Nigeria’s economy rebounds strongly, records 6% trade surplus — CBN Gov Cardoso

Nigeria’s economy is showing renewed signs of strength, with the country’s trade surplus climbing to six per cent of its Gross Domestic Product (GDP), according to the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

Cardoso announced the development on Wednesday during the G24 press briefing, held on the sidelines of the IMF/World Bank Annual Meetings in Washington, D.C. He attributed the improvement to the ongoing macroeconomic reforms being implemented under President Bola Tinubu’s administration.

According to a statement released by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, Cardoso—who represented the Minister of Finance and Coordinating Minister of the Economy, Wale Edun—said the country’s economic outlook is becoming increasingly positive despite the challenges facing the global economy.

“Nigeria’s trade surplus has risen to 6 per cent of the nation’s Gross Domestic Product and is expected to remain at that level in the near term. He attributed the improved balance of trade to sound macroeconomic policies that are beginning to yield positive results,” Cardoso said.

The apex bank chief also revealed that the CBN is developing a framework to enhance currency swap arrangements with other countries, ensuring mutual benefit while supporting Nigeria’s external reserves and facilitating trade settlements.

“The CBN Governor also highlighted the importance of maintaining sound macroeconomic policies, noting a strong correlation between disciplined economic management, growth, and disinflation.
He further disclosed that the apex bank is working on a framework to make currency swaps with other countries a win-win affair,” the statement added.

The statement further noted that the Minister of State for Finance, Doris Uzoka-Anite, joined Cardoso as part of Nigeria’s delegation to the G24 meetings, where discussions focused on domestic resource mobilisation, inflation control, and macroeconomic stability.

Uzoka-Anite’s participation, according to the ministry, underscores Nigeria’s renewed commitment to engaging with global financial institutions to build investor confidence and attract sustainable development financing.

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“The meetings mark a significant step forward for Nigeria’s economic growth and development as the country continues to engage with international financial institutions to improve the lives of its citizens,” the ministry stated.

The G24 platform serves as a key coalition of developing nations that coordinate policy positions on international monetary and financial matters. Nigeria’s active involvement comes at a time when the country is intensifying fiscal and monetary reforms to stabilise the naira, tame inflation, and boost investor sentiment.

Recent figures from the National Bureau of Statistics (NBS) show that Nigeria’s trade surplus expanded by 44 per cent in the second quarter of 2025, with total trade rising to ₦38.04 trillion from ₦31.68 trillion in the same period of 2024. Exports accounted for ₦22.75 trillion (59.81 per cent), while imports stood at ₦15.29 trillion. Crude oil exports amounted to ₦11.97 trillion (52.6 per cent), while non-oil exports reached ₦10.78 trillion—reflecting steady diversification in Nigeria’s export base.

Meanwhile, Nigeria has assumed the chairmanship of the Intergovernmental Group of Twenty-Four (G-24), succeeding Argentina. The country is scheduled to officially take office on November 1, 2025, after consultations with member nations to finalise its Work Programme.

As Nigeria takes the helm, Cardoso—speaking on behalf of Wale Edun—reaffirmed the country’s commitment to strengthening the G-24’s role as a voice for developing economies.

“Our focus will be on sustaining momentum in areas that matter most to our members. We look forward to working with members to advance our shared mission of inclusive growth, equity, and global stability.

“We are determined to ensure that the G-24 continues to be a formidable platform for representing the common interests of emerging and developing economies,” Cardoso said.

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