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Experts Shocked as FX Slide, Dangote Boost Push Nigeria’s Surplus to 5-Year High!
Nigeria’s $3.73 billion BoP surplus in the first quarter of 2025 has been credited by experts to naira depreciation and the growing local fuel supply from Dangote Refinery.....KINDLY READ THE FULL STORY HERE▶
The Central Bank of Nigeria (CBN) has reported a current account surplus of $3.73 billion for the first quarter of 2025, slightly lower than the $3.80 billion recorded in Q4 2024, but marginally higher than the $3.69 billion seen in the same period last year. This comes months after Nigeria posted a $6.83 billion surplus in 2024.
According to the apex bank’s data, the goods account showed strong performance, rising to $4.16 billion in Q1 2025 from $2.62 billion in the previous quarter. This increase was driven by a 30.39% jump in non-oil exports to $2.66 billion and a surge in gas exports, also reaching $2.66 billion from $2.10 billion. Meanwhile, non-oil imports dropped from $7.37 billion to $6.77 billion, supporting the trade balance.
The secondary income account remained in surplus, with $5.29 billion recorded. Overall exports rose by 9.79%, hitting $13.91 billion, while imports decreased to $9.75 billion, down from $10.05 billion—mainly due to a decline in petroleum product imports and other non-oil goods.
On the financial account, the surplus narrowed to $7.58 billion, down from $7.82 billion in Q4 2024. The CBN attributed this to reduced portfolio inflows, increased external debt service payments, and a drop in loan liabilities from depository institutions.
Expert Insights
Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), linked the trade improvements to the depreciated naira, which has made imports more expensive and forced buyers to seek domestic alternatives.
“With the Dangote Refinery now operational, many fuel importers are sourcing locally,” he said. He also noted the marginal decline in surplus between quarters was not a cause for concern.
Similarly, Dr. Adam Abudu of the Society for Peacebuilding and Economic Advancement stressed the need for policy consistency to support local investors. He praised the Dangote Refinery’s role in boosting both domestic supply and exports and called for more such ventures.
“These results prove that the President’s reforms are working. Sustaining this momentum could lead to long-term economic stability,” he added.
Other Key Indicators
Despite these gains, Nigeria’s external reserves dropped to $37.82 billion at the end of March 2025, down from $40.19 billion in December 2024. Meanwhile, net errors and omissions, which reflect unrecorded capital flows, were estimated at $3.85 billion in Q1 2025, slightly down from $4.02 billion previously.
Data from the National Bureau of Statistics (NBS) also showed that Nigeria recorded a N5.17 trillion trade surplus in Q1 2025—up 51.07% from the N3.42 trillion in Q4 2024. Total trade reached N36.02 trillion, a 6.19% year-on-year increase.
The nation’s petrol import bill saw a sharp decline to N1.76 trillion in Q1 2025 from N3.81 trillion in the same period last year, largely due to ramped-up production at the Dangote Refinery.
However, crude oil output dipped in May 2025, with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reporting daily production of 1.45 million barrels, highlighting ongoing challenges in the upstream sector.
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‘Kwankwaso Is More Experienced Than Peter Obi’ – Buhari’s Ex-Aide Declares.
Ahmad made the assertion in a post on his X handle, maintaining that Kwankwaso’s decision to accept the position of running mate should be seen as an act of political modesty rather than an indication that he is less qualified than Obi.....KINDLY READ THE FULL STORY HERE▶
According to the former presidential aide, the relationship between the two politicians should be viewed as one of equals rather than that of a superior and a subordinate.
“To be entirely candid, the political dynamic between Rabiu Kwankwaso and Peter Obi ought to be characterised as one of collegiality between peers, rather than a hierarchy of principal and subordinate,” he wrote.
He added, “The choice to assume a deputy role beneath Obi ought to be interpreted as a testament to political modesty.”
Making a case for Kwankwaso’s political experience, Ahmad recalled that the former Kano State governor served as Deputy Speaker of the House of Representatives before Obi became a prominent figure in national politics.
He also noted that Kwankwaso governed Kano State, which he described as Nigeria’s most populous and politically influential state, for two terms and served as a federal minister.
“If we are assessing political experience, Sen. Kwankwaso probably has a longer and more impressive political background than Peter Obi,” Ahmad stated.
In contrast, the former presidential aide argued that Obi’s major public office experience was limited to his tenure as governor of Anambra State.
“Unlike other candidates, Peter Obi was just a former governor of Anambra State,” he wrote.
Latest News
‘I Have Stopped Impregnating Women’ – 2Baba Makes Shocking Revelation.
Nigerian music star Innocent Idibia, popularly known as 2Baba, has declared that he no longer impregnates women.....KINDLY READ THE FULL STORY HERE▶
The singer made the statement on Saturday during a live performance at Rehab Lounge in Calgary, Canada.
While performing his hit song True Love, 2Baba paused to interact with the audience and playfully asked the women present to identify where his true love was.
He jokingly wondered whether she was standing at the back of the venue or somewhere in front of him before making a remark about his experiences with women.
The award-winning musician told the audience that he had stopped getting women pregnant, adding that he had been making the same confession wherever he performed recently.
He said, “For the purpose of this show, I will pretend like I’ve never seen anything before. Where’s my true love? Is she back there? Is she right here? Is she somewhere here? Where’s my true love? You people shouldn’t put out me for trouble.
“As I said, some ladies they fear to shout. See, everywhere I go these days, I make this confession. As I say, some ladies they fear to shout. I say, I don’t fear to shout. Because I don’t stop to dey give woman belle. Ask anyone, they’ll tell you, I don’t do such thing things again.”
The singer’s comment comes amid public interest in his personal life and relationships.
2Baba was previously married to Nollywood actress Annie Macaulay-Idibia. The couple announced their separation in January 2025 after having two children together.
Latest News
NPFL Cracks Down! Abia Warriors, Katsina United, Warri Wolves Hit With Sanctions.
Abia Warriors were fined ₦3.2 million for failing to provide adequate security as agreed during the pre-match technical meeting ahead of their encounter with Niger Tornadoes.....KINDLY READ THE FULL STORY HERE▶
Abia Warriors were fined ₦3.2 million for failing to provide adequate security as agreed during the pre-match technical meeting ahead of their encounter with Niger Tornadoes.
The Umuahia-based club was also found guilty of an attempt by one of its officials to disrupt the live broadcast of the match by harassing a crew member of the league’s broadcast partner.
As part of the disciplinary measures, Abia Warriors’ multimedia officer, Chidera Favour Igwe, has been suspended from all NPFL match activities for five matches.
Katsina United, meanwhile, were fined ₦2 million for failing to provide adequate and effective security during their home fixture against Plateau United.
The club was also sanctioned for allowing supporters to encroach onto the field of play during the encounter.
Warri Wolves Receive Heaviest Punishment
Warri Wolves have been handed the most severe sanctions following the unruly behaviour of their supporters during Sunday’s Matchday 10 clash against Kano Pillars in Ozoro.
The Seasiders were fined ₦4.2 million and docked three points and three goals from their accumulated tally. The club was also ordered to play its next three home matches behind closed doors.
According to the NPFL, Warri Wolves failed to provide adequate security at the stadium, resulting in an assault on match officials after the final whistle.
The league further disclosed that the second assistant referee sustained a nose injury and was left bleeding during the incident.
The NPFL stated that all three clubs have 48 hours from the date of notification to appeal their respective sanctions in accordance with the league’s disciplinary procedures.
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