Nigeria’s current account balance has achieved a surplus of $1.432 billion in 2024, an improvement from the $1.21 billion surplus recorded in 2023, according to the International Monetary Fund’s (IMF) ‘World Economic Outlook Database’ report. The increase is attributed to rising gross national savings and investment, with savings reaching 26.32% of GDP, up from 24.61% in 2023, and total investment rising to 25.75% of GDP from 24.28% in the previous year.
This trend suggests ongoing economic expansion and enhanced stability, despite the country’s recent challenges following the removal of subsidies by President Bola Tinubu in May 2023. The policy change has led to significant increases in electricity tariffs, food prices, transportation costs, and house rents, causing inflation to rise sharply to 33.69%, according to the National Bureau of Statistics (NBS).
In response to these economic pressures, the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) have declared a nationwide industrial strike, demanding a living wage of N494,000 monthly, significantly higher than the current N30,000. The Federal Government has expressed willingness to negotiate, suggesting a new wage offer higher than the previously proposed N60,000.
Source: Vanguard