CBN: $6.96b Current Account surplus coming in 12 months

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.

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.

“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.


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.

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.

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.

https://thenationonlineng.net/cbn-6-96b-current-account-surplus-coming-in-12-months/

This thread would have been in page 5 by now if this is a bad news about Nigeria economy

Lithiumite you need to go through this article

Ikaeniyan0:
This thread would have been in page 5 by now if this is a bad news about Nigeria economy

Tinubu no dey try , make we talk truth.

Welcome development.
Best time to be a Nigerian as the country is moving forward while the wailers are wailing because they don't want to recognise that it's yorubas turn and they are trying to stop our fortunes from meeting us.
You didn't vote us, you will wail and wail till 2031.
Ipobidients and Northerners will wail but nothing for you

When I say Propaga...

You say wetin?. ...

Ogogoro people!

na so

Ikaeniyan0:
This thread would have been in page 5 by now if this is a bad news about Nigeria economy

Bless you,
You've Said it all.

May God punish all the evil and wicked enemies of Nigeria 🇳🇬.
They will never do well or know peace all the rest of their miserable lives.

(Quote this post if you are one of them)

What's going on in Nigeria

Government of to do and ready to do. Never done anything

Stories stories stories

Dear Jagaban lovers,

What is the progress update on Tinubu’s eight point agenda he promised Nigerians in 2023? This is over one year now. How far?

1. food security;
2. poverty eradication;
3. growth,
4. job creation;
5. access to capital;
6. inclusion;
7. rule of law; and
8. fighting corruption

https://punchng.com/translating-tinubus-8-point-agenda-to-recovery/?amp

What about the 50 million jobs promised between 2023 to 2026? How many has Tinubu and his government created? Hmmm?

https://www.nairaland.com/7821154/tinubu-sets-3-year-economic-revival

Ikaeniyan0:
CBN: $6.96b Current Account surplus coming in 12 months




https://thenationonlineng.net/cbn-6-96b-current-account-surplus-coming-in-12-months/

After taxing people to death. Only after what they will get.

Ikaeniyan0:
This thread would have been in page 5 by now if this is a bad news about Nigeria economy

What are you then insinuating?

CBN with lie's everyday to decieve Nigerians.

Audio credit. Na today?

Another borrowing on the way, if these funds were channeled into the economy there would be positive impact, but sadly it will sit int he hands of the few, creating an artificial surplus of money in the economy leading to more inflation. And the CBN will increase MPR again.

When you understand that it is only govt borrowers that profit during inflation you now see why your MPR has to increase every month.

Winks

Hope this development news won't scatter some people's day

IamObidientBut:
When I say Propaga...
You say wetin?. ...

Why not keep silent if you have nothing reasonable to contribute to the topic.
Na so so bitternes and Cho Cho Cho.....
People dey o

The favorable Exchange rate to people abroad is an added advantage.

It's more profitable to convert foreign currencies to Naira.

helinues:
Winks

Hope this development news won't scatter some people's day

They are lamenting and crying already.
No positive news make them happy.
Always bitter like their tribalistic fraud and liar.

Na dem sabi 👅 😛.
Na dat bitterness and wickedness go wounjure dem las las

post=131846609:

Bless you,
You've Said it all.

May God punish all the evil and wicked enemies of Nigeria 🇳🇬.
They will never do well or know peace all the rest of their miserable lives.

(Quote this post if you are one of them)

quote from the man that said buhari is the best thing that happened to Nigeria after agege bread

Good news,
God bless Nigeria 🇳🇬

ogolemati:

Fake and forceful laughter 😃.

ogolemati:
quote from the man that said buhari is the best thing that happened to Nigeria after agege bread

Just say AMEN to the prayers kiddo.
Afraid dey catch you


Collectii abegii

We will, very soon, is expected always future tense without any corresponding effect.. APC future tense since 2015. When is the tense going to be present.

Ikaeniyan0:
This thread would have been in page 5 by now if this is a bad news about Nigeria economy

Neither do you seem excited by the news yourself

All these mean nothing when the average Nigerian is dealing with the triple whammy of hyper inflation, petrol scarcity and heightened insecurity.

Don't try to gaslight anyone, you don't have the range for it

post=131846670:

They are lamenting and crying already.
No positive news make them happy.
Always bitter like their tribalistic fraud and liar.

Na dem sabi 👅 😛.
Na dat bitterness and wickedness go wounjure dem las las

If they are not chronically bitter in real life, they won't be displaying this extent on NL

The positive and good news coming would add more to their frustrations and bitterness until they start having positive mindset about Nigeria.

OkCornel:
Stories stories stories

Dear Jagaban lovers,

What is the progress update on Tinubu’s eight point agenda he promised Nigerians in 2023? This is over one year now. How far?

1. food security;
2. poverty eradication;
3. growth,
4. job creation;
5. access to capital;
6. inclusion;
7. rule of law; and
8. fighting corruption

https://punchng.com/translating-tinubus-8-point-agenda-to-recovery/?amp

What about the 50 million jobs promised between 2023 to 2026? How many has Tinubu and his government created?

https://www.nairaland.com/7821154/tinubu-sets-3-year-economic-revival

zerooo

helinues:


If they are not chronically bitter in real life, they won't be displaying this extent on NL

retard as usual.

Everyone suffering the masses in Nigeria with their evil policies and trial by error policies will begin to have plane crash in Jesus name

Emvicprints1:
retard as usual.

Thanks for the validation

So tell us the colour of your own bitterness