Nigeria’s Central Bank Governor, Dr. Olayemi Cardoso, has projected that the nation’s trade surplus will reach
approximately 6% of its Gross Domestic Product (GDP). This optimistic forecast is attributed to recent economic reforms that
have enhanced the competitiveness of the Nigerian naira and stimulated local production.Speaking at the G-24 press
briefing during the International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, Dr. Cardoso, who represented Finance Minister Wale Edun,
emphasized that Nigeria has been relatively insulated from global economic uncertainties. He noted, “From Nigeria’s
perspective, it was less of a problem for us. I think we were very fortunate because a lot of the things that were needed to have been done, we did them much earlier.
As a result, we were able to create resilience and buffers against potential shocks.” The Governor highlighted that the
country’s economic restructuring, including a more competitive currency, has led to a positive balance of trade. He stated, “Now, we have a more competitive currency, and as a result, for once, we have
a situation where we have a positive balance of trade, a trade surplus, and we expect it to be around six percent of GDP and remain in that range for some time.”
Dr. Cardoso further revealed that the Central Bank of Nigeria is developing a framework to facilitate bilateral trade
settlements in local currencies, aiming to reduce dependency on foreign currencies and enhance economic sovereignty. These developments underscore Nigeria’s
commitment to economic reforms and its efforts to strengthen its position in the global trade arena.
Kindly Share this News!!!