The Central Bank of Nigeria (CBN) has announced that the nation recorded a $6.83 billion balance of payments surplus in 2024, indicating significant economic growth and a turnaround from previous years of deficits.
The apex bank revealed this at the 36th Enugu International Trade Fair on Saturday, April 12, highlighting the positive trajectory of Nigeria’s economy in the global transaction landscape.
According to the bank, the figure marks a decisive rebound from deficits of $3.34 billion in 2023 and $3.32 billion in 2022, respectively. Speaking at the CBN Special Day at the fair, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, attributed the improved performance to broad macroeconomic reforms, stronger trade dynamics, and renewed investor confidence in Nigeria’s economic direction.
“The CBN annually participates in the Fair to raise awareness and sensitize our teeming stakeholders, on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition. The current Management of the Bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the Small and Medium Enterprises (SMEs),” she said.
“Achieving an impactful industrial development for global recognition is premised on a tripod. This includes robust financial systems fundamentals, foreign exchange market stability and strong collaboration between the monetary and fiscal authorities. The Bank’s efforts in these directions are already yielding the desired results. This has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times.
“Specifically, Nigeria recorded $6.83 billion balance of payments surplus at the end of 2024, which signals economic resurgence and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.”
Also speaking at the event, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Sir Odeiga Jideonwo, commended the CBN for policy actions aimed at bolstering the business climate and fortifying the financial system. However, he expressed concerns about the bank’s recent hike in interest rates, cautioning that the move could stifle access to credit.
“We commend the CBN for its policy measures to rebuilding stronger business confidence and ensuring stability in the economy particularly in the financial/banking sector. However, we advise the Bank to ensure that its key policies which include raising interest rates (Monetary Policy Rates), implementing an electronic Foreign Exchange Matching System and recapitalizing banks with increased minimum capital requirements, will not in any way become counterproductive.
“Meanwhile, we are very worried about the consistent and recent increase in interest rate by CBN to 27.50% in an aggressive push to manage the nation’s inflationary pressure and liquidity. The high interest rate regime will likely have adverse effect on the accessibility of bank credit by businesses,” he said.