Nigeria’s economic outlook took centre stage at the G24 meetings in Washington, D.C., held on the sidelines of the IMF/World Bank Annual Meetings yesterday.
The Nigerian delegation, led by the Minister of State for Finance, Doris Uzoka-Anite, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, showcased the country’s improving economic performance.
During the high-level discussions, which focused on key global themes including domestic resource mobilisation, inflation, and macroeconomic policy, Cardoso announced a significant improvement in the nation’s balance of trade.
He disclosed that Nigeria’s trade surplus has increased to 6% of its Gross Domestic Product (GDP) and is projected to remain stable at that level in the near term.
Cardoso credited this positive shift to “sound macroeconomic policies that are beginning to yield positive results,” underscoring the vital connection between disciplined economic management, growth, and disinflation.
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In a move to foster international trade and financial stability, the CBN governor also revealed that the apex bank is currently developing a new framework aimed at ensuring that currency swap arrangements with other nations are mutually beneficial, describing the goal as a “win-win affair.”
The participation of Uzoka-Anite emphasised the Nigerian government’s resolve to actively engage with international financial institutions and global partners to advance economic growth and development.
Her presence demonstrated a proactive strategy by the government to enhance economic cooperation and dialogue with stakeholders worldwide.
According to a press release from the Federal Ministry of Finance, Nigeria’s ongoing engagement in these meetings marks a “significant step forward” in the country’s efforts to drive progress and enhance the lives of its citizens.
