The International Monetary Fund (IMF) report from 2024 states that Nigeria’s current account balance had a surplus of $1.432 billion.
According to the “World Economic Outlook Database” study, the federal government’s account for the time had a rise, which was better than the $1.21 billion surplus reported in 2023.
The improvement was credited to the nation’s increasing investment and gross national savings.
Nigeria saw a growth in gross national savings from 24.61 percent of GDP in 2023 to 26.32 percent in 2024. According to the research, total investment increased to 25.75 percent of GDP in 2024 from 24.28 percent in 2023.
The entirety of a nation’s trade balance, net income, asset income, and direct transfers is represented by its current account balance, which offers a thorough overview of all of its foreign economic dealings.
It is anticipated that this pattern will carry on, promoting stability and economic progress in the area.
This incident occurs as the nation struggles to recover from President Bola Tinubu’s elimination of subsidies in May 2023.
Since then, costs for food, housing, transportation, electricity, and inflation have all risen. As a result, on Monday, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) announced a statewide industrial strike.