The Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that Nigeria’s trade surplus has increased to 6 per cent of the nation’s Gross Domestic Product and is expected to remain stable at that level in the near term.

This was disclosed by the cbn governor during the G-24 press briefing held on the sidelines of the IMF/World Bank Annual Meetings in Washington, according to a statement signed by the Director of Information and Public Relations at the Federal Ministry of Finance,
Mohammed Manga.

Cardoso credited the improvement in the balance of trade to the federal government’s sound macroeconomic policies, which he said are beginning to deliver tangible results.

Cardoso, who represented the Minister of Finance, Wale Edun — the First Vice Chair of the G-24 — noted that Nigeria has remained relatively insulated from global economic uncertainties.

“As the world watches, Nigeria’s economic prospects are shining brighter, with the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, joining the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, as part of the Nigerian delegation at today’s G24 meetings on the sidelines of the IMF/World Bank Annual Meetings in Washington D.C. The meetings provided a platform for discussions on key themes such as domestic resource mobilization, inflation, and sound macroeconomic policies.

“During the meetings, Cardoso disclosed that Nigeria’s trade surplus has risen to 6% of the nation’s Gross Domestic Product (GDP) and is expected to remain at that level in the near term. He attributed the improved balance of trade to sound macroeconomic policies that are beginning to yield positive results.

“The CBN Governor also highlighted the importance of maintaining sound macroeconomic policies, noting a strong correlation between disciplined economic management, growth, and disinflation. He further disclosed that the apex bank is working on a framework to make currency swaps with other countries a win-win affair,” according to the cbn statement.

Cardoso explained that the Nigerian economy is undergoing a comprehensive restructuring, with a more competitive currency spurring local production while discouraging imports.

Dr. Uzoka-Anite’s participation in the meetings highlights the Nigerian government’s commitment to engaging international financial institutions and stakeholders in advancing economic growth and development.

Her presence at the G-24 sessions reflects the government’s proactive effort to strengthen economic cooperation and dialogue with global partners.