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IMF Predicts $8bn Decline In Nigeria’s 2024 Foreign Reserves
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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Boots On The Ground! Nigeria Unleashes 86 Combat-Ready Troops To Guinea-Bissau In High-Stakes ECOWAS Mission!
The Nigerian Army has deployed 86 personnel to the ECOWAS Stabilisation Support Mission in Guinea-Bissau as part of Nigeria’s continued contribution to regional peace and security operations.....KINDLY READ THE FULL STORY HERE▶
reports that the troops, designated Nigerian Company 5 under the mission, departed the Nnamdi Azikiwe International Airport, Abuja, aboard a Nigerian Air Force C-130 Hercules aircraft.
The Army, in a statement posted on its official social media platforms on Saturday, said the personnel arrived safely in Guinea-Bissau and had commenced their assignment under the mandate of the Economic Community of West African States.
Before their departure from the Nigerian Army Peacekeeping Forward Operating Base in Abuja, the Chief of Operations, Maj. Gen. Mayirenso Saraso, urged the troops to maintain professionalism, discipline and operational excellence throughout the mission.
Saraso, represented by the Director of Peace Support Operations, Brig. Gen. M.M. Idris, charged them to serve as worthy representatives of the Nigerian Army, the Armed Forces of Nigeria and the country.
He also directed the personnel to respect the laws and customs of Guinea-Bissau while carrying out their duties.
The troops were warned against sexual exploitation and abuse, substance abuse, indiscipline and irresponsible use of social media.
The Army said the deployment reflected Nigeria’s continued commitment to regional stability and its leadership role in ECOWAS peace support operations.
It added that Nigeria remained one of Africa’s major contributors to regional and international peacekeeping missions, drawing on decades of experience under ECOWAS, the African Union and the United Nations.
According to the statement, the latest deployment also highlighted Nigeria’s strategic role in conflict prevention, peacebuilding and post-conflict stabilisation across the continent.
The ECOWAS Stabilisation Support Mission in Guinea-Bissau was established to support security sector reforms and preserve political stability following years of political crises and military interventions.
The mission succeeded the ECOWAS Mission in Guinea-Bissau, which was deployed after the country’s 2012 coup.
It forms part of efforts by the regional bloc to protect constitutional order and prevent instability in Guinea-Bissau from developing into a wider security threat.
Nigeria has previously contributed troops, logistics and military leadership to peace missions in Liberia, Sierra Leone, The Gambia and Guinea-Bissau.
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2027 SHOCKWAVE: Sule Lamido Drops Bombshell On Nigeria’s Next President—Must Be Young And Energetic!.
During a visit to Sintilmawa village in Ringim Local Government Area, Peoples Democratic Party (PDP) governorship candidate in Jigawa State, Mustapha Sule Lamido, called on young voters to leverage their population majority to unseat the older political generation in the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶
Speaking during a visit to Sintilmawa village in the Ringim Local Government Area—where he was represented by Comrade Aminu Abdullahi Ringim—Lamido emphasized that both Jigawa State and Nigeria require dynamic, youthful leadership attuned to contemporary needs. He argued that traditional leadership models have fallen short of fulfilling the expectations of the younger generation.
Highlighting that young citizens make up a substantial majority of the electorate, Lamido encouraged active participation in the democratic process to shape the nation’s future.
Echoing these sentiments, Comrade Aminu stressed that the trajectory of the state and the country rests heavily on youth involvement, urging young voters to move past passive participation and actively steer the choice of future representatives.
The Jigawa State Police Command has called on locals to remain calm upon hearing gunfire, as a routine shooting range exercise is underway for personnel in the Birnin Kudu Local Government Area.....KINDLY READ THE FULL STORY HERE▶
In an official statement released to DAILY POST, the Police Public Relations Officer, SP Lawan Shiisu Adam, explained that the training is designed to boost the combat readiness, operational effectiveness, and overall professionalism of officers. The exercise, scheduled for Sunday, August 2, 2026, is being conducted at the CP AT Abdullahi Shooting Range located in Tsohon Gari as part of ongoing firearms proficiency programs.
Authorities have reassured residents of Tsohon Gari and neighboring communities that the training is strictly supervised and will take place in a secure, controlled environment. However, the public has been advised to steer clear of the immediate vicinity of the range to maintain safety and allow the exercise to proceed smoothly.
Concluding the statement, the command thanked the residents of Jigawa State for their ongoing cooperation and support, reiterating its dedication to public safety and professional excellence.
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