Home Business Nigeria’s current account balance rises by $1.43bn

Nigeria’s current account balance rises by $1.43bn

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Nigeria’s current account balance rises by $1.43bn.

Nigeria’s current account balance recorded a surplus of $1.432 billion in 2024, according to the IMF’s ‘World Economic Outlook Database.’

The report highlighted improvements from the $1.21 billion surplus in 2023, driven by rising gross national savings and investments. Gross national savings increased to 26.32% of GDP in 2024 from 24.61% in 2023, while total investment rose to 25.75% of GDP from 24.28%.

This positive trend indicates a strengthening economy despite challenges from subsidy removals, which led to higher inflation and living costs. Amid these economic shifts, the Nigerian Labour Congress (NLC) and Trade Union Congress (TUC) have called for higher wages and a nationwide strike. The Federal Government is open to negotiations, considering a wage above the previously offered N60,000.

Despite inflation at 33.69%, the IMF data shows a growing and increasingly stable Nigerian economy.

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