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Nigeria’s $42.01bn External Reserves can finance importation of goods, services for Nine months – CBN …Assures Nigerians of better economic fortunes 2025

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The Central Bank of Nigeria declared on Wednesday that the $42.01billion external reserves of the country, can finance importation of goods and services for more than nine months.

This is as the apex bank , assured Nigerians of better economic fortunes in 2025 .

The Governor of the apex bank , Mr Olayemi Cardoso made the declaration during performance index report presentation to the Senate Committee on Banking , Insurance and other Financial Institutions.

According to the CBN governor , ” External Reserves rose from $38.35bilion it was on September 30, 2024 , to $42.01billion as of December 12, 2024 .

The increase in external reserves within the stated period , he explained , was driven largely by receipts from crude oil related taxes and third party receipts in Q3 2024.

” We maintained a current account surplus and saw remarkable improvements in our trade balance .

” Our external reserves level can finance over 9.09months of import of goods and services or 13.91 months only , higher than the international benchmark of 3.0 months and a robust buffer against shocks “, he said .

On cash shortage , the CBN boss , reiterated application of new policy of N150million fine against any branch of Banks caught indulging in illegal distribution of new Naira notes to currency hawkers and unscrupulous elements .

He added that the Nigeria economy will take a better shape in 2025 fiscal year , through policies and measures that had been put on ground .

” Distinguished Senators , as we include this briefing , I want to highlight that despite the challenges facing our economy, there are clear reasons for optimism .

” The gradual stabilization of the forex market , ongoing banking sector recapitalization , positive growth trends in key sectors , especially the services sector , indicate a path toward recovery and stability “, he said .

Apparently impressed with his presentation , the Chairman of the Committee , Senator Adetokunbo Abiru ( APC Lagos East ) , said he deserved a round of applause which however , not allowed in the Senate .

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Gov.Fubara Inspects Agba-Ndele Rd Project,Lauds Completion of Bridge, ….Sets May deadline for inauguration

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Governor Siminalayi Fubara (centre) accompanied by the contractors and government officials during the inspection of the completed bridge on Friday

By George Mgbeleke

Governor of Rivers State, Sir Siminalayi Fubara, has expressed delight over the completion of the Agba-Ndele Bridge and announced plans to inaugurate the project, alongside the adjoining 14-kilometre Ndele-Omofo-Agba-Ndele road, in May 2026.

In a statement by his Chief Press Secretary,Onwuka Nzeshi, the governor gave the indication on Friday during an inspection tour of the projects located in Emohua Local Government Area of the state. The road also connects communities in Abua/Odual Local Government Area of Rivers State.

He expressed satisfaction with the level of progress achieved on the project since his last visit to the site about a year ago.

Highlighting the strategic importance of the bridge, governor Fubara said: “This bridge is called the Agba-Ndele Bridge. It connects the Abua section to the Emohua section. I am really happy that today, you can see for yourself that the bridge is fully completed.

“But the beauty of this job will be appreciated more when the other 14 kilometers, the Ndele-Omofor-Agba-Ndele road is completed. That is when you will see the actual beauty of this road.”
The governor also commended the contracting firm, Setraco Nigeria Limited, for its professionalism and commitment to the project timeline.
“I want to commend the contractor, Setraco for a good job. It is a good job considering the time we came here and what we have seen today. They were really committed and they have shown that they truly have the professional expertise to deliver at the right time.” he said.

The Governor further disclosed that he had received assurances from the contractors handling the road project that the remaining work would be completed before the end of May.

“I have already spoken with the contractors and they assured us that before the end of May they will deliver it.
“For that reason, we are going to delay the inauguration of this bridge until that other section is completed,” the governor stated.

He stated that the project reflects the administration’s commitment to improving infrastructure across the state.
“So far, I feel happy that we are doing our best to improve on what we met on ground on assumption of office,” Fubara said.

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Fubara asks Rivers people to prioritise Eye- Health on World Glaucoma Day

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Rivers state governor ,Siminalayi Fubara

By George Mgbeleke

Governor of Rivers State, Sir Siminalayi Fubara (KSC) has charged all citizens and residents of the state to prioritize eye- health and get screened for glaucoma to prevent avoidable loss of sight.

In a statement by his Chief Press Secretary,Mr Onwuka Nzeshi,the Governor gave the directive on Thursday, at Government House, Port Harcourt.

In a goodwill message to mark the World Glaucoma Day, Governor Fubara described glaucoma as a leading cause of irreversible blindness worldwide, stressing that early detection is key to preventing vision loss.

“I encourage everyone, especially those over 40 years of age or with a family history of vision impairment, to visit any of our numerous healthcare facilities and get their eyes checked.

“My administration is committed to improving healthcare in Rivers State. We’ll continue supporting initiatives that promote eye health and reduce preventable blindness.

“Let’s unite for a glaucoma-free Rivers State. Protect your sight, it’s priceless.
Happy World Glaucoma Day,” he said.

The World Glaucoma Day which is celebrated March 12, every year, is dedicated to raising awareness about glaucoma, a leading cause of irreversible blindness worldwide. Glaucoma is often referred to as the “silent thief of sight” because it can progress without noticeable symptoms until significant vision loss occurs. It affects over 75 million people globally, with nearly 50% of them unaware they have it.

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APWEN lauds Gov. Diri on the ongoing 60MW gas-fired turbine, describes it as a game changer, an end to epileptic power supply in Bayelsa State.

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Women Engineers

By David Owei,Bayelsa

The Association of Professional Women Engineers of Nigeria (APWEN) Bayelsa Chapter has lauded the initiatives of Governor Douye Diri’s administration on the injection of 60 megawatts of power supply through the 99% nearly completed gas-fired turbine project.

The Chairman of the Association, Engr. Amalate Ann Jonathan Obuebite gave the commendation when she led no fewer than 30 women engineers, comprising professionals, graduates and students on an industrial visit to the 60MW Gas-Fired Power Plant at Elebele in Ogbia local government area of the state.

She added that upon completion, the 60MW gas-fired turbine, which receives gas feed from the Oando gas manifold in Elebele would help eradicate the frequent power outages in the state, boost business activities, and accelerate industrial and economic growth.

According to her, ‘When the project is completed, it will almost take the state out of the national grid as well as provide a stable power supply across the state”

Obuebite had during an interactive session with Governor Douye Diri at the project site in Elebele noted that the current 20 Megawatt power supply is inadequate for the state to meet both domestic and industrial demands.

She added that upon completion, the 60MW gas-fired turbine, which receives gas feed from the Oando gas manifold in Elebele would help eradicate the frequent power outages in the state, boost business activities, and accelerate industrial and economic growth.

The members of the APWEN were conducted round the project site by the Managing Director and Chief Executive Officer of Bayelsa Electricity Company Limited (BECL)
Engr. Olice Kemenanabo.

The members, during the project which lasted for 2 hours gained valuable insights into the power plant’s operations, from inducers to gas pipes, boilers, pressure control with transmitters, heat exchange bellows, emergency shut-off valve etc.

The hands-on experience was invaluable, with the students learning how lean gas and methane are processed to power the turbine.

The visit also bridged the gap between theory and practice, enhancing their understanding of engineering principles while the students on their part took turns to ask questions as the MD took time to answer all questions satisfactorily.

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