Olayemi Cardoso says Nigeria’s trade surplus has risen to 6% of GDP, crediting Tinubu’s reforms and stable macroeconomic policies for the growth

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has disclosed that Nigeria’s trade surplus has climbed to six per cent of Gross Domestic Product (GDP), attributing the improvement to ongoing macroeconomic reforms under President Bola Tinubu’s administration.

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Speaking at the G24 press briefing on the sidelines of the IMF/World Bank Annual Meetings in Washington D.C., Cardoso said the surplus is expected to remain stable in the near term as policy measures continue to gain traction.

According to a statement from the Federal Ministry of Finance, signed by its Director of Information and Public Relations, Mohammed Manga, Cardoso — representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun — noted that Nigeria’s economic outlook was brightening despite global headwinds.

“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 said, adding that sound macroeconomic policies were beginning to yield positive results.

The apex bank chief revealed that the CBN is developing a currency swap framework designed to strengthen bilateral trade relations, safeguard external reserves, and promote more efficient cross-border settlements.

Cardoso emphasised that maintaining disciplined and transparent economic management remains crucial to disinflation, sustainable growth, and investor confidence. “There is a strong correlation between disciplined policies and stability,” he observed.

Joining the Nigerian delegation at the G24 meetings, Minister of State for Finance, Doris Uzoka-Anite, engaged in discussions on domestic resource mobilisation, inflation management, and macroeconomic stability.

The ministry said her participation underscores Nigeria’s renewed engagement with global financial institutions and its determination to attract sustainable development finance.

“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,” Manga added.

Recent data from the National Bureau of Statistics (NBS) supports Cardoso’s statement, showing that Nigeria’s trade surplus rose by 44 per cent in the second quarter of 2025, with total merchandise trade hitting ₦38.04 trillion, up from ₦31.68 trillion in 2024.

Exports accounted for 59.81 per cent of total trade, valued at ₦22.75 trillion, while imports stood at ₦15.29 trillion. Crude oil exports totalled ₦11.97 trillion (52.6 per cent), and non-oil exports reached ₦10.78 trillion, reflecting growing diversification in Nigeria’s trade profile.

Meanwhile, Nigeria has been selected to chair the Intergovernmental Group of Twenty-Four (G-24), taking over from Argentina on 1 November 2025.

The country will unveil its Work Programme after consultations with member nations and relevant stakeholders.

Representing the Finance Minister, Cardoso pledged to strengthen the G-24’s role as a platform for inclusive dialogue and reform. “Our focus will be on sustaining momentum in areas that matter most to our members — inclusive growth, equity, and global stability,” he said.

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He reaffirmed Nigeria’s determination to ensure that the G-24 remains a formidable voice for emerging and developing economies, adding that the new leadership will push for fair representation and balanced global economic policies.