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IMF Predicts $8bn Decline In Nigeria’s 2024 Foreign Reserves

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IMF Predicts $8bn Decline In Nigeria’s 2024 Foreign Reserves....KINDLY READ THE FULL STORY HERE▶

The International Monetary Fund (IMF) has projected that Nigeria’s foreign reserves could plummet to $24 billion in 2024, signaling a significant downturn and potential forex challenges for the largest economy in Africa.

As of February 8, the country’s external reserves stood at $33.12 billion…….CONTINUE READING

 

 

 

 

 

 

 

 

 

The IMF anticipates a challenging financial landscape for Nigeria through 2024–25, attributed to factors such as the absence of new Eurobond issuances, substantial repayments of existing funds and Eurobonds totaling $3.5 billion, and ongoing portfolio outflows.

Despite forecasting a current account surplus, the IMF expects the reported reserves to dwindle to $24 billion in 2024, with a projected recovery to $38 billion by 2028 as portfolio inflows are predicted to resume.

The IMF observed a surplus in the current account during the first half of 2023 but noted a significant decline in reserves, attributed in part to reduced crude oil exports stemming from oil theft and insufficient investment in critical upstream infrastructure.

Additionally, profit repatriation from the oil sector experienced a decline, partially offsetting adverse effects on the current account.

Foreign Direct Investment remains low in Nigeria, while portfolio outflows, including equity and Eurobond repayments, as well as repatriations, have increased.

The IMF highlighted that the Nigerian authorities have not disclosed comprehensive information on short-term foreign exchange liabilities, necessary for accurately calculating net international reserves.

The fund recently pointed out that stalled per-capita growth, poverty, and high food insecurity have exacerbated the cost-of-living crisis in Nigeria. Low revenue collection has hindered service provision and public investment, contributing to headline inflation reaching 27 percent year-on-year in October, with food inflation at 32 percent, reflecting the impacts of fuel subsidy removal, exchange rate depreciation, and poor agricultural production.

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Breaking Silence: Uche Jombo Finally Explains Why Alex Ekubo Hid His Wife From The Public Eye!.

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Following the recent appearance of images and videos online purportedly showing the late actor Alex Ekubo’s wife, Nollywood actress Uche Jombo has publicly voiced her frustration regarding the breach of the couple’s privacy. These images gained significant traction on social media shortly after a service of songs was held in the late actor’s honor. Jombo noted that Ekubo had intentionally kept his marriage private to shield his wife from public scrutiny, a boundary that his close friends had consistently honored. Despite his wife’s effort to remain discreet—even wearing a face mask to the service of songs—her identity was widely exposed by bloggers, an action Jombo described as a complete disregard for the late actor’s wishes.....KINDLY READ THE FULL STORY HERE▶

Background on the Actor’s Private Life Although there was long-standing public speculation regarding his marital status, it was only confirmed by his family following his death that Alex Ekubo had been married in private. Associates such as Grace Makun had previously hinted at his marriage, and actor Williams Uchemba also acknowledged the fact in an interview, though he maintained silence on the specifics to respect Ekubo’s desire for privacy. Alex Ekubo passed away on May 11 at the age of 40, following complications related to advanced metastatic kidney cancer, which he had been privately battling.

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The Final Countdown: Bama IDP Camp To Close Its Gates Forever Following Zulum’s Resettlement Directive!.

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Borno State Governor Babagana Zulum has announced that the Bama IDP camp, which is the state’s largest such facility outside of Maiduguri, is scheduled to close within the next month. The governor confirmed this directive following a visit to the Government Science Secondary School, which currently serves as the site for the camp. This initiative is a core component of the administration’s broader strategy to resolve long-term displacement in the Bama Local Government Area and facilitate the return of families to their ancestral homes.....KINDLY READ THE FULL STORY HERE▶

Resettlement and Screening Process During his visit, Governor Zulum personally oversaw a three-hour screening process intended to verify the households included in the resettlement program. He noted that this step is essential for accurately identifying the remaining families before the camp is permanently shuttered.

  • The government has already finalized the screening of male household heads from the impacted regions.

  • Resettlement efforts are currently focused on three remaining communities: Mayanti, Goniri, and Bula Kuriye.

  • Over the past seven years, the administration has successfully facilitated the return of several other communities, including Banki, Nguro Soye, Darajamal, Goniri, and Abbaram.

Context of Recovery Bama was severely impacted by the Boko Haram insurgency, which led to the widespread displacement of thousands and halted local economic and social activities. Governor Zulum emphasized that the closure of this camp signifies a major milestone in his administration’s ongoing mission to rebuild conflict-affected areas and assist displaced citizens in reclaiming their normal lives.

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27 Days Of Terror: Makinde Breaks Silence On Missing Pupils Held Deep Within Old Oyo National Park!.

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In his recent newsletter, Oyo State Governor Seyi Makinde confirmed that students and teachers kidnapped 27 days ago from schools in Yawota and Ahoro-Esinle (Oriire Local Government Area) are still believed to be held within the expansive Old Oyo National Park. The governor acknowledged the immense distress and uncertainty facing the affected families, noting that while his previous promises of a safe return may now seem hollow to those waiting, the state remains fully committed to their rescue.....KINDLY READ THE FULL STORY HERE▶

Governor Makinde explained that due to the sensitive nature of the mission, he cannot disclose specific tactical details. However, he highlighted that the primary obstacle is the sheer scale and difficult terrain of the Old Oyo National Park, which covers approximately 2,500 square kilometers across 10 local government areas. He emphasized that the rescue requires ongoing coordination, persistence, and patience from the public.

Call for Public Support and Caution To aid the ongoing efforts, the governor urged residents to remain vigilant and report any suspicious activities to the state’s toll-free emergency line, 615. He also issued a strong warning against the spread of misinformation, which he noted could potentially jeopardize the safety of the captives and undermine the security agencies’ work. Makinde concluded by asking the public to continue supporting the security services and to rely solely on official communication for accurate updates.

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