Mr Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), has announced that Nigeria’s trade surplus has increased to 6% of the nation’s Gross Domestic Product (GDP) and is projected to maintain this level in the near term.
Governor Cardoso made this statement during the G-24 press briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington D.C., where he stood in for the Minister of Finance.
Key Drivers and Policy Focus
The CBN Governor attributed the improved balance of trade to what he termed “sound macroeconomic policies” that are now beginning to yield positive results.
His key points regarding the economic strategy were:
- Restructured Economy: Cardoso noted that there is a “complete restructuring of the economy,” characterised by a competitive currency that encourages domestic production and discourages imports.
- Macroeconomic Discipline: He emphasised the importance of maintaining sound macroeconomic policies, highlighting a strong correlation between disciplined economic management, growth, and disinflation.
- Currency Swaps: He also disclosed that the apex bank is working on a framework designed to ensure that currency swaps with other countries are a “win-win affair.”
The CBN Governor’s comments align with an earlier report from the National Bureau of Statistics (NBS) which indicated that Nigeria’s trade surplus increased by 44% in the second quarter of 2025. During that quarter, exports accounted for 59.81% of total trade, with crude oil representing 52.60% of total exports.
