CBN Records ₦38.8bn Surplus in 2024
Global Macro Highlights
US GDP Growth Rate YoY
The U.S. economy contracted by 0.3% YoY in Q1:2025, the first decline since Q1:2022. This is a sharp reversal from the growth seen in Q1:2024 (+1.3% YoY) and Q4:2024 (+2.5% YoY). The downturn was primarily driven by a 41.30% surge in imports as firms and households front-loaded purchases ahead of impending Trump-era tariff hikes.
Eurozone GDP Growth Rate (YoY)
The Eurozone economy grew by 0.4% QoQ in Q1:2025 from 0.2% in Q4:2024. The expansion was driven by resilient domestic demand, easing inflation, and lower borrowing costs across member states.
Eurozone Inflation (YoY)
The Eurozone inflation remained at 2.2% YoY in April 2025, as elevated core inflation (+2.7% YoY) and a rise in services inflation (+3.9% YoY), boosted by Easter-related spending offset a sharper decline in energy prices (-3.5% vs. -1.0% in March), driven by lower oil costs.
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Domestic Events
CBN Records ₦38.8bn Surplus in 2024
The Central Bank of Nigeria (CBN) released its 2024 audited financial results, marking a significant turnaround from the previous year. The Bank recorded a surplus of NGN38.8bn, recovering from a NGN1.2trn deficit in 2023, buoyed by improved investment income, gains from foreign exchange transactions, and effective cost containment. External reserves rose to USD54.7bn, supported by increased portfolio inflows, diaspora remittances, and better coordination with key institutions like the NNPC. The reduction in loans and receivables to NGN11.0trn indicates a policy shift away from interventionist lending.
Nigeria’s Non-Oil Exports Rise 24.8% YoY to $1.8bn in Q1 2025
The Nigerian Export Promotion Council (NEPC) reported a +24.8% YoY increase in Nigeria’s non-oil product exports, rising to USD1.8bn in Q1:2025 from USD1.4bn in Q1:2024. The growth was largely underpinned by a 24.4% increase in export volumes, which climbed to 2.4 million metric tonnes (MMT) from 1.9 MMT in the same period of the previous year. Regionally, exports to ECOWAS countries amounted to USD 63.1 million, representing 3.5% of total non-oil exports, while shipments to other African countries outside ECOWAS stood at USD 32.7 million (1.8%).
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