By John Umeh
CBN Reports $6.83 Billion Balance of Payments Surplus for 2024, Signaling Economic Turnaround
The Central Bank of Nigeria (CBN) has announced a significant milestone in the nation’s economic trajectory, revealing a $6.83 billion balance of payments surplus for the year 2024. This marks a sharp recovery from the deficits recorded in the preceding years, highlighting the positive momentum in Nigeria’s economic outlook.
The disclosure was made during the 36th Enugu International Trade Fair on Saturday, April 12, where the apex bank underscored Nigeria’s improving position in global trade and finance.
According to the CBN, the 2024 surplus stands in stark contrast to deficits of $3.34 billion in 2023 and $3.32 billion in 2022. Speaking during the Bank’s Special Day at the Fair, Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, attributed the positive development to wide-ranging macroeconomic reforms, enhanced trade performance, and growing investor confidence in the country’s economic policies.
“The CBN’s participation in this Fair is part of our continuous efforts to educate and engage stakeholders on the Bank’s policies and initiatives, which are vital to driving economic growth, inclusivity, and global competitiveness,” Mrs. Ali stated. “The current management remains committed to addressing Nigeria’s economic challenges to boost productivity, especially within the Small and Medium Enterprises (SMEs) sector.”
She emphasized that sustainable industrial development hinges on three core pillars: sound financial system fundamentals, a stable foreign exchange market, and strong coordination between monetary and fiscal authorities. “Our actions in these areas are already producing tangible results, evidenced by increased inflows of foreign direct and portfolio investments, and an improved trade balance,” she added.
Mrs. Ali reaffirmed that the $6.83 billion surplus in 2024 reflects a decisive shift in the nation’s economic performance, reversing years of negative trends.
Also speaking at the event, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Sir Odeiga Jideonwo, praised the CBN for its efforts to enhance the business environment and reinforce financial sector stability. However, he voiced concerns over the recent increase in interest rates, warning that it may hinder access to credit for businesses.
“We appreciate the CBN’s policy steps towards restoring business confidence and economic stability, particularly in the financial sector,” he said. “Nevertheless, we urge caution to ensure that measures such as the hike in interest rates, the introduction of the electronic Foreign Exchange Matching System, and the recapitalization of banks do not inadvertently hamper business activity.”
He further expressed concern over the rise in the Monetary Policy Rate to 27.50%, describing it as a potential obstacle to affordable credit access, especially for enterprises looking to scale operations amid inflationary pressures.
