Nigeria’s Central Bank Releases 2024 Balance of Payments and Future Targets

In 2024, Nigeria's Central Bank reported a balance of payments surplus of $6.83 billion, reversing deficits from the previous two years. This positive shift was driven by a combination of stronger exports, lower imports, and improved investor flows.

Both gas and non-oil exports recorded double-digit growth, while imports of oil and non-oil products declined, shrinking the trade gap. At the same time, remittance inflows and securities investments surged, helping to boost external earnings. Foreign reserves also rose by $6 billion to $40.19 billion, reinforcing the countrys financial buffer.

Future Strategy Focuses on Financial Inclusion

Building on this momentum, the Central Bank is targeting greater access to financial services. The goal for 2024 is to reach a 95% financial inclusion rate while reducing financial exclusion to 25%.

Although there‘s still ground to cover, progress has been steady over the past few years, reflecting gains in infrastructure and outreach. Increasing the population’s engagement with formal financial systems remains a top priority moving forward.

Despite the encouraging overall performance, certain vulnerabilities remain—particularly the sharp drop in foreign direct investment, highlighting global investors cautious stance. Around one-third of Nigerian adults still lack access to formal financial services.

Striking a balance between currency stability and economic expansion will be key. As global uncertainties persist, sustaining Nigerias recovery will require consistent policy execution and adaptability.