Nigeria’s Trade Surplus Hits 6% of GDP, Says CBN Governor at IMF Meetings

Nigeria’s Trade Surplus Hits 6% of GDP, Says CBN Governor at IMF Meetings

JOEL OLADELE, Abuja

Nigeria’s economic outlook is showing renewed promise as the nation’s trade surplus has risen to 6 percent of its Gross Domestic Product (GDP), the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed.

Speaking at the G24 meetings held on the sidelines of the IMF/World Bank Annual Meetings in Washington D.C., Cardoso said the positive figures reflect the impact of ongoing macroeconomic reforms and disciplined policy implementation.

He explained that the trade surplus, now at its strongest level in years is expected to remain stable in the short term, buoyed by improved foreign exchange management, stronger export performance, and tighter fiscal coordination.

“We are beginning to see the results of sound macroeconomic policies,” Cardoso stated. “There is a clear connection between disciplined economic management, growth, and disinflation. The Central Bank is also developing a framework to make currency swaps with other countries mutually beneficial.”

Cardoso was joined at the sessions by Dr. Doris Uzoka-Anite, Minister of State for Finance, as part of Nigeria’s high-level delegation to the global meetings. The G24 discussions focused on domestic resource mobilization, inflation control, and sustainable macroeconomic frameworks, issues central to Nigeria’s economic recovery plan.

Dr. Uzoka-Anite’s participation, according to the Finance Ministry, underscores the federal government’s commitment to engaging global partners to attract investment and foster inclusive growth. Her presence at the meetings highlights Nigeria’s proactive approach to deepening cooperation with international financial institutions.

Analysts say the latest trade figures and the strong showing by Nigeria’s delegation signal a growing confidence in the country’s economic direction, as authorities continue efforts to stabilize the naira, curb inflation, and promote export-led growth.