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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.
According to Nivo News, the General Overseer of the Living Faith Church Worldwide, Bishop David Oyedepo, has declared what he described as divine judgment on bandits and their alleged sponsors responsible for insecurity across parts of Nigeria.....KINDLY READ THE FULL STORY HERE▶
Speaking on Sunday at the church’s headquarters in Ota, Ogun State, during a sermon themed “Covenant Day of Vengeance,” Oyedepo stated that those behind killings, kidnappings, and violent attacks would face divine retribution. He further claimed that within the next seven days, consequences would begin to manifest against those he accused of fueling unrest in the country, assuring worshippers that the coming week would be marked by “testimonies of vengeance.”
He was quoted as saying that judgment had been pronounced on individuals responsible for such acts and their supporters, adding that the outcome he referenced would unfold within a week.
In a related remark during a recent midweek service, Oyedepo also acknowledged the presence of fraudsters within and outside religious spaces, warning that his identity and images were being exploited for fraudulent schemes. He urged members of his congregation to remain vigilant and committed to truth to avoid falling victim to scams involving impersonation.
He recounted a case where an individual allegedly posed as him in an attempt to defraud unsuspecting victims, noting that such incidents highlight the growing sophistication of fraudulent activities.
A political disagreement has emerged within the All Progressives Congress (APC) in Nasarawa State following Governor Abdullahi Sule’s reported endorsement of Senator Aliyu Wadada as his preferred successor ahead of the 2027 governorship election.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the move has sparked tension between the governor and his predecessor, Umar Tanko Al-Makura, who faulted the decision, describing it as premature and not properly consulted within party structures.
Al-Makura, a prominent figure in the state’s political landscape, expressed displeasure that he only became aware of the endorsement through media reports. He argued that the decision should have involved wider consultation, warning that such early endorsements could undermine internal party processes.
He further noted that the APC had not begun its formal nomination process, insisting that declaring support for a candidate at this stage was inappropriate and ahead of schedule.
The controversy was further heightened by former Inspector-General of Police, Muhammad Adamu, who is also aspiring for the APC governorship ticket. He rejected the endorsement, stating that no individual has the authority to impose a candidate, and reaffirmed his intention to contest in the party primaries.
In response, Governor Sule, through his media aide, defended the endorsement, stating that it was consistent with political traditions in the state. He referenced past succession arrangements, including Al-Makura’s own endorsement of him, arguing that the current process was in line with established practice but being conducted more transparently.
The governor’s camp clarified that Senator Wadada remains a preferred aspirant and not the party’s official candidate.
Senator Wadada, reacting to the development, called for calm among party members, describing the situation as part of normal political competition. He also downplayed tensions with other aspirants, noting that the contest should be seen as a democratic process.
Meanwhile, support for Adamu continues to grow in parts of Nasarawa South, where youths, women, and stakeholders have openly backed his ambition, alongside broader endorsements for President Bola Ahmed Tinubu’s re-election bid.
Adamu, however, maintained that he remains firmly in the race, accusing some political actors of inconsistency in the unfolding succession dynamics.
The Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has described as unnecessary the denial issued by the Christian Association of Nigeria (CAN) regarding an invitation allegedly extended to him for the groundbreaking ceremony of an ecumenical chapel at the Nnamdi Azikiwe International Airport, Abuja.....KINDLY READ THE FULL STORY HERE▶
According to Nivo News, the Sultan’s media team maintained that an official invitation was duly sent to His Eminence requesting his attendance as Royal Father of the Day. The statement explained that the event also listed key dignitaries, including the Senate President, Godswill Akpabio, as Distinguished Guest of Honour, and Senator Oluremi Tinubu as Mother of the Day.
The Sultan’s office emphasised that his participation in the proposed Christian event would promote interfaith harmony, noting his role as Co-Chairman of the Nigerian Inter-Religious Council (NIREC). It added that globally, religious leaders often engage in events outside their faith traditions as part of efforts to encourage unity and peaceful coexistence.
The response follows an earlier clarification from CAN, which denied issuing any invitation to the Sultan and stated that the document circulating in public was not from the association. CAN further explained that the communication in question originated from the Office of the Secretary to the Government of the Federation (SGF) and insisted that it had no involvement in inviting the Sultan to the event.
While acknowledging that the SGF’s office was linked to the invitation process, the Sultan’s media team expressed concern over CAN’s denial, describing it as unnecessary and capable of creating misunderstanding, especially since the Sultan did not request to attend the ceremony.
The statement also urged religious bodies to focus on messages that strengthen unity and promote peaceful coexistence among Nigerians of different faiths and ethnic backgrounds.
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