Nigeria Recorded N3.42 Trillion Trade Surplus in Last Quarter of 2024
In a major boost to the country’s economy, Nigeria has recorded a trade surplus of N3.42 trillion ($2.25 billion) in the fourth quarter of 2024, driven by increased exports.
This was disclosed by the Deputy Speaker of the House of Representatives, Benjamin Kalu, at the inauguration of over 20,000 new members of the Renewed Hope Partners (RHP) in Bende, Abia State.
According to Kalu, the trade surplus is a direct result of the reform efforts of President Bola Ahmed Tinubu, which have unified the FX market, reduced arbitrage, and boosted investor confidence.
The administration’s Renewed Hope Agenda has also led to significant achievements in economic revitalization, social welfare, security, and national development.
Kalu highlighted that Nigeria’s economy has recorded a 3.84% GDP growth in Q4 2024, with annual growth rising to 3.40% in 2024 from 2.74% in 2023. Inflation has also dropped from 34.6% to 23.71% by May 2025, with food prices declining by over 25% in the first quarter of 2025.
The Deputy Speaker commended President Tinubu for the Renewed Hope Agenda, which he described as a comprehensive blueprint for Nigeria’s progress.
He noted that the removal of fuel subsidies has freed up resources for critical sectors, resulting in a 50% reduction in petrol importation and a doubling of government revenues to over N9.1 trillion in the first half of 2024.
Kalu also mentioned that the launch of the Nigerian Consumer Credit Corporation (CREDICORP) with over N200 billion in funding is set to bring consumer credit to 50% of Nigeria’s working population by 2030, empowering citizens to access essential goods and services.
International agencies Fitch and S&P Global have upgraded Nigeria to a Stable B outlook, reflecting growing global confidence in the country’s economy. In addition, over 260 new road projects worth N208 billion have commenced, with major works ongoing on the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
The establishment of the South East Development Commission (SEDC) is also a significant achievement, marking a new era of inclusion and progress for the region. Kalu urged the newly inaugurated Renewed Hope Partners to play a crucial role in sustaining the gains of the Renewed Hope Agenda and carrying the message of progress to every community.
As the country looks to the future, Kalu emphasized that the Renewed Hope Agenda is not just a slogan, but a reality that is already transforming Nigeria. He called on Nigerians to remain united, resilient, and courageous in their pursuit of a better future, saying “hope is not a wish; it is a decision.
Progress is not an accident; it is the result of unity, resilience, and courage.”
