Nigeria’s current account balance has seen a surplus of $1.432 billion in 2024, according to the International Monetary Fund (IMF) report.
The IMF’s “World Economic Outlook Database” noted that this is an improvement from the $1.21 billion surplus recorded in 2023. The increase is attributed to rising gross national savings and investment in the country.
In 2024, Nigeria’s gross national savings grew to 26.32% of GDP, up from 24.61% in 2023. Total investment also rose to 25.75% of GDP in 2024, compared to 24.28% in 2023.
A country’s current account balance, representing the combined total of its trade balance, net income, direct transfers, and asset income, provides a comprehensive picture of its international economic transactions. A positive balance indicates a net lending position, while a negative balance indicates a net borrowing position.
The IMF data suggests a positive outlook for Nigeria’s economic growth and stability, highlighting increasing investment and savings. This trend is expected to continue, further driving economic growth in the region.
This development comes as Nigeria deals with the repercussions of subsidy removals by President Bola Tinubu in May 2023. Since then, electricity tariffs, food prices, transportation costs, house rents, and inflation rates have surged, leading to a nationwide industrial strike declared by the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC).
