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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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#OndoDecides2024: APC congratulates Aiyedatiwa, applauds Ondo electorate

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By Francesca Hangeior

The All Progressives Congress has congratulated the Ondo State Governor, Lucky Orimisan Aiyedatiwa, on his re-election in the just-concluded governorship election.

 
Aiyedatiwa won the election, having polled a total of 366,781 votes across all 18 Local Government Areas of the state.

 
He defeated his closest rival — Agboola Ajayi of the Peoples Democratic Party, who got 117,845 votes.

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In a statement issued by the APC National Publicity Secretary, Felix Morka, on Sunday, and made available to PUNCH Online, the party described Aiyedatiwa as a “clear attestation” that his administration’s policies “resonated deeply with the electorate.”

 
The statement read, “The All Progressives Congress (APC) heartily congratulates the Governor of Ondo State, His Excellency, Lucky Orimisan Aiyedatiwa, on his re-election.

 
“Your Excellency’s resounding victory in the just-concluded Ondo State gubernatorial election is a clear attestation that your administration’s policies and programmes and campaign message of hope and consolidation have resonated deeply with the electorate.

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NiDCOM rescues 13 trafficked Nigerian women from Ghana

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*** says 163 victims saved between July, November

By Francesca Hangeior

 
The Nigerian in Diaspora Commission, NiDCOM, has successfully facilitated the rescue and repatriation of 13 trafficked Nigerian women from Ghana, bringing the total number of victims returned over the past five months to 163.

This was revealed in a statement by Abdur-Rahman Balogun, NiDCOM’s Director of Media, Public Relations, and Protocols.

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The operation, executed through collaborative efforts, involved the Ghanaian Anti-Human Trafficking Police Unit, Rescue Live Foundation International, NIDO Ghana, and NiDCOM.

The latest group of rescued women, aged 19 to 30 years, hails from Ebonyi, Benue, Kaduna, and Rivers States.

It was gathered that they were lured to Ghana under false pretenses of employment but were subjected to exploitative conditions and coerced into secrecy oaths while their traffickers profited from their ordeal.

NiDCOM’s Chairman/CEO, Hon. Abike Dabiri-Erewa, expressed her gratitude to key supporters, including Nigeria’s First Lady, Senator Oluremi Tinubu, and Ebonyi State Governor, Francis Nwifuru, for their roles in ensuring the safe return of the victims.

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She also praised Chief Callistus Elozieuwa, BOT Chairman of Rescue Live Foundation International/NIDO Ghana, and the Ghanaian Anti-Human Trafficking Police Unit for their commitment to prosecuting the traffickers.

Dabiri-Erewa reiterated NiDCOM’s commitment to protecting Nigerians abroad, aligning with President Bola Tinubu’s Renewed Hope Agenda, which prioritizes combating human trafficking and safeguarding citizens’ rights.

Upon arrival in Nigeria, the women were handed over to the National Agency for the Prohibition of Trafficking in Persons, NAPTIP, for rehabilitation and reintegration.

NiDCOM representative Akinboye Akinsola, who accompanied the women, noted that they willingly sought assistance after learning about previous rescue efforts in Ghana’s Kpone Katamanso and Tema regions.

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Chief Callistus Elozieuwa highlighted the support provided to the women in Ghana, including temporary shelter, before their return to Nigeria.

Valentine Okike Uzo, Senior Special Assistant to the Governor of Ebonyi State, commended Governor Nwifuru’s dedication to supporting indigenes both at home and abroad. He assured that measures are in place to ensure proper rehabilitation for those returning to Ebonyi State.

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Dabiri-Erewa celebrates Chidimma’s emergence as First Runner up, Miss Universe

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By Francesca Hangeior

The Chairman/CEO Nigerians in Diaspora Commission (NIDCOM) Hon. Abike Dabiri-Erewa, has congratulated Nigeria’s Chidimma Adetshina for emerging second at Miss Universe 2024, describing it as a reward for her doggedness and resilience.

In a congratulatory statement issued by Abdur-Rahman Balogun, Director of Media, Public Relations and Protocols of the Commission, the NIDCOM boss was excited that despite all odds, Chidimma remained focused and attained her goals.

Dabiri-Erewa said though Chidimma Adetshina as Nigeria’s representative, finished as the first runner-up at the 73rd Miss Universe Competition held in Mexico, her courage, determination and support from Nigeria eventually paid off. She was also named Miss Africa and Oceania 2024.

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Dabiri-Erewa recalled Adetshina’s controversial official withdrawal from the Miss South Africa 2024 contest, of which she had advanced to the final stage ,some few months back, noting that Nigeria warmly welcomed her, after being literally forced out of South Africa.

While in Nigeria, accompanied by President Silverbird group, Mr Guy Murray Bruce, Chidinma was warmly received at the NIDCOM Lagos office, and thereafter hosted to a grand reception at Idris Olorunnibe’s “The Temple,” Victoria Island ,with music legend, Dbanj in attendance.

Describing her as brilliant, focussed and determined, she urged others to emulate the spirit of Nigerianess in Chidimma by being proud of the country and not run it down under whatever guise.

The competition, described as one of the most thrilling in recent years, celebrated the talents, intelligence, and elegance of women from around the globe.

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Nigeria came second behind Miss Denmark, Victoria Kjaer Theilvig, who won the keenly contested crown from Miss Universe 2023, Sheynnis Palacios of Nicaragua.

It will be recalled that Chidimma was rejected by South Africa who expressed worries and questioned her nationality.

Due to that, Adetshina came to Nigeria to represent Taraba State and won the title of Miss Universe Nigeria.organised by the Silverbird group.

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