Nigeria has recorded $6.83 billion balance of payments surplus at the end of 2024. which signals economic resurgence and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.
Ag. Director, Corporate Communications Department, Central Bank of Nigeria ,Mrs Hakama Sidi Ali, disclosed that on Saturday ,during the CBN Special Day at the ongoing 36Th Enugu û have Trade Fair holding in Enugu.
She described the theme of this year’s Fair, “Developing Nigeria Industrial Sector/SMEs for Economic Advancement and Global Recognition”
as very apt as it was carefully chosen to address the imperative of value addition and the links that would help to support industrial activities, to fully integrate our economy into the global industrial architecture.
Pix Ali
According to her, the CBN annually participates in the Fair to raise awareness and sensitize their teeming stakeholders, on its policies and programmes which were key to driving economic activities, inclusiveness, and attainment of global recognition.
” The current Management of the Bank was committed to correcting identified challenges of the Nigerian economy to stimulate productivity, especially the Small and Medium Enterprises (SMEs,”, which according to her were the engine of growth in any economy
.” Domestic industries should also be strengthened to shield the local economy from harmful external shocks, .”she said.
She noted that “achieving an impactful industrial development for global recognition was per ind on a tripod which includes robust financial systems fundamentals, foreign, exchange market stability and strong collaboration between the monetary and fiscal
“”The Bank’s efforts in these directions are already yielding known 76 balance in recent times.
‘Specifically, Nigeria recorded MLend of 2024. which signals economic resurgence and a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022 financial years, respectively.
Ali noted that the Nigerian payments system has continued to be reckoned with globally. “CBN has remained resolute in ensuring effective and efficient payments system infrastructure.
“This has accelerated the financial inclusion drive and broadened payment possibilities for Nigerians. These payment platforms have made financial transactions more seamless, cost-effective and accessible to a wide range of users,” Ali said .
She assured that the CBN will sustain its efforts towards ensuring the availability of clean currency notes with the right mix. “We, however, urge you to see Naira as our critical symbol of national . Respect and keep it clean. Do not spray, hawk, mutilate or counterfeit the Naira.,” Ali said
Earlier in his welcome address, the President, Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA), Sir Odeiga Jideonwo urged the CBN to find a way through policy measures to save indigenous businesses and the industrial sector from further glaring cringe.
“We are not unmindful of the various intervention schemes of the CBN to support and encourage the growth of businesses in various sectors of the economy. However, we counsel that more sustainable strategies” be put in place
Author: Maureen Ikpeama