Nigeria’s trade surplus rises to 6% of GDP — Cardoso

Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has said that Nigeria’s trade surplus has risen to six per cent of the nation’s Gross Domestic Product (GDP).

Cardoso made this known in a statement issued on Wednesday by the Director of Information and Public Relations at the Federal Ministry of Finance, Mr Mohammed Manga, in Washington, D.C.

The CBN governor, who is leading Nigeria’s delegation to the annual meetings of the International Monetary Fund (IMF) and the World Bank Group, reaffirmed the government’s commitment to prudent macroeconomic management and ongoing reforms aimed at stabilising the economy.

He noted that there is a strong link between disciplined fiscal and monetary policies, economic growth, and a gradual reduction in inflationary pressures.

Cardoso also disclosed that the apex bank was developing a framework to ensure that currency swap arrangements with other countries are designed to deliver mutual benefits.

He said Nigeria’s broader goal was to strengthen its position in international trade and financial cooperation.

The Minister of State for Finance, Dr Doris Uzoka-Anite, who also attended the meetings, reaffirmed the government’s commitment to strategic engagement with global financial institutions and development partners.

Uzoka-Anite said her participation in the G-24 meeting underscored Nigeria’s determination to build stronger partnerships and promote sustainable growth through inclusive and forward-looking economic policies.

She added that the growing global attention on Nigeria at the Washington meetings reflected increasing international confidence in the country’s reform agenda and its resolve to build a resilient, competitive, and dynamic economy.

According to her, Nigeria’s participation in the IMF/World Bank meetings represents a significant step in advancing the nation’s economic diplomacy.