Connect with us


IMF Scores Nigeria’s Economy High Amid Citizens’ Hardship



Despite the current economic hardships faced by Nigerians, the International Monetary Fund (IMF) has reported a significant surplus in Nigeria’s current account balance, totaling $1.432 billion in 2024.

This marks an improvement from the $1.21 billion surplus recorded in 2023.

According to the IMF’s “World Economic Outlook Database,” this improvement is attributed to a rise in Nigeria’s gross national savings and investment.

The country’s gross national savings increased to 26.32 percent of its Gross Domestic Product (GDP) in 2024, up from 24.61 percent in 2023.

Additionally, total investment rose to 25.75 percent of GDP in 2024, compared to 24.28 percent in the previous year.

A country’s current account balance provides a comprehensive picture of its international economic transactions, including trade balance, net income, direct transfers, and asset income.

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

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

However, this development comes at a challenging time for Nigeria, as the country grapples with the repercussions of the subsidy removal implemented by President Bola Tinubu in May 2023.

Since the subsidy removal, electricity tariffs, food prices, transportation costs, and house rents have soared, leading to a sharp rise in inflation rates.

In response to the economic hardships, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) declared a nationwide industrial strike on Monday, which was later suspended on Tuesday.

Despite these economic challenges, the IMF’s positive report on Nigeria’s current account balance offers a glimmer of hope for the nation’s economic future.

See also  Prisons depleted as Putin recruited many inmates for Ukraine war

The report highlights Nigeria’s economic resilience and potential for growth, despite the current difficulties faced by its citizens.

The government and policymakers must now work to ensure that this economic growth translates into tangible benefits for the Nigerian people, addressing the pressing issues of inflation, unemployment, and poverty.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: Follow us on X (Fomerly Twitter) or Facebook

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest Updates

Nigerian Boxer, Isaiah Olugbemi, Shot Dead By Neighbour In US

Nigerian Actor Jim Iyke Searches For Stranger Who Helped Him During Homeless Days

Police Service Commission Asserts Authority Over Recruitment

Senator Enang Mourns Foremost Nigerian Sports Journalist, Iyoho

EDITORIAL: Celebrating The Universal Power Of Music On World Music Day

Naira exchange rate for Friday, June 21, 2024, in Nigeria

WHO Sounds Alarm on Cholera Outbreak, Warns of Widespread Resurgence

Sudan on Brink of Catastrophic Famine as War Worsens, UN Warns

How Venus and Serena Williams Achieved Success, Stardom Through Father’s Determination, Vision

Don’t forget Sudan,’ says UN Refugee chief as war refugees face hunger

Subscribe to DDM Newsletter for Latest News