metro
Nigeria’s economy reacts to CBN’s $6.83bn surplus
Nigeria’s economy reacts to CBN’s $6.83bn surplus
The Central Bank of Nigeria (CBN) has announced a Balance of Payments (BOP) surplus of 6.83 billion dollars for the 2024 financial year.
In a statement issued by Hakama Sidi-Ali, Director of the CBN’s Corporate Communications Department, the apex bank described the development as a decisive turnaround from the deficits of 3.34 billion dollars in 2023 and 3.32 billion dollars in 2022.
Sidi-Ali attributed the improvement to wide-ranging macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy.
“The current and capital account recorded a surplus of 17.22 billion dollars in 2024, underpinned by a goods trade surplus of 13.17 billion dollars.
“Petroleum imports declined by 23.2 per cent to 14.06 billion dollars, while non-oil imports dropped by 12.6 per cent to 25.74 billion dollars.
“On the export side, gas exports rose by 48.3 per cent to 8.66 billion dollars, and non-oil exports increased by 24.6 per cent to 7.46 billion dollars,” she said.
She further noted that remittance inflows remained resilient, with personal remittances rising by 8.9 per cent to 20.93 billion dollars.
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“International Money Transfer Operator inflows surged by 43.5 per cent to 4.73 billion dollars, up from 3.30 billion dollars in 2023, reflecting stronger engagement from the Nigerian diaspora,” she added.
According to her, official development assistance also increased by 6.2 per cent to 3.37 billion dollars.
“Nigeria recorded a net acquisition of financial assets totalling 12.12 billion dollars.
“Portfolio investment inflows more than doubled, increasing by 106.5 per cent to 13.35 billion dollars, while resident foreign currency holdings grew by 5.41 billion dollars, indicating stronger confidence in domestic economic stability,” she said.
Although Foreign Direct Investments (FDIs) declined by 42.3 per cent to 1.08 billion dollars, Sidi-Ali said the overall financial account still posted notable gains.
She noted that the country’s external reserves rose by 6.0 billion dollars to 40.19 billion dollars by year-end 2024, strengthening its external buffer.
“Marked improvement in data integrity – notably, net errors and omissions narrowed significantly by 79.5 per cent to negative 5.10 billion dollars in 2024, down from 24.90 billion dollars in 2023.
“This reflects substantial improvements in data availability and capture, representing a major advance in data accuracy, transparency, and overall reporting integrity,” she stated.
Sidi-Ali said the 2024 BOP surplus underscored the effectiveness of Nigeria’s ongoing reform agenda.
She cited the liberalisation and unification of the foreign exchange market, disciplined monetary policy for inflation control and Naira stability, and coordinated fiscal and monetary measures as key drivers of enhanced competitiveness and investor sentiment.
Meanwhile, CBN Governor Yemi Cardoso described the turnaround in the country’s external finances as a clear sign of effective policy implementation and strong commitment to macroeconomic stability.
“This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike,” Cardoso said.
Nigeria’s economy reacts to CBN’s $6.83bn surplus
(NAN)
metro
Nigeria’s inflation rate drops again to 23.7%, says NBS report
Nigeria’s inflation rate drops again to 23.7%, says NBS report
The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s inflation rate, which eased to 23.7 percent in April 2025, down from 24.23 percent recorded in March.
This was disclosed in the April Consumer Price Index (CPI) and inflation data released on Thursday.
According to the report, inflation dropped by 1.86 percent on a month-on-month basis.
The food inflation rate also showed a slowdown, standing at 21.26 percent year-on-year in April.
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“In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent.
The MoM headline inflation rate in April 2025 was 1.86 percent. The food inflation rate was 21.26 percent (YoY),” NBS wrote on its X account on Thursday.
The CPI report comes just days before the Central Bank of Nigeria’s (CBN) Monetary Policy Committee meeting scheduled for May 19 and 20, 2025.
Recall that the inflation rate had surged to 24.23 percent in March following the CPI rebase introduced in January. The CBN had paused interest rate hikes in February after inflation appeared to ease.
Nigeria’s inflation rate drops again to 23.7%, says NBS report
Education
UTME: Father of candidate who committed suicide over low score speaks
UTME: Father of candidate who committed suicide over low score speaks
A 2025 Unified Tertiary Matriculation Examination (UTME) candidate committed suicide on account of her low score.
The Lagos candidate, now identified as Faith Opesusi, was said to have scored 146 out of 400 points.
The Joint Admissions and Matriculation Board (JAMB) released the results for its 2025 UTME on May 9.
An analysis revealed that more than 78 per cent of candidates scored less than 200 points out of the 400 maximum obtainable points.
The metrics, believed to have signalled mass failure, spurred protests from candidates who challenged the integrity of the exam.
Oluwafemi Opesusi, Faith’s father, said his distraught daughter took a liquid substance that led to her death after checking her result.
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In an interview with BBC, Oluwafemi said his 19-year-old daughter wanted to study Microbiology but the dream was cut short.
He said JAMB did not release the original result of his late daughter.
Oluwafemi said his daughter was devastated and disappointed after seeing her result.
“She had a high score in 2024 UTME. This year, she was given 146. The pain of it drove her to commit suicide,” he said.
The father said he would have tried to console his daughter if she had opened up about her trauma.
He added that the family was disappointed that her daughter had taken her own life.
On May 14, JAMB admitted that a technical error in Lagos and south-east states compromised UTME results across 157 centres.
A teary-eyed Ishaq Oloyede apologised to the affected candidates and Nigerians in a televised conference on May 14.
The JAMB registrar said the error, caused by one of its service providers, affected nearly 380,000 candidates.
These candidates, he added, will now be made to resit the examination between May 15 and May 19, 2025.
As of this reporting, JAMB has yet to directly address the Faith Opesusi case.
UTME: Father of candidate who committed suicide over low score speaks
metro
Shadow Govt: Nigerians mobilisiing 500 lawyers for me- Utomi
Shadow Govt: Nigerians mobilisiing 500 lawyers for me- Utomi
Renowned political economist and former presidential candidate, Professor Pat Utomi, says a group of Nigerians is mobilising legal support in response to a lawsuit filed against him by the Department of State Services (DSS).
Utomi made the disclosure on Friday via a post on X, formerly known as Twitter.
“It’s energising (that) some want to put together 500 lawyers to defend me against the DSS,” he stated.
The DSS recently dragged Utomi to the Federal High Court in Abuja, accusing him of attempting to institute what he termed a “shadow government” in Nigeria. The security agency is urging the court to classify the action as unconstitutional.
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In court documents dated May 13 and filed by Senior Advocate of Nigeria, Akinlolu Kehinde, the DSS argued that Utomi’s initiative was not only improper but posed a serious threat to national stability and the current democratic order.
Utomi, who contested the presidency in 2007 under the African Democratic Congress (ADC), is the sole defendant in the case.
Despite the legal action, he expressed gratitude for the messages of support he has received from around the country.
“I am heartened by messages of solidarity from across Nigeria on this shadowy business of chasing shadows of shadow cabinets. Reminds me of the Nigeria I used to know. I want to thank all,” he wrote.
Shadow Govt: Nigerians mobilisiing 500 lawyers for me- Utomi
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