The Central Bank of Nigeria published provisional balance of payments statistics for Q4 2024, reporting a current account surplus of USD 3.80bn. The surplus fell 34.26% from Q3 2024, when it stood at USD 5.78bn, but was slightly above Q4 2023 at USD 3.75bn. The decline was attributed to a smaller goods surplus and wider net out-payments for services and primary income. The goods account surplus reduced to USD 2.62bn from USD 3.93bn, reflecting lower gas exports of USD 2.10bn from USD 2.89bn and higher non-oil imports of USD 7.37bn from USD 5.94bn. Net services out-payments increased to USD 3.48bn from USD 3.15bn, driven by higher net imports of transport, travel, insurance and other business services, while the net primary income out-payment rose 76.4% to USD 1.78bn, linked to reduced investment income receipts from abroad to USD 0.78bn from USD 1.47bn. Net secondary income increased to USD 6.44bn from USD 6.01bn, and Official Developmental Assistance to Nigeria rose 109.9%. The financial account recorded a balance of USD 7.82bn compared with a deficit of USD 0.59bn in Q3 2024, alongside a net reduction of financial liabilities of USD 7.95bn. Portfolio investment inflows rose 192.5% to USD 5.61bn and direct investment inflows eased to USD 0.31bn from USD 0.57bn. External reserves increased to USD 40.19bn at end-December 2024 from USD 39.29bn at end-September 2024, net errors and omissions shifted to USD 4.02bn from minus USD 6.37bn, and the overall balance was a surplus of USD 1.10bn.

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