The Central Bank of Nigeria (CBN) has announced a significant economic turnaround, revealing that the country recorded a $6.83 billion balance of payments surplus in 2024. This marks a strong recovery from deficits of $3.34 billion in 2023 and $3.32 billion in 2022.
Speaking at the CBN Special Day during the 36th Enugu International Trade Fair on April 12, the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, attributed the positive shift to ongoing macroeconomic reforms, improved trade performance, and renewed investor confidence.
She noted that the CBN’s consistent participation in the trade fair aims to raise awareness of its policies and their role in driving economic growth, especially for small and medium-sized enterprises (SMEs). “Our focus on financial system stability, forex market reform, and collaboration with fiscal authorities is starting to pay off,” she said, citing the surge in foreign direct and portfolio investments.
The surplus reflects Nigeria’s stronger global trade position and improved investor inflows, signaling a return to economic growth.
Also speaking at the event, the President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Sir Odeiga Jideonwo, praised the CBN’s policy efforts to stabilize the economy and strengthen the financial sector. However, he expressed concern over the recent interest rate hike to 27.50%, warning it could limit business access to credit.
While acknowledging the CBN’s push to fight inflation and manage liquidity, he urged caution, noting that high interest rates might hurt businesses, especially in accessing loans for expansion and productivity.
Jideonwo also advised the bank to carefully balance its major reforms—including foreign exchange management and bank recapitalization—so they don’t become counterproductive to economic growth.