The Central Bank of Nigeria has announced that personal remittance inflows increased to $20.93 billion in 2024, reflecting an 8.9% year-on-year growth.
The CBN also reported a balance of payments surplus of $6.83 billion for the 2024 financial year.
This was disclosed in a statement signed by the CBN’s Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali on Wednesday.
The figure marks a significant turnaround from deficits of $3.34bn and $3.32bn recorded in 2023 and 2022, respectively.
The CBN attributed the increase in remittance inflows to a combination of macroeconomic reforms, stronger trade performance, and renewed investor confidence.
The statement highlighted that remittances remained robust throughout the year, with inflows through International Money Transfer Operators rising by 43.5% to $4.73 billion, up from $3.30 billion the previous year.
The statement read, “Remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to $20.93bn.
“International Money Transfer Operator inflows surged by 43.5 per cent to $4.73bn, up from $3.30bn in 2023, reflecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2 per cent to $3.37bn.”
The current and capital accounts recorded a surplus of $17.22 billion, supported by a goods trade surplus of $13.17 billion.
Non-oil exports grew by 24.6% to $7.46 billion, while gas exports saw a 48.3% increase, reaching $8.66 billion.
On the other hand, petroleum imports dropped by 23.2% to $14.06 billion, and non-oil imports decreased by 12.6% to $25.74 billion.
On the financial account, Nigeria recorded a net acquisition of financial assets totaling $12.12 billion.
Portfolio investment inflows more than doubled, rising by 106.5% to $13.35 billion, while resident foreign currency holdings increased by $5.41 billion.
However, foreign direct investment fell by 42.3% to $1.08 billion.
The country’s external reserves increased by $6 billion, reaching $40.19 billion by the end of 2024, thereby strengthening Nigeria’s foreign exchange buffer.
Reacting to the figures, the Governor of the CBN was quoted as saying, “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.”
