Nigeria’s Current Account Balance Rises by $1.43b — IMF

Date:

June 6, 2024.

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Azonuchechi Chukwu.

Nigeria’s current account balance has experienced a surplus of $1.432bn in 2024, according to a report by the International Monetary Fund, IMF.

The report, ”World Economic Outlook Database”, noted that the increase in the federal government’s account for the period, was an improvement from the $1.21bn surplus recorded in 2023.

The improvement was attributed to the country’s growing gross national savings and investment.

In 2024, Nigeria’s gross national savings increased to 26.32 per cent of Gross Domestic Product, up from 24.61 per cent in 2023. Total investment also rose to 25.75 per cent of GDP in 2024, compared to 24.28 per cent in 2023, according to the report.

A country’s current account balance represents the combined total of its trade balance, net income, direct transfers, and asset income, providing a comprehensive picture of its international economic transactions.

It reflects the balance between exports and imports, income earned and paid, and asset increases or decreases.

A positive balance indicates a net lending position, while a negative balance indicates a net borrowing position.

The IMF data provides a positive outlook for Nigeria’s economic growth and stability, indicating a growing economy with increasing investment and savings.

This trend is expected to continue, driving economic growth and stability in the region.

The development comes as the country grapples with the aftermath of subsidies removal by President Bola Tinubu in May, 2023.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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