The Central Bank of Nigeria (CBN) said its economic reforms and efforts to boost investor confidence are beginning to yield positive results after recording $6.83 billion balance of payments surplus in 2024.

This marks a sharp turnaround from deficits of $3.34 billion and $3.32 billion in 2023 and 2022, respectively.

CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, disclosed this during the 36th Enugu International Trade Fair, organised by the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA).

She said the bank remains focused on tackling macroeconomic challenges, ensuring a resilient banking sector, and supporting Small and Medium Enterprises (SMEs) as key drivers of economic growth.

“The current CBN management is committed to correcting structural weaknesses in the economy and stimulating productivity,” Ali said. “Domestic industries must be strengthened to shield the economy from external shocks.”

She noted that improvements in foreign investment inflows and positive trade balance were evidence of the success of ongoing reforms, including foreign exchange market stabilization and stronger collaboration between monetary and fiscal authorities.

Ali also said the CBN is closely monitoring the ongoing recapitalisation of banks to ensure quality capital is injected into the system.

She added that Nigeria’s payment system continues to gain global recognition with the CBN committed to maintaining an efficient infrastructure.

ECCIMA President, Sir Odega Jideonwo, commended the CBN’s policies aimed at rebuilding business confidence and financial stability.

However, he cautioned that the rising interest rate—now at 27.5%—could restrict access to credit and hinder business growth.

“There’s no doubt that interest rates impact productivity and economic stability,” Jideonwo said.

“We hope the bank’s policies align with the Federal Government’s renewed hope agenda and begin to show clear benefits for businesses and the economy.”