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CBN under Cardoso and $6.83 Billion balance of payments surplus in 2024 that signals economic resurgence
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By Ibrahim Modibbo
Since his appointment as the Governor of the Central Bank of Nigeria, in October 5, 2023, Olayemi Cardoso has continue to bring on board wide-range of macroeconomic reforms, stronger trade performance, and renewed investor confidence in Nigeria’s economy, that were aimed at putting the country back to its economic footing, as a strong economy that is second to none in Africa.
As part of the ongoing reforms, the Central Bank of Nigeria recently announced a Balance of Payments (BOP) surplus of $6.83 billion for the 2024 financial year, marking a decisive turnaround from deficits of $3.34 billion in 2023 and $3.32 billion in 2022, according to a press statement from Mrs Sidi-Ali, Hakama, the Ag. Director, Corporate Communications of the apex bank.
CBN says “the current and capital account recorded a surplus of $17.22 billion in 2024, underpinned by a goods trade surplus of $13.17 billion. Petroleum imports declined by 23.2% to $14.06 billion, while non-oil imports fell by 12.6% to $25.74 billion. On the export side, gas exports rose by 48.3% to $8.66 billion, and non-oil exports increased by 24.6% to $7.46 billion.”
While “remittance inflows remained resilient, with personal remittances rising by 8.9% to $20.93 billion. International Money Transfer Operator (IMTO) inflows surged by 43.5% to $4.73 billion, up from $3.30 billion in 2023, reflecting stronger engagement from the Nigerian diaspora. Official development assistance also rose by 6.2% to $3.37 billion,” the statement added.
Nigeria recorded a net acquisition of financial assets totalling $12.12 billion. Portfolio Investment inflows more than doubled, increasing by 106.5% to $13.35 billion, while resident foreign currency holdings grew by $5.41 billion, indicating stronger confidence in domestic economic stability. Although foreign direct investment fell by 42.3% to $1.08 billion, the overall financial account posted notable gains.
The country’s external reserves increased by $6.0 billion to $40.19 billion by year-end 2024, bolstering its external buffer.
Notably, net errors and omissions narrowed significantly by 79.5% to negative $5.10 billion in 2024, down from $24.90 billion in 2023, reflecting substantial improvements in data availability and capture. This represents a major advance in data accuracy, transparency, and overall reporting integrity.
The 2024 BOP surplus highlights the effectiveness of Nigeria’s ongoing reform agenda. The liberalisation and unification of the foreign exchange market, a disciplined monetary policy approach to managing inflation and stabilising the naira, and coordinated fiscal and monetary measures have all contributed to enhanced competitiveness and investor sentiment.
“The positive turnaround in our external finances is evidence of effective policy implementation and our unwavering commitment to macroeconomic stability,” said the Governor of the Central Bank of Nigeria. “This surplus marks an important step forward for Nigeria’s economy, benefiting investors, businesses, and everyday Nigerians alike,” the statement further noted.
Other notable indicators to building strong economy by this policy include but not limited to a stronger trade performance, particularly in the current and capital accounts, with a surplus of $17.22 billion in 2024, has contributed to the balance of payments surplus. A goods trade surplus of $13.17 billion that will further strengthens the positive trend. The decline in petroleum and non-oil imports also contributes to a more favorable trade balance.
It will noteworthy to note that the CBN’s reforms have increased investor confidence, leading to higher foreign portfolio investment inflows. Portfolio investment inflows more than doubled in 2024, reaching $13.35 billion. This influx of capital indicates a stronger belief in the stability and growth prospects of the Nigerian economy.
The apex bank’s disciplined monetary policy and FX market reforms on the other hand are aimed at managing inflation and stabilizing the Naira, has contributed to a more stable financial system.
The liberalization and unification of the foreign exchange market have led to greater transparency and reduced distortions in the market.
The implementation of an Electronic Foreign Exchange Matching System (EFEMS) further enhances transparency and efficiency in the FX market.
The reforms, including the unification of the exchange rate, have improved Nigeria’s competitiveness and attracted more foreign investment. Testament to this is the clearing of a $7 billion forex backlog which has also boosted the country’s image with foreign investors.
Also, the significant improvements in data availability and capture have led to a marked reduction in net errors and omissions in the balance of payments data. This enhanced data integrity provides a more accurate picture of the country’s economic performance and builds trust with stakeholders.
In conclusion, the combination of strong trade performance, renewed investor confidence, disciplined monetary policy, and improved data integrity, all facilitated by the CBN’s wide-ranging reforms, are key indicators of Nigeria’s economic resurgence. These developments demonstrate the positive impact of the reforms on the nation’s external finances and overall economic stability.
