The Real Heroes Of Nigeria’s Economic Resurgence Are The Nation’s Diaspora And Aliko Dangote – CBN Report
The Oasis Reporters
April 10, 2025
In it’s latest report just released to the press, Nigeria’s apex Bank, Central of Nigeria has Posted Payments Surplus in 2024, signaling economic resurgence in Nigeria.
In it’s report, it says that personal remittances by Nigerians struggling to make ends meet in their individual economic challenges all over the world rose by 8.9% to $20.93 billion in 2024.
The figure is more than Gas exports to foreign destinations which rose by 48.3% to $8.66 billion and Non-oil exports that increased by 24.6% to $7.46 billion. Thus making personal home Remittances by diaspora Nigerians of $20.96 billion dwarf the combined gas and non oil exports at $16.12 billion by $4.84 billion.
In other words, despite their challenges in Europe, the America’s, Oceania, the Arab world and other parts of the world, they did not forget their families and friends in homeland Nigeria.
Nigerians at home say that they are grateful. “ You are the salt, making our lives tastier and we thank you”, came a message through The Oasis Reporters.
Such monies have helped enormously in paying school fees, medical bills, completion of building projects, feeding and even ransoms to kidnappers of hapless citizens in the captivity of bandits who have grown the business of kidnapping for ransom into a complex industry that the national security architecture is finding it difficult to contain.
Another cheery piece of information is that
petroleum imports declined by 23.2% to $14.06 billion, this reducing the shame most Nigerians usually felt about a major crude oil producer that was a net importer of refined petroleum products for decades because it’s refineries were moribund due to corruption and inefficiency.
This turnaround came about as a result of the commissioning of the Dangote refinery that was still under construction for many years because entrenched interests did not want it to come on stream.
But it finally did in 2024, thus making a net exporter of crude oil and wholesale importer of petroleum products finally change it’s status because patriotic Alhaji Aliko Dangote showed grit, zeal and commitment to turn the situation around.
Other titbits in the report says that International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora.
Reviews of past and present performances
2022: $3.32 billion deficit
2023: $3.34 billion deficit
2024: $6.83 billion surplus
This improvement reflects the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
Foreign direct investment (FDI) that was a huge surge under former President Goodluck Jonathan of the People’s Democratic Party (PDP) showing confidence in the buoyancy of the economy then, fell by 42.3% to $1.08 billion, a continuous decline under the All Progressive Congress (APC) from the government of Presidents Muhammadu Buhari and Bola Ahmed Tinubu.
The country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, bolstering its external buffer.
The report was signed by:
Sidi-Ali, Hakama (Mrs.) Ag. Director, Corporate Communications
April 9, 2025
Greg Abolo
gregabolo@gmail.com
