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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

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NDLEA uncovers illicit drugs concealed in water purifier machines from Europe(Photos)

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. Intercepts cache of military-grade ammunition in Kaduna, arrests couple for drug trafficking

Operatives of the National Drug Law Enforcement Agency (NDLEA) have uncovered consignments of high potency illicit drugs concealed in water purifier machines shipped to Lagos from Netherlands.
The illicit drug consignments, mainly: ketamine weighing 3kilograms and 199 grams of MDMA (Ecstasy) pills which were carefully hidden in the water purifier machines, were discovered and seized at a courier company in Lagos on Tuesday 26th May 2026.

In Kaduna, NDLEA operatives arrested a couple: Musa Sunday and Mercy Sunday, along with another suspect, Salomi Ezekiel, 38, following the seizure of 100 jumbo bags of skunk with a gross weight of 1,246 kilograms from their home at Gonin Gora area of Kaduna on Sunday 24th May. In another interdiction operation in the state, NDLEA officers on patrol along Abuja-Kaduna highway by Jere, same day, intercepted a 30-year-old suspect, Sunusi Musa, with 380 military-grade ammunition, RLA 7.62mm, going to Katsina state. The suspect and the exhibit have since been handed over to the appropriate security agency for further action.
Meanwhile, NDLEA operatives in Niger State acting on credible intelligence raided a warehouse at Gidan Kukah, Bosso LGA where 457 kilograms of skunk were recovered on Wednesday 27th May and a suspect, Godwin Zakka, 46, arrested at his Gbeganu, Minna residence in connection with the seizure.

In Enugu, operatives on patrol along Onitsha/Enugu expressway on Thursday 28th May intercepted a Taraba state-bound commercial vehicle marked JAY-158-YF. A search of the bus led to the recovery of 22,000 pills of tramadol, 100 ampoules of pentazocine and 200 grams of bromazepam while a suspect James Maigari Wisdom was arrested.

With the same zeal, Commands and formations of the Agency across the country continued their War Against Drug Abuse (WADA) sensitization activities in schools, worship centres, work places and communities among others in the past week. These include: WADA enlightenment lecture for students and staff of Government Secondary School, Adiabo, Cross River; St Patrick’s Memorial College, Wukari, Taraba; Roman Catholic Mission Nursery and Primary School, Ibeju Lekki, Lagos; and Kings Secondary School, Amawbia, Anambra state, among others.
While commending the officers, men and women of Kaduna, Niger, and Enugu Commands as well as those of DOGI for the arrests and seizures, Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd) appreciated their drug supply reduction efforts balanced with WADA sensitization activities while he charged them and their compatriots across the country not to rest on their laurels.

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LP Approves Dr Chibuzo Okereke As 2027 Presidential Candidate

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By Kayode Sanni-Arewa

The Labour Party(LP) has formally presented Dr. Chibuzo Okereke as its presidential candidate for the 2027 general election, following what the party described as a broad-based consensus among its members and stakeholders.

The announcement was made in Abuja on Friday, May 30, 2026, with party leaders expressing confidence in Okereke’s capacity to provide the visionary leadership needed to address Nigeria’s governance and development challenges.

National Publicity Secretary of the party, Ken Eluma Asogwa in a statement indicated that Dr. Okereke is a renowned governance expert, policy strategist, and reform advocate whose contributions to public policy, legislative governance, and institutional development have earned him national recognition.

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He currently serves as President of ERGAF-AFRICA Legislative Governance Innovation and Policy Hub, a leading policy and legislative research institution. He is also a legislative consultant to key committees and ranking members of the National Assembly, where he provides expert guidance on governance and public policy matters.

In addition, Dr. Okereke is a Resident Lecturer in the Department of Public Policy and Administration at Miva Open University, Abuja, where he is involved in training future public sector leaders and policy professionals.

A distinguished scholar, Okereke holds a PhD in Legislative Governance Studies, as well as Master’s degrees in Public Administration and Legislative Studies, both obtained with distinction

His expertise in governance, accountability, and national development has made him a respected voice on major national and international media platforms.
Beyond academia and policy advocacy, the Labour Party noted that Dr. Okereke has demonstrated a strong commitment to youth empowerment, educational advancement, and democratic reforms.

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The party described him as a leader whose intellectual capacity, integrity, and dedication to public service align with its vision for a more accountable, competent, and prosperous Nigeria.

