing macroeconomic reforms, better trade performance, and renewed investor confidence.
According to the bank, remittance inflows remained resilient throughout the year. Funds transferred through International Money Transfer Operators (IMTOs) increased by 43.5%, from $3.30 billion in 2023 to $4.73 billion in 2024 — a sign of stronger participation by Nigerians in the diaspora.
In addition, official development assistance (ODA) grew by 6.2% to $3.37 billion.
The apex bank noted that the country’s current and capital account recorded a surplus of $17.22 billion, powered largely by a goods trade surplus of $13.17 billion.
Other key indicators also showed positive trends:
- Non-oil exports jumped 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 reduced by 12.6% to $25.74 billion
On the financial account side, Nigeria posted a net acquisition of financial assets worth $12.12 billion. Portfolio investments more than doubled, rising by 106.5% to $13.35 billion, and resident foreign currency holdings grew by $5.41 billion.
However, there was a drop in foreign direct investment (FDI), which declined by 42.3% to $1.08 billion — a concern amidst otherwise bullish external indicators.
Nigeria’s external reserves also improved, growing by $6 billion to $40.19 billion by the end of 2024, thereby enhancing the country’s foreign exchange buffer.
The CBN also reported major progress in data accuracy. Net errors and omissions in the balance of payments dropped sharply by 79.5%, from $24.90 billion in 2023 to $5.10 billion in 2024 — which the bank credited to better data capture and increased transparency.
Reacting to the overall improvement, the CBN Governor 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.
