Nigeria’s trade surplus has expanded to 6% of the nation’s Gross Domestic Product (GDP), according to Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, who said the country’s macroeconomic strategies are beginning to yield significant results.
Cardoso revealed this while representing the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at the G-24 press briefing held on the sidelines of the International Monetary Fund (IMF) and World Bank Annual Meetings in Washington, D.C.
A statement signed by the Director of Information and Public Relations at the Federal Ministry of Finance, Mohammed Manga, indicated that the Nigerian delegation at the G-24 meetings included the Minister of State for Finance, Dr. Doris Uzoka-Anite, alongside Governor Cardoso. The meetings focused on pressing global economic themes such as inflation control, resource mobilization, and fiscal discipline.
Trade Surplus Reflects Policy Gains
During the session, Cardoso disclosed that Nigeria’s trade balance had strengthened, reaching a surplus equivalent to 6% of GDP. He linked this improvement to ongoing macroeconomic reforms aimed at stabilizing the exchange rate, stimulating domestic production, and reducing import dependency.
“The strong performance of Nigeria’s external trade is a reflection of consistent and sound policy implementation. We expect this positive trajectory to continue in the short to medium term,” Cardoso stated.
He further emphasized the importance of maintaining economic discipline, highlighting that sustainable growth and disinflation depend on coherent and transparent fiscal management. Cardoso also confirmed that the apex bank is developing a structured framework for mutually beneficial currency swap arrangements with key international partners.
Nigeria’s Economic Direction Gains Global Attention
Dr. Uzoka-Anite’s presence at the G-24 meetings underscores Nigeria’s renewed commitment to global economic dialogue and its proactive approach to engaging with international financial stakeholders. Her participation, according to Manga, symbolizes the government’s drive to strengthen cooperation with development partners to advance Nigeria’s long-term economic goals.
“The meetings mark another milestone for Nigeria’s financial diplomacy, as the country continues to work closely with global financial institutions to stimulate sustainable economic growth and improve citizens’ welfare,” the statement added.
Data from NBS Confirms Upward Trend
The National Bureau of Statistics (NBS) recently corroborated the CBN’s assessment, reporting that Nigeria’s trade surplus surged by 44% in the second quarter (Q2) of 2025.
According to the NBS, total merchandise trade for Q2 2025 amounted to ₦38.04 trillion — representing a 20.05% increase over the ₦31.68 trillion recorded during the same period in 2024 and a 5.59% rise from Q1 2025. Exports accounted for 59.81% of total trade, valued at ₦22.75 trillion, while imports represented 40.19%, valued at ₦15.29 trillion.
Crude oil exports remained the backbone of Nigeria’s trade, contributing ₦11.97 trillion or 52.6% of total exports. Non-crude oil exports totaled ₦10.78 trillion, with non-oil products contributing ₦3.05 trillion or 13.4% of total exports.
The report further highlighted that Nigeria’s trade performance continues to strengthen as government policies promote local production and diversify revenue sources away from oil dependency.
Cardoso noted that the country’s current economic restructuring — driven by a competitive exchange rate — is encouraging domestic output and curbing excessive importation, both of which support Nigeria’s balance of payments and external reserves.