The party expressed optimism that his candidacy would inspire Nigerians seeking transformational leadership ahead of the 2027 presidential election.

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Nigerian Catholic priest convicted of sexual assault in US

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A Texas jury has convicted former Roman Catholic priest Anthony Odiong of sexually assaulting women to whom he provided spiritual direction, concluding a closely watched case involving allegations that he abused his position as a clergyman to pursue sexual relationships with vulnerable parishioners.

The jury, comprising eight women and four men, found Odiong, 57, guilty of one count of first-degree sexual assault and two counts of second-degree sexual assault involving two women who testified during the trial in Waco.

Odiong, who pleaded not guilty, now faces a possible life sentence on the first-degree charge. Sentencing proceedings are scheduled to begin Monday before the same jury. The second-degree convictions each carry potential prison terms ranging from two to 20 years, The Guardian reports.

Jurors deliberated for about two hours before returning their verdict.

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The case initially included allegations involving a third woman, but prosecutors Ryan Calvert and Liz Buice dropped that portion of the case after the complainant, described as being in an “extremely emotionally fragile” state, did not appear in court to testify. Prosecutors said they chose not to compel her appearance, citing her “extremely tenuous” emotional condition.

According to courtroom accounts, Odiong showed little visible reaction as Judge Thomas West read the verdict. He reportedly looked straight ahead during the proceedings before lowering his head as deputies escorted him from the courtroom.

The prosecution stemmed from allegations first brought to public attention in February 2024 by a group of women who accused Odiong of sexual coercion, unwanted touching and abusive financial control while serving as a Catholic priest in Texas and later in Louisiana.

One of the complainants, identified by the pseudonym Mary Doe, later presented a copy of a media report detailing the allegations to Waco police and accused Odiong of assaulting her over three years beginning in 2008.

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Investigators subsequently identified a second complainant, known as Jane Doe, who also alleged abuse during the same period while Odiong served in the Waco area. Authorities said additional reports from other women helped establish probable cause for his arrest and prosecution despite the age of the allegations.

During the trial, Mary Doe testified that Odiong initiated a long-term sexual relationship with her while acting as her spiritual adviser as she navigated a difficult divorce and cared for seven children. She and one of her sons told jurors that the child once discovered them having sexual intercourse in her bedroom following a family gathering.

Jane Doe testified that she sought spiritual guidance from Odiong while trapped in an abusive marriage. She alleged that he pressured her to permit sexual acts with her husband that she found painful and then required her to discuss the encounters with him. Prosecutors argued that such conduct constituted sexual assault under Texas law even though Odiong was not directly involved in the sexual activity.

Both women said they met Odiong while he served at St Peter Catholic Center in Waco, a church frequented by students and employees of Baylor University. Their former husbands were Baylor employees, placing them within Odiong’s pastoral reach.

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Jurors also heard evidence that DNA testing established Odiong had fathered a child in 2023 with a woman identified as Presley Jones, whom he had counselled spiritually while serving as pastor of St Anthony of Padua Church in Luling, Louisiana.

Although Odiong was not charged in connection with Jones because Louisiana lacks a law similar to Texas’ clergy sexual assault statute, prosecutors argued that the child demonstrated a pattern of sexual relationships with women he met through his ministerial work.

Expert witnesses told the court that clergy members bear responsibility for maintaining professional and spiritual boundaries with those under their care. Jurors also heard testimony regarding the Catholic Church’s requirement that priests remain celibate.

The defence called only one witness, a former parishioner, who testified about Odiong’s character and recalled attending a 2011 gathering at Mary Doe’s home. Under cross-examination, however, the witness acknowledged that Odiong’s conduct fell short of expectations for a religious leader.

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Odiong, a naturalised United States citizen, was ordained a Catholic priest in 1993 in his native Nigeria. He was transferred to the Austin Diocese region, which includes Waco, in 2006 under then-Bishop Gregory Aymond.

After studying in Rome, Odiong moved to Luling in 2015, by which time Aymond had become Archbishop of New Orleans.

Church officials in Austin later said they suspended Odiong from ministry in 2019 over allegations involving multiple women. The suspension was not publicly announced at the time, though officials said New Orleans church leaders were informed. Archbishop Aymond did not publicly disclose a similar suspension in New Orleans until late 2023.

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