International Monetary Fund (IMF) has reported that Nigeria’s current account balance has surged by $1.43 billion in 2024, indicating a significant improvement from the $1.21 billion surplus recorded in 2023.
Gatekeepers News quotes a report by Channels TV which referred to IMF’s World Economic Outlook Database as attributing the increase to the country’s growing gross national savings and investment, which have risen to 26.32% and 25.75% of GDP, respectively.
This development reflects a positive outlook for Nigeria’s economic growth and stability, despite the current challenges the country faces following the removal of subsidies in May 2023.
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, while the Federal Government has shown a willingness to consider a higher wage than the earlier offered N60,000.
