By Danladi Ahmed
FLOWERBUDNEWS: The Democratic Front ( TDF) has said that the $6.84 billion, which was recorded as a Balance of Payment (BOP) surplus in 2024, is yet another indication of economic prosperity on the watch of President Bola Tinubu’s administration.
In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary, Chief Wale Adedayo, it noted that the development will boost investors’ confidence in the country
“In addition to increasing the country’s foreign exchange reserve, improving the nation’s creditworthiness, and enhancing monetary policy flexibility in the economy, the balance of payment surplus will significantly reduce Nigeria’s dependency on foreign exchange to the benefit of local productivity.
We believe that the combination of fiscal reforms in the macroeconomic system which has enhanced the Federal Government’s revenue generation capacity, and the slew of monetary policy reforms introduced by the Central Bank of Nigeria (CBN) in the last 22 months, have in no little way boosted global investment and trade confidence in the Nigeria economy.
“These have encouraged import substitution in economic trades to conserve foreign capital for local economic growth.
“We at TDF are confident that this economic feat will inevitably lead to a reduction in headline inflation and also trigger an increase in production that will generate wealth and employment for Nigerians.
“We recall that for decades, the history of Nigeria’s economy was replete with over-dependency on foreign exchange for local and international trades, which impeded sustainable growth, instituted a trajectory of consistent deficit in the balance of payment, and put pressure on the dollar to the detriment of the local currency and our macro economy.
“However, with the ongoing turnaround in the nation’s economic fortunes by the present administration, Nigeria’s economy has responded positively to the pro-market and the private sector-friendly reforms of the Tinubu administration, as evident in the increased use of the local currency for major trades, and exploring appropriate economic opportunities for import substitution.
“This policy has provided an incentive for Nigeria to export refined petroleum products to the United States, Saudi Arabia and other parts of the world through the Dangote Refinery, which began production under the Tinubu administration.
“It is heartening to also note that the posting of $6.84 billion surplus in the balance of payment, is an indication of sustainable economic growth and stability. And a show of strength to resist global economic shocks and headwinds.
“The feat underscores the need for the continuous implementation of the bold and pragmatic economic policies of the administration because it is the only viable route to increasing our foreign exchange reserves, service external debt, finance domestic investments, increase national savings, respond to internal economic challenges, and also stimulate economic growth and productivity in the country,” the statement added.
TDF is optimistic that it will inevitably lead to more jobs and a plethora of trade opportunities for Nigerians in the coming months.
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