PRESIDENT TINUBU CONGRATULATES MINISTER OF STATE FOR FOREIGN AFFAIRS AMBASSADOR ENIKANOLAIYE ON HIS BIRTHDAY. (PHOTO).

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 PRESIDENT TINUBU CONGRATULATES MINISTER OF STATE FOR FOREIGN AFFAIRS AMBASSADOR ENIKANOLAIYE ON HIS BIRTHDAY   President Bola Tinubu has congratulated the Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, on his birthday.    A statement by Bayo Onanuga, Special Adviser to the President, Information and Strategy, indicates that the President describes Ambassador Enikanolaiye as a distinguished diplomat, accomplished administrator and dedicated public servant whose career reflects professionalism, patriotism and a deep commitment to Nigeria.   Ambassador Enikanolaiye served in the Ministry of Foreign Affairs from August 1982 to August 2017, rising through the ranks to become Permanent Secretary. He later served as Senior Special Assistant to the President on Foreign Affairs and International Relations before he was appointed Minister of State for Foreign Affairs.   President Tinubu commends the celebrant’s significant contributions to Nige...
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NIGERIA'S FOREIGN RESERVES DECREASE TO $24BN RECORD LOW IN 2024- IMF. (PHOTO).

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 Nigeria’s foreign reserves decrease to $24bn record low in 2024 – IMF


International Monetary Fund says Nigeria’s foreign reserves dropped to a record low of $24 billion in 2024 from $33 billion last year.


IMF’s latest country report for Nigeria disclosed this, signalling potential challenges for Africa’s largest economy.


It noted that the first half of 2023 witnessed a surplus in the current account, yet there was a notable decline in reserves.


“Through 2024–25, the financial account will likely deteriorate, with no projected issuance of Eurobonds, large Fund and Eurobond repayments of $3.5 billion, and portfolio outflows.


“Hence, despite a current account surplus, officially reported reserves are projected to decline to $24 billion in 2024 before increasing again to $38 billion in 2028 as portfolio inflows resume,” the report stated.


But Central Bank of Nigeria data showed Nigeria’s foreign reserves stood at $33.12 billion as of February 8, 2024.

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