The Central Bank of Nigeria (CBN) announced that the country’s payment balance balance in 2024 indicates huge economic growth and is related to previous years’ deficits.
Apex Bank revealed this at the 36th Enugu International Trade Fair on Saturday, April 12, highlighting the positive trajectory of Nigeria’s economy in a global trading environment.
The bank said the figure marks a decisive rebound of $3.34 billion in 2023 and $3.32 billion in 2022. Speaking at the CBN Special Festival at the Expo, Mrs. Hakama Sidi Ali attributed improved performance to broad macroeconomic reforms, stronger trade momentum and renewed confidence in the direction of Nigeria’s economic direction.
“CBN attends exhibitions every year to raise awareness and sensitize our stakeholders to their policies and plans, which is key to promoting economic activity, inclusion and global recognition. The current management of the bank is committed to correcting the challenges of the Nigerian economy to stimulate the challenges of the Nigerian economy to stimulate productivity, especially small and medium-sized enterprises (smessspersspers) (SMES), she said.
“Influential industrial development has been achieved on the tripod to achieve a global recognition foundation. This includes a strong financial system foundation, stability of the foreign exchange market, and strong cooperation between monetary and fiscal authorities. The efforts of banks in these directions have produced the desired results. This has led to a significant increase in the recent foreign direct and investment trade trade and active trade balance.
“Specifically, Nigeria recorded a payment surplus of $6.83 billion at the end of 2024, indicating a decisive shift in economic revitalization and a deficit of $3.34 billion in 2023 and a deficit of $3.32 billion in fiscal year 2022.”
Sir Odeiga Jideonwo also praised the Enugu Chamber of Commerce, Industry, Mining and Agriculture, the Chair of Industry, Mining and Agriculture, for speaking at the event, praising the CBN for its policy actions aimed at strengthening the business environment and strengthening the financial system. But he expressed concerns about the bank’s recent interest rate hikes on interest rates, warning that the move could kill opportunities for credit.
“We commend CBN’s policy measures to rebuild stronger business confidence and ensure economic stability, especially in the financial/banking sector. However, we recommend that banks ensure that their key policies, including raising interest rates (monetary policy rates), e-diplomatic transaction matching systems and re-authorization with capital requirements, do not become minimum capital requirements, will become any minimum capital requirement and will become the opposing minimum capital.
“At the same time, we are very concerned that CBN’s continued and latest interest rates will rise to 27.50% to manage inflationary pressures and liquidity in the country. High interest rates regimes may adversely affect the access to bank credit for businesses,” he said.
