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Nigeria’s Current Account Projected $6.96 Billion Surplus Coming In 12 Months – CBN

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By Mario Deepromoter

Nigeria’s Current Account position is projected to record a higher surplus of $6.96 billion this year, a macroeconomic report by the Central Bank of Nigeria (CBN) research department has shown.

The current account balance of payments is a record of Nigeria’s international transactions with the rest of the world.

This year’s current account position will be higher than $5.31 billion recorded last year. The surge in current account balances will be driven by sustained trade surplus from robust export performance and increased diaspora remittances.

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According to the report, the OPEC+ crude oil supply cuts, ongoing Middle East tensions, and anticipated rise in domestic crude oil and gas production, are likely to boost export earnings.

Additionally, the commencement of the Dangote Refinery is expected to increase export receipts and reduce petroleum product imports.

“Import in 2024 is expected to decrease to $46.11 billion from $49.68 billion in 2023, primarily, due to a decline in oil imports. The continued implementation of the Petroleum Industry Act 2021 (PIA), and operations of the Dangote and Port Harcourt refineries, are anticipated to reduce oil imports. However, a slight increase in non-oil imports is expected, due to anticipated improvement in global and domestic economic conditions,” the apex bank said.

According to the report, export is projected to rise to $55.21 billion in 2024, from $54.53 billion in 2023, arising from the sustained growth in oil and non-oil exports.

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“Anticipated increase in domestic crude oil production owing to enhanced security of oil installations, is expected to boost export receipts. The improvement in export would be reinforced by the operations of the Dangote refinery and potential oil price increase amid geo-political tensions and OPEC+ supply cuts,” it added.

In the non-oil sector, high global commodity prices and government initiatives (such as the “Export 774” Programme) to diversify the export base, will further enhance total export.

Also, higher receipts from the export of key commodities, including urea, fertiliser, sesame seeds, cocoa beans, hibiscus flower, and cashew nuts, are expected to drive non-oil export.

The deficit in the services account is expected to narrow, slightly, to $12.85 billion from $12.92 billion, as higher cost and weaker naira could suppress spending, especially on business, transportation, and travel services.

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The report said that in the primary income account, the deficit is projected to widen to US$9.36 billion from US$8.46 billion in 2023. This outcome is based on the anticipated increase in repatriation returns on investment by foreign investors.

Additionally, the outlook for diaspora remittances indicates a marginal increase to $19.42 billion from $19.17 billion in 2023.

This is on account of expected improvement in global economic conditions and reforms in the foreign exchange market that allow International Money Transfer Operators (IMTOs) to pay beneficiaries at market determined exchange rates.

See also NNPC Strengthens Position in Global LNG Market with DES Shipments
Similarly, the ongoing efforts by the Bank to improve efficiency, transparency and confidence in the foreign exchange market is expected to boost remittances through formal channels.

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The financial account is expected to maintain a higher net borrowing position at $6.41 billion, compared with $6.39 billion in 2023. This projection is based on a higher net incurrence of financial liabilities, totaling $13.08 billion, from $5.14 billion in 2023.

“The higher liabilities are attributed to expected increase in external borrowings, through euro bonds and multilateral loans, and higher portfolio inflows. On the asset side, residents are likely to increase investments abroad leading to a rise in the acquisition of financial assets,” it said.

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Ex-UFC Champion, Adesanya replies critics

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By Kayode Sanni-Arewa

Former UFC middleweight champion Israel Adesanya has hit back at critics labelling him ‘washed’ following his third consecutive defeat against Nassourdine Imavov, PUNCH Sports Extra reports.

The Nigerian-New Zealander, who has lost four of his last five fights in the UFC, including three by stoppage, responded to detractors during a YouTube ‘Ask Me Anything’ session.

“They call me washed, but how are you going to call me washed when you haven’t even been in laundry? You haven’t even gotten dirty. What have you done?” the 35-year-old fired back at his critics.

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‘The Last Stylebender’ looked in control during the first round of his recent bout against Imavov but lost momentum in the second round before suffering a TKO defeat.

When questioned about his future title aspirations, Adesanya maintained his characteristic confidence despite the recent setbacks.

Do I have a title shot in mind for the future? No! When I got to the UFC, I never chased the belt. I stand on that. I never chased the belt. I expected it,” Adesanya said.

“I expected to be champion… I expected to get to this point that I wanted to get to because of the work that I put in and my belief in myself, my mindset. I knew with everything that I was going to do, I was going to get there. I expected it.”

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The former champion’s recent slump began with his submission loss to Dricus du Plessis at UFC 305 in August 2024, followed by two more stoppage defeats, marking a stark contrast to his earlier dominance in the division.

