Nigeria’s trade surplus hits 6% of GDP as reforms take hold

Nigeria’s trade surplus has climbed to 6 per cent of the gross domestic product (GDP), the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, said on Tuesday, attributing the improvement to sound macroeconomic policies that are beginning to yield results.

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The assertion was contained in a statement signed by the director of information and public relations at the Federal Ministry of Finance, Mohammed Manga.

Mr Cardoso made the disclosure at the G24 meetings held on the sidelines of the International Monetary Fund (IMF) and the World Bank Annual Meetings in Washington D.C., where he joined Minister of State for Finance Doris Uzoka-Anite as part of the Nigerian delegation.

According to official data from the National Bureau of Statistics, Nigeria’s trade surplus expanded by 44 per cent in the second quarter of 2025. Total merchandise trade stood at N38 trillion, up by 20.1 per cent from N31.7 trillion in the same period of 2024 and 5.6 per cent higher than the N36 trillion reported in the previous quarter.

Nigeria has, since the start of President Bola Tinubu’s administration, introduced a raft of fiscal and monetary reforms, including the liberalisation of the foreign exchange system, devaluation of the naira and removal of fuel subsidies to accelerate growth and boost currency reserves.

Much as the measures have triggered hardships, authorities say they are crucial to restoring investor confidence, improving fiscal discipline and setting the economy on a path of sustainable growth.

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“The country’s trade surplus has risen to 6 per cent of GDP and is expected to remain at that level in the near term,” Mr Cardoso said.

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He stressed the significance of maintaining disciplined economic management in sustaining growth and disinflation.

Nigeria’s inflation eased for the sixth month in a row to 18 per cent in September from 20.1 per cent in August, according to the data released by the statistics office on Wednesday. In September, the CBN cut its policy rate to 27 per cent, marking its first reduction since 2020, citing continued disinflation and the need to support economic growth.

“We are working on a framework to make currency swaps with other countries a win-win affair,” Mr Cardoso said.