The Central Bank of Nigeria has said the nation’s economy grew by $6.83biilon through payments on transactions with other countries in 2024.
According to the apex bank, the positive outlook signaled economic boost and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.
The bank’s Acting Director of Corporate Communications, Mrs Hakama Sidi Ali, stated during the CBN Special Day, on Saturday, at the ongoing 36th Enugu International Trade Fair, in Enugu.
She said the improvement reflected the impact of wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
“The CBN annually participates in the Fair to raise awareness and sensitize our teeming stakeholders, on its policies and programmes which are key to driving economic activities, inclusiveness, and attainment of global recognition. The current Management of the Bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the Small and Medium Enterprises (SMEs).
“Achieving an impactful industrial development for global recognition is premised on a tripod. This includes robust financial systems fundamentals, foreign exchange market stability and strong collaboration between the monetary and fiscal authorities. The Bank’s efforts in these directions are already yielding the desired results. This has resulted in significant increase of inflow in foreign direct and portfolio investments and positive trade balance in recent times.
“Specifically, Nigeria recorded $6.83 billion balance of payments surplus at the end of 2024. which signals economic resurgence and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.”
Earlier in his remarks, the President of Enugu Chamber of Commerce, Industry, Mines and Agriculture, Sir Odeiga Jideonwo, lauded the CBN for its policy measures aimed at rebuilding a stronger business and strengthening the nation’s financial system.
He, however, chided the apex bank for increasing the interest rate to 27.50% in a highly ‘inflammatory’ financial regime.
“We commend the CBN for its policy measures to rebuild stronger business confidence and ensure stability in the economy particularly in the financial/banking sector.
“However, we advise the Bank to ensure that its key policies which include raising interest rates (Monetary Policy Rates), implementing an electronic Foreign Exchange Matching System and recapitalizing banks with increased minimum capital requirements, will not in any way become counterproductive.
“Meanwhile, we are very worried about the consistent and recent increase in interest rate by CBN to 27.50% in an aggressive push to manage the nation’s inflationary pressure and liquidity.
“The high Interest rate regime will likely have adverse effects on the accessibility of bank credit by businesses,” he said.
(Daily Trust)