Dr Moddibo, a public analyst, wrote in from Abuja
News
Ex-VP Atiku raises alarm over strange payment into his account
Ex-Vice President Atiku Abubakar has raised an alarm a strange person who transferred money into one of his private bank accounts, saying the incident raises serious questions about the security of his confidential banking information.
The ex-Vice President, who is the African Democratic Congress (ADC) presidential candidate, made this disclosure in a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu.
It was stared in the payment that they credit came from someone unknown to Atiku, with the transaction carrying the description, “Contribution Electioneering Campaign.”
The statement stressed that neither Atiku nor his campaign requested, approved or had any prior knowledge of the payment.
“Neither His Excellency nor his campaign solicited, authorised or has any knowledge of the individual or entity behind the unauthorised payment,” the statement read.
He said the transaction was particularly troubling because the account involved is a personal one whose details are not publicly known.
He questioned how an unknown individual was able to obtain the confidential account information.
“The account is a strictly private one whose details are not in the public domain. This raises a fundamental question: How did unknown persons obtain the confidential banking details of a private citizen?” it added.
The former Vice President warned that the incident raises wider concerns about the safety of Nigerians’ financial information.
If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown then no Nigerian’s financial privacy is safe,” the statement quoted him as saying.
He also expressed concern that the information may have been accessed through people with privileged access to sensitive financial records.
“Even more disturbing is the suspicion that such confidential information may have been obtained through persons with privileged access,” the statement said.
Atiku further warned that any confirmed breach of private banking information could expose citizens to serious security risks.
“If established, this would amount to a grave abuse of power capable of exposing the account holder to kidnappers, terrorists and fraudsters.
The former Vice President also called the attention of Nigerians and security agencies to the incident, describing it as part of what he termed a series of “suspicious activities” ahead of the 2027 general elections.
“We therefore put the Nigerian public and the security agencies on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections.”
Atiku also alleged that the incident could be part of an attempt to damage his reputation as political activities intensify ahead of the elections.
He urged Nigerians not to be distracted by what he described as “tired tactics” aimed at character assassination.
“Such desperate antics have failed before and will fail again.”
The ADC presidential candidate said he remained focused on his political agenda and his stated commitment to providing solutions to the country’s challenges.
“The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges.”
News
Nigeria-China Deepen Cultural Ties With New Media Partnership
By Gloria Ikibah
Nigeria and the People’s Republic of China have strengthened their cultural and creative ties with the signing of a Content Exchange and Cooperation Agreement between the China Movie Channel (CMC) and the Nigerian Television Authority (NTA), a move expected to boost film production, media collaboration and cultural diplomacy between both countries.
The agreement was signed in Abuja during the China-Nigeria Film and Literature Symposium, which brought together diplomats, government officials, filmmakers, authors and other stakeholders from the creative industries of both countries.
Speaking at the event, Chinese Ambassador to Nigeria, Yu Dunhai, described the partnership as another milestone in the long-standing relationship between Nigeria and China, noting that literature and film have remained powerful tools for strengthening mutual understanding between peoples.
He said celebrated Nigerian writers, including Wole Soyinka, Chinua Achebe and Chimamanda Ngozi Adichie, as well as renowned Chinese authors such as Mo Yan, Yu Hua and Mai Jia, have continued to build bridges of friendship through their literary works.
According to the envoy, both countries have established themselves as global forces in visual storytelling, making the collaboration both timely and strategic.
China, he noted, currently operates more than 93,000 cinema screens and produces about 700 films annually, while Nigeria’s thriving film industry releases over 2,000 films each year.
He also pointed to the growing appreciation of each country’s productions, citing the successful screening of the Chinese film My People, My Country in Nigeria and Nigerian productions such as Lionheart and October 1 in China.
“The mutual appreciation of literature and film between the peoples of China and Nigeria is rooted in close friendship and cultural ties,” Ambassador Yu said.
He added that the initiative aligns with Chinese President Xi Jinping’s Global Civilization Initiative and President Bola Ahmed Tinubu’s vision of strengthening cross-border cultural cooperation.
The ambassador further noted that the agreement comes at a significant moment, marking the 55th anniversary of diplomatic relations between Nigeria and China, the China-Africa Year of People-to-People Exchanges and the 105th anniversary of the Communist Party of China.
Representing the Federal Government, Permanent Secretary in the Ministry of Art, Culture, Tourism and Creative Economy, Abdulkarim Ibrahim, described the agreement as a major boost for Nigeria’s creative industry and digital media ecosystem.
