Abuja: The Democratic Front (TDF) has announced a $6.84 billion balance of payment surplus for 2024, marking a significant sign of economic prosperity under President Bola Tinubu’s administration.
According to News Agency of Nigeria, Malam Danjuma Muhammad, Chairman of TDF, stated that this development is poised to boost investor confidence in Nigeria. The surplus is expected to enhance the country’s foreign exchange reserves, improve its creditworthiness, and increase monetary policy flexibility, thereby reducing Nigeria’s dependency on foreign exchange and benefiting local productivity.
The TDF highlighted that a blend of fiscal and monetary policy reforms, introduced by the Central Bank of Nigeria (CBN), have bolstered confidence in the Nigerian economy. These reforms have promoted import substitution in economic trades, conserving foreign capital for local economic growth. The group remains confident that this economic achievement will lead to reduced headline inflation and increased production, generating wealth and employment for Nigerians.
Reflecting on historical economic challenges, the TDF noted Nigeria’s past reliance on foreign exchange for trade, which hindered sustainable growth and led to consistent deficits in the balance of payment. However, the Nigerian economy is now positively responding to pro-market reforms under the Tinubu administration, evidenced by increased use of the Naira for major trades and opportunities for import substitution.
The TDF also highlighted the positive impact of policies encouraging the export of refined petroleum products through the Dangote Refinery, which began production during Tinubu’s tenure. The $6.84 billion surplus is seen as an indicator of sustainable economic growth, stability, and resilience against global economic challenges.
The group emphasized the importance of continuing the administration’s bold economic policies to increase foreign exchange reserves, service external debt, finance domestic investments, and stimulate economic growth. The TDF expressed optimism that these efforts will lead to more jobs and trade opportunities for Nigerians in the near future.