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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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Insecurity Will Soon Be Defeated, Akpabio Assures Nigerians

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Senate President Godswill Akpabio has assured citizens that the federal government will soon overcome the nation’s security challenges through a renewed, proactive strategy by security forces.....KINDLY READ THE FULL STORY HERE▶

Speaking in support of President Bola Tinubu’s Renewed Hope Agenda, Akpabio emphasized that safety is vital for economic growth, noting that no local business or foreign investor can thrive in an atmosphere of chaos. He highlighted that security agencies have transitioned from a reactive stance to taking the fight directly to the enclaves of criminals, bandits, and insurgents.

Key highlights from his address include:

  • Collective Responsibility: Akpabio stressed that military hardware alone cannot end criminality, urging citizens to partner with security agencies by providing timely and credible intelligence.

  • Economic and Banking Resilience: He declared that Nigeria’s banking sector has shifted from survival to absolute dominance, becoming one of the safest and most technologically advanced in Africa.

  • Reforms Yielding Results: He credited ongoing bank recapitalisation and financial reforms for ending the era where banks could suddenly collapse and cause depositors to lose their savings.

Ultimately, the Senate President maintained that a combination of proactive security operations, economic reforms, and civic cooperation will drive Nigeria’s path toward lasting recovery and national development.

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‘So Many In A Cell – Gov Bago Breaks Silence On Death Of 37 Miners In NSCDC Custody

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Niger State Governor Mohammed Umaru Bago has addressed the tragic deaths of 37 suspected illegal miners in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) in Minna.....KINDLY READ THE FULL STORY HERE▶

  • Severe Overcrowding: Governor Bago confirmed that NSCDC holding facilities were severely overcrowded, stating that “so many [were] in a cell” designed for a much smaller capacity.

  • Potential Causes Under Investigation: While highlighting the dangerous overcrowding, the governor also pointed to possible poisoning as a contributing factor, citing the victims’ foam-filled mouths and the presence of chemical substances at the arrest site.

  • Accountability and Autopsies: The state government has suspended the NSCDC Commandant and his team. Investigations, including autopsies and toxicology reports, are being conducted by multiple agencies, including the police and DSS.

  • Call for Calm: Governor Bago ordered the closure of the mining site in question and appealed to the public to remain calm and avoid unrest as the investigation proceeds.

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“POLITICAL BLOODSHED: Notorious Gunmen Assassinate Popular Enugu Politician In Midnight Ambush!”

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Prince Ikechukwu Oloto, a well-known politician in Enugu State also known as Okanga Moo, has been brutally murdered by unknown attackers in Nsukka Local Government Area.....KINDLY READ THE FULL STORY HERE▶

  • The Attack: Oloto was reportedly ambushed and killed on Thursday evening inside his residence located in the Odenigbo area of Nsukka.

  • Confirmation: Social media influencer Sen. Chijinkem Ugwuanyi confirmed the tragic incident on Facebook, stating that the politician was brutally attacked and cut into pieces.

  • Police Status: At the time of reporting, the exact circumstances surrounding the assassination remain unclear, and the Enugu State Police Command has yet to release an official statement.

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