“This partnership will create new opportunities for professional development, technological innovation, and co-productions,” Ibrahim stated.
He praised China for its continued support through fully funded educational, technical and capacity-building programmes, which he said have benefited many Nigerian public servants and professionals in the creative sector.
According to him, as the Federal Government intensifies efforts to harness the creative industry as a driver of economic growth and employment, international collaborations such as the one with China will provide the technical expertise and global exposure needed to accelerate that vision.
Also speaking, Director-General of the Nigerian Television Authority, Salihu Abdulhamid Dembos, said the agreement will significantly improve content sharing between both countries and open new opportunities for audiences to access diverse productions.
He explained that the partnership will also promote wider accessibility through emerging technologies, including the possible integration of Artificial Intelligence-powered translation systems to enable viewers in both countries to enjoy films and television content without language barriers.
The symposium ended with interactive panel discussions involving Nigerian and Chinese filmmakers, writers and media experts, who explored opportunities for joint productions, talent development, content exchange and deeper collaboration between the creative industries of both nations.
Stakeholders expressed optimism that the agreement would not only strengthen diplomatic relations but also create fresh opportunities for cultural exchange, innovation and growth in the film and broadcast sectors.
News
Fayose inaugurated as REA board’s chair, promises unprecedented results
The Minister of Power, Mr Joseph Tegbe, on Friday inaugurated former Gov. Ayo Fayose of Ekiti, as Chairman of the Governing Board of the Rural Electrification Agency (REA).
Also inaugurated are Alhaji Ahmadu Abubakar and Mr Ilyasu Makinta and three others as members and non-executive directors, with Mr Abba Aliyu as Managing Director.
Fayose, who thanked President Bola Tinubu for finding them worthy said his mission in REA is to take the agency to greater heights by providing the needed political will.
He promised to do everything possible to ensure that the agency gets funds to achieve its long and short-term programmes for Nigerians to get electricity.
“Work has started in earnest; we are reaching out very fast and appealing to people to ensure the work is done.
“I want to use this window to assure Nigerians that your expectation about my appointment and my colleagues will not be dashed.
“We will give our best to achieve the renewed hope of President Tinubu for the country to be better for us all,‘’ he said.
He noted that a number of challenges faced in the power sector were at the grassroots.
He said that the assignment given to them was beyond providing electricity but also looking at the population of the country who need to feel the impact of the energy.
“When this happens, the people will forever be indebted to the agency,” he said
On his part, REA’s managing director thanked Tinubu for the opportunity to serve.
Aliyu promised that the agency would continue to do its best to ensure electricity gets to the served and underserved communities.
Earlier, Tegbe said the Nigeria electricity sector was moving from counting kilowatts and megawatts to powering more communities in the country.
Tegbe said this while inaugurating the Governing Board of the Rural Electrification Agency (REA) in Abuja on Friday.
The minister explained that REA occupies a unique and strategic place within Nigeria’s power sector architecture, adding that its mandate extends well beyond connecting communities to electricity.
“We are moving from just counting kilowatts and megawatts to how many communities and people were powered in the country.
“REA is fundamentally an institution for expanding opportunity.
“Every mini-grid inaugurated, every solar home system deployed, every market, school, primary healthcare centre, farm, or productive enterprise electrified represents an investment in human capital, economic inclusion, and national prosperity.
“As we continue the implementation of the Electricity Act and deepen reforms across the Nigerian Electricity Supply Industry, the role of REA has become even more significant, ‘’ he said.
The minister said that the agency serves as the bridge between national policy and grassroots impact by ensuring that “the benefits of power reforms are being felt across the country.
“Not only in our major cities but also in the remotest communities across the federation,‘’ he said.
Tegbe said that the constitution of the board was another demonstration of the unwavering commitment of
Tinubu to strengthening governance in institutions.
This, according to him, is entrenching a culture of accountability, strategic oversight, and excellence across the public sector.
The minister said that the board assumed office at a defining moment, adding that their stewardship must be guided by strategic thinking, transparency, innovation, and a steadfast commitment to provide value for money.
He said that the members were expected to provide clear policy direction, strengthen institutional governance, and safeguard public resources.
He urged them to encourage productive partnerships with development partners and the private sector, and ensure that REA remains a model public institution that delivers measurable impact.
“Most importantly, I encourage you to continually ask one fundamental question whenever decisions come before the board: “How does this improve the lives and livelihoods of ordinary Nigerians?
“If that question remains our compass, I have no doubt that the agency will continue to exceed expectations”.
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