Nigeria recorded $20.93 billion in personal remittance inflows in 2024, according to new data released by the Central Bank of Nigeria (CBN).
The figure represents a 8.9 percent increase compared to the previous year and forms part of a broader positive shift in Nigeria’s external financial position.
The CBN also announced a balance of payments surplus of $6.83 billion for the full year of 2024, an improvement from the deficits posted in 2023 and 2022.
The apex bank attributed the improvement to a mix of macroeconomic reforms, stronger trade dynamics and growing investor interest in Nigerian assets.
According to the statement signed by the Acting Director of Corporate Communications, Mrs Hakama Sidi-Ali, inflows through International Money Transfer Operators (IMTO) rose sharply by 43.5 percent to $4.73 billion, up from $3.30 billion in 2023.
Official development assistance also climbed to $3.37 billion, representing a 6.2 percent increase year-on-year.
On the trade side, the current and capital accounts registered a surplus of $17.22 billion, supported by a goods trade surplus of $13.17 billion.
Non-oil exports were up 24.6 percent to $7.46 billion, while gas exports increased by 48.3 percent to $8.66 billion.
Meanwhile, petroleum imports declined by 23.2 percent to $14.06 billion with non-oil imports also down 12.6 percent to $25.74 billion.
In the financial account, Nigeria recorded $12.12 billion in net acquisition of financial assets, while portfolio investment inflows surged by 106.5 percent to $13.35 billion.
However, while resident foreign currency holdings increased by $5.41 billion, foreign direct investment dropped by 42.3 percent to $1.08 billion.
The CBN noted an improvement in data reporting quality with net errors and omissions falling by 79.5 percent to negative $5.10 billion, down from $24.90 billion in 2023.
Commenting on the data, the CBN Governor described the performance as a major milestone in the country’s economic recovery process.
He said the figures reflect the impact of ongoing reforms, including the unification of the foreign exchange market and more disciplined monetary and fiscal coordination.
“The positive turnaround in our external accounts shows that the policies we’ve put in place are working,” he said. “This momentum is essential for building long-term economic resilience and restoring investor trust.”
