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April 3, 2025 Nigeria’s FX Reserve Hit US$23.1b in Q4 2024
IFMUYONEWS

Nigeria’s FX Reserve Hit US$23.1b in Q4 2024

Nigeria’s Net Foreign Exchange Reserve (NFER) as of the end of 2024 stood at $23.11 billion, the highest level in over three years, reflecting a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.

A statement by the Central Bank of Nigeria (CBN), the increase marked an increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021.

NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.

Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.

The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations.

CBN also said the strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.

The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks.

Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.

April 3, 2025 Donald Trump Attacks Nigeria’s Exports with New 14% Tariff
IFMUYONEWS

Donald Trump Attacks Nigeria’s Exports with New 14% Tariff

US President Donald Trump has announced that exports from Nigeria to the United States will now be subjected to a 14 per cent tariff.

The decision, which was made public during a ‘Make America Wealthy Again’ event in the Rose Garden on Wednesday, is part of a broader strategy aimed at rebalancing global trade and addressing perceived unfair trade practices.

The newly introduced 14 per cent tariff marks a significant shift in U.S.-Nigeria trade relations, with the U.S. government citing an ongoing trade imbalance.

According to the Trump administration, Nigeria imposes a 27 per cent tariff on U.S. exports, a disparity the U.S. claims has long been detrimental to American businesses and consumers.

In response, the U.S. has now imposed a new tariff on Nigerian exports to mitigate what they argue is an unfair trade arrangement.

In his address, Trump framed the tariff as part of a larger initiative to protect American industries and ensure that foreign nations play by what he described as “fair” trade rules.

Trump declared the start of what he called a new era of “fair trade,” promising to “supercharge America’s industrial base” and force open foreign markets long accused of shutting out U.S. goods.

“This is one of the most important days in American history,” Trump said. “We will supercharge our domestic industrial base. We will pry open foreign markets and break down foreign trade barriers, and ultimately, more production at home will mean stronger competition and lower prices for consumers.

“This will be, indeed, the golden age of Americans coming back. We’re going to come back very strongly.”

Aside from Nigeria, some African countries that will bear the brunt of the new policy include: Algeria (30 per cent); Lesotho (50 per cent); Mauritius (40 per cent); Kenya (10 per cent); Namibia (21 per cent) and Ethiopia as well as Ghana 10 per cent apiece. South Africa was handed down a reciprocal tariff of 30 per cent.

March 21, 2025 Akwa Ibom Set to Begin Work on Ibom Deep Seaport
IFMUYONEWS

Akwa Ibom Set to Begin Work on Ibom Deep Seaport

The Technical Committee on the Actualization of Ibom Deep Seaport has met with the consultant port master planner, Dar Al-Handasar Ltd. to finalize technical requirements for the groundbreaking of the City Gate and Sales Center in May 2025 as directed by Akwa Ibom State Governor, Pastor Umo Eno.

Speaking at the meeting, which was held in Lagos, Nigeria, on Tuesday, the Commissioner for Special Duties and Ibom Deep Seaport, Comrade Ini Ememobong, assured that Governor Umo Eno is totally committed to the actualization of the Ibom Deep Sea Port and the Industrial City, which he sees as a veritable channel for job and wealth creation.

Comrade Ememobong also promised to undertake extensive community and stakeholders’ consultation to ensure a hitch-free foundation laying ceremony and projects execution.

The Chairman of the Technical Committee on the Actualization of Ibom Deep Seaport, Barr. Mfon Usoro,on her part expressed gratitude to the governor for his commitment to the transformational project, assuring of the Committee’s full cooperation.

She appreciated members of her committee for their dedication and the time they have invested into the work for the past ten years, expressing high optimism that the goal will soon be attained.

While expounding on the technical details for the next phase of the project, the lead representative of Dar Al-Handasar Ltd. and Director of Operations for Central and West Africa, Nicolas Rizk, commended Governor Eno for his determination to ensure the realization of the project.

He listed the infrastructure needed to open up the industrial city and get access to the deep sea port site.

The Ibom Industrial City, which will house the deep sea port, training centers, and a logistics hub, is expected to create at least 300,000 jobs and bring massive economic benefits to host communities.

Recently, the governor reaffirmed his readiness to kick-start major infrastructure projects at the industrial city, including the City Gate, Sales Center, and access roads like the ongoing Uyenge-Orukim road construction.

These developments will pave the way for port terminal construction and eventually full-scale operations.

February 17, 2025 Ibom Plaza Management Committee Assures Traders of Safety Amidst UCCDA Clampdown
IFMUYONEWS

Ibom Plaza Management Committee Assures Traders of Safety Amidst UCCDA Clampdown

As the Uyo Capital City Development Authority, UCCDA moves to put an end to street trading, Chairman of Ibom Plaza Management Committee, Comrade EDIDIONG VINCENT has assured traders of their safety and security.

He gave the assurance while addressing traders at the Ibom Plaza Community, Uyo, in the hit of the demolition of illegal stalls by the UCCDA.

Comrade VINCENT expressed the traders’ willingness to support the government’s initiative and the efforts of the UCCDA, urging all roadside traders to relocate into the stalls inside plaza, noting that the UCCDA has intensified monitoring to ensure full compliance with the ban on illegal street trading.

He commended Governor UMO ENO for his friendly disposition towards traders in Akwa Ibom, appealing to the governor to fulfill his campaign promises, including providing grants to traders, appointment of Special Assistant from the Ibom Plaza community and provision of electricity, water, and toilets to enable traders to carry out their daily activities conveniently at the available stalls.

On their part, the traders commended Comrade EDIDIONG VINCENT and assured of their cooperation with the government and the UCCDA during the clearing exercise.

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