Nigeria has achieved a remarkable turnaround, recording a $6.83 billion balance of payments (BOP) surplus in 2024, a sharp reversal from consecutive deficits posted in the prior two years. This success, attributed to macroeconomic reforms, robust trade gains, and rising diaspora remittances, signals improved external financial health for the West African country. Key drivers include a 48.3% surge in gas exports and a decline in imports. Additionally, Nigeria’s external reserves rose by $6 billion to $40.19 billion, bolstered by the BOP surplus and foreign investments. Despite these positive trends, challenges such as naira depreciation and global trade tensions remain. The sustainability of the surplus will depend on continued reforms, oil prices, and foreign capital inflows.
