Nigeria’s Balance of Payment Crisis: Causes and Recommendations

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Victor Kilanko
Victor Kilanko
1 Claremont Graduate University

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Nigeria’s balance of payment crisis has been at the heart of its frequent recession and incessant currency devaluation. Hence it is imperative that major economic policies and strategies address this issue. As this paper as showed, if Nigeria could consistently attain overall balance of payment surplus, the naira will be strengthened, and the economy will flourish. Therefore, this paper attempts to demystify Nigeria’s balance of payment deficit while offering recommendations to improve the weak balance of payment. While the structural approach to adjusting balance of payment crisis seems to be the method with lasting economic change, it appears the most difficult to execute.

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No external funding was declared for this work.

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The authors declare no conflict of interest.

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Victor Kilanko. 2026. \u201cNigeria’s Balance of Payment Crisis: Causes and Recommendations\u201d. Global Journal of Management and Business Research - B: Economic & Commerce GJMBR-B Volume 23 (GJMBR Volume 23 Issue B3): .

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Journal Specifications

Crossref Journal DOI 10.17406/GJMBR

Print ISSN 0975-5853

e-ISSN 2249-4588

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GJMBR-B Classification: LCC: HG3851 .K55
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v1.2

Issue date

June 9, 2023

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English

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Nigeria’s balance of payment crisis has been at the heart of its frequent recession and incessant currency devaluation. Hence it is imperative that major economic policies and strategies address this issue. As this paper as showed, if Nigeria could consistently attain overall balance of payment surplus, the naira will be strengthened, and the economy will flourish. Therefore, this paper attempts to demystify Nigeria’s balance of payment deficit while offering recommendations to improve the weak balance of payment. While the structural approach to adjusting balance of payment crisis seems to be the method with lasting economic change, it appears the most difficult to execute.

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Nigeria’s Balance of Payment Crisis: Causes and Recommendations

Victor Kilanko
Victor Kilanko Claremont Graduate University

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