Nigeria recorded its first balance of payments surplus in three years as reforms including boosting oil and gas production, removing fuel subsidies and free-floating the naira paid off.
Africa’s largest oil producer posted a surplus of $6.83 billion in 2024, compared with a $3.34 billion deficit a year earlier, the central bank said in a statement Wednesday.
The outcome demonstrates the effectiveness of Nigeria’s ongoing reform agenda, the central bank said. “The liberalization and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilizing the naira, and coordinated fiscal and monetary measures have all contributed,” it noted.