The Democratic Front (TDF) has hailed on April 21 Nigeria’s $6.84 billion balance of payment surplus for 2024 as a key indicator of economic strength and stability under President Bola Tinubu’s leadership. In a statement, Malam Danjuma Muhammad, Chairman of the TDF, highlighted how this surplus is expected to boost investor confidence in the country.
He emphasised that it would strengthen Nigeria’s foreign exchange reserves, improve creditworthiness, and provide more flexibility in monetary policy, ultimately reducing the country’s dependency on foreign exchange and benefiting local productivity.
The TDF credits the surplus to ongoing fiscal and monetary reforms, which have bolstered the government’s revenue-generating capacity and encouraged greater confidence in the economy. These reforms have promoted import substitution, allowing Nigeria to conserve foreign capital for local economic development. By reducing reliance on foreign exchange for trade, the group believes this will lead to lower inflation, increased production, and a boost in job creation for Nigerians. It also marks a departure from decades of economic struggles caused by over-reliance on imports and external debt.
Furthermore, the TDF pointed to the positive effects of Tinubu’s pro-market policies, such as the emergence of the Dangote Refinery, which is now exporting refined petroleum products to global markets. This policy shift is seen as a strategic move to strengthen Nigeria’s position on the global economic stage. The group expressed confidence that these economic strategies, combined with the $6.84 billion surplus, will ensure sustained growth, improve Nigeria’s economic resilience against global shocks, and create new trade opportunities for Nigerians in the future.