Despite this downturn in form, Adesanya, who built his reputation through successful careers in boxing and kickboxing before transitioning to MMA, has vowed to return stronger, demonstrating the resilience that has characterised his combat sports journey.

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ATCON Raises Red Alarm Over Impending Telecom Shutdown Due To Fuel Scarcity

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By Kayode Sanni-Arewa

The Association of Telecommunications Companies of Nigeria (ATCON) has issued an urgent warning about a looming network shutdown in Lagos and Ogun States due to a worsening diesel supply

According to an online medium, the crisis stems from an indefinite strike by the Petroleum Tanker Drivers (PTD), a division of the National Union of Petroleum and Natural Gas Workers (NUPENG), which has severely disrupted fuel distribution.

ATCON President Tony Emoekpere expressed deep concern over the situation, emphasizing that many telecom base stations are at risk of shutting down as fuel supplies dwindle.

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He explained that the strike is a result of persistent harassment of petroleum tanker drivers by security operatives in Lagos State, which has halted fuel loading and movement across major depots.

The impact of a telecom blackout could be devastating, affecting:

Mobile and internet connectivity
Business and financial transactions
Emergency communication services
Essential daily communications
ATCON has urged the Governors of Lagos and Ogun States to intervene immediately by ensuring the release of diesel from depots to telecom operators to prevent a full-scale network collapse.

“This is beyond a telecom issue—it is a national emergency that could disrupt economic activities and compromise public safety,” Emoekpere stressed.

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The association is also calling on security agencies and petroleum unions to swiftly resolve the dispute to safeguard Nigeria’s connectivity and economic stability.

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Kill your 2027 election, PDP, LP chieftains advise Atiku

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By Kayode Sanni-Arewa

A member of the National Executive Committee of the Peoples Democratic Party, Diran Odeyemi, and a chieftain of the Labour Party, Anslem Eragbe, have advised former Vice President Atiku Abubakar to kill his 2027 presidential election ambition.

Both Odeyemi and Eragbe said the South should be allowed to rule for eight years.

They said the 2027 southern president might not necessarily be President Bola Tinubu.

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Eragbe, in an interview with Sunday PUNCH, argued that Atiku should not have contested the 2023 presidential election because it was the turn of the South to produce a president.

He said, “Atiku was not supposed to contest the 2023 presidential election because it was the turn of southern Nigeria. It is the turn of the South till 2031.

“Being a former Vice President of Nigeria for eight years; Atiku knows Nigeria’s power drill and equation. He should support younger Nigerians to power and provide guidance in 2027.”

Asked if the former Vice President would breach any law if he chooses to run for the nation’s highest office in 2027, Eragbe said the PDP stalwart “is entitled to his ambition and aspirations, adding however that “2027 – 2031 is for southern Nigeria.”

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According to him, the 2027 presidency shall remain in southern Nigeria and should be zoned to the South-South region.

“It should be further micro-zoned to the (defunct) mid-Western region. I mean the defunct Bendel, now Edo and Delta states. We expect the major political parties to do this for equity, justice, fairness and parity.

“However, should President Bola Tinubu, win the 2027 presidential election and continue till 2031, power shall return to Northern Nigeria,” he added.

The former President of the Student Union Government of Ahmadu Bello University, Zaria, added that when compared with other geo-political zones in the country, the South-South had spent the least number of years on the presidential seat.

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“The region that has ruled the least in Nigeria is the South-South with only five years under Goodluck Jonathan and should rule Nigeria again beginning from 2027.

“When put together, the North-Central spent a total of 17 years and 11 months, North-West, 17 years, three months; North-East, 10 years, three months; South-West, 15 years, four months by the time Tinubu finishes his term in May 2027; South East spent five years and nine months and the South-South, the only region to spend five years only on the presidential seat,” he added.

Eragbe called on the political parties to identify credible politicians, regardless of their financial status, to fly their flags for the various elective offices, stressing that 2027 would be another opportunity to right the wrongs of the past.

Speaking with Sunday PUNCH, Odeyemi stated that the ex-vice president’s participation in the 2023 presidential election and his perceived ambitions for 2027 were the causes of PDP crisis.

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He charged Atiku to bury his ambition, adding that once the former vice president failed to declare interest in 2027, the crisis in the party would be over.

The 2023 election was originally supposed to be between southerners, as former President Muhammadu Buhari, a northerner, had just completed eight years in office. However, Atiku insisted on exercising his rights, which is why there is a crisis in the PDP,” he stated.

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