News
Nigeria’s reserves drop to $39.5bn, South Africa’s soar to $60.3bn
Nigeria’s foreign reserves stood at $38.483bn by May 31, 2022, declining by five per cent from $40.521bn reported by end of December 2021, according to The Punch’s calculations of reserves movements on the Central Bank of Nigeria’s website.
On the other hand, South Africa, Africa’s second-largest economy after Nigeria, grew its foreign reserves to $60.28bn by end of April 2022 (when it last reported it) from $57.589bn recorded by end of December 2021.
By the end of April 2022 when South Africa last reported its reserves, Nigeria’s foreign reserves stood at $39.579 billion, having declined by 2.3 per cent since December 2021.
Foreign reserves are assets held on reserve by central banks in foreign currencies, according to Investopedia. These reserves are used to support the economy and boost foreign exchange market during emergencies or periods of crunch.
“If you do not want your foreign reserves to decline, then do more exports,” said Professor of Economics and former Assistant Director of the Central Bank of Nigeria, Jonathan Aremu.
“Then, a big question arises, for an economy with foreign exchange challenges and declining foreign reserves, where do political party candidates get dollars to spend in an economy that uses naira?”
Aremu explained that Nigeria’s foreign reserves would keep dropping when more dollars were spent to pay for imports while foreign exchange earnings from exports kept dropping.
Data show that Nigeria is an import-dependent and consuming nation. In 2021, the value of Nigeria’s total trade stood at $39.751tn, but total imports stood at &20.843tn while exports were valued at $18.907.79tn. However, over 70 per cent of the exports were made up of crude, which was shipped abroad, refined and re-imported.
Nigeria earned $45.56bn from crude and non- oil within the same period, according to the NBS’ Foreign Trade Statistics. Crude oil made up over 76.22 per cent of this amount, while the non-oil was 23.78 per cent. Non-oil exports were around $10.836bn.
Vietnam earned over $38bn from garments in 2021 and $57.54bn from export of phones and accessories in 2021, according to the Vietnam Department of Customs. Bangladesh, once regarded as one of the poorest in the world, earned $35.81bn from export of fabrics and garments only.
South Africa’s manufacturing sector contributed 11.74 per cent to its GDP in 2020, according to the World Bank, but Nigeria’s hovered between eight and nine per cent that year, according to the NBS’ data.
In 2020, SA’s exports were around $102bn, making it 36th exporter in the world. Though it is also a commodity-driven economy, it is also big in finished products.
“Foreign reserves growth is just about producing more. We are not exporting enough. When we produce, we export. That is the only way to grow reserves,” Managing Director/ Chief Business Officer, Optimus by Afrinvest, Ayodeji Ebo, told The Punch.
He explained that Nigeria either had to reduce its spending on imports or begin to make stronger efforts to earn foreign exchange to support its economy.
PUNCH
By Okey Maduforo Awka
Six members of the Indigenous People Of Biafra IPOB have been declared wanted by the Nigerian Police .
The six persons led by Mr Chukwuebuka Ohaechesi, include Emma Okonkwo, Jude Uwa, Gentle Okoro, Uchenna Dike, and Emmanuel Nwankwo who are said to be at large.
The were said to have fled to neighboring states in the South East hence signaling the other four Police Commands in the geopolitical zone to assist in the manhunt for them
The Police accused them of executing protests against the detaintion of the leader of IPOB Mazi Nnamdi Kanu who is currently serving jail terms in Sokoto Correction Center.
According to a statement issued by the Abia Police Public Relations Officer of the Command, ASP Eguavon Omokaro, the individuals are suspected members of IPOB who have allegedly participated in protests at various times and locations within the state.
The statement alleged that the protests were organised in connection with the continued detention of Mazi Nnamdi Kanu and demands for justice through the judicial process.
The Police Command further stated that these protests have allegedly resulted in breaches of peace and disruptions to law and order in Abia State. Consequently, the Police Intelligence Department reportedly concluded that the named individuals were among the principal organisers and coordinators of the demonstrations.
The statement further alleged that; ;
“It should be noted that on every 30th day of May, these men and their cohorts convene for the so-called remembrance of Biafra, holding clandestine meetings at various locations in the name of the emancipation of the Biafran Republic and the release of Mazi Nnamdi Kanu.”
According to the police, the six individuals were invited on several occasions for questioning in relation to the allegations against them.
The statement indicated that the first invitation was issued on 18 December 2025, followed by a second invitation on 7 February 2026, and a third invitation on 3 March 2026.
The police alleged that the individuals failed to honour all three invitations.
The statement further asserted:
“These individuals were invited by the police on several occasions. Firstly, on 18 December 2025, they failed to honour the invitation. Again, they were invited on 7th February 2026 and failed to appear. Finally, they were invited on 3 March 2026, and they also failed to present themselves before the police.” It stated.
As a result, the Abia State Police Command announced that all six individuals had been formally declared wanted.
The police appealed to members of the public to provide any reliable information that could lead to their arrest and prosecution, stating that informants would be suitably rewarded.
The declaration of the six individuals as wanted persons is linked to allegations of their participation in pro-Biafra activities, demonstrations concerning the detention of Mazi Nnamdi Kanu, and their alleged association with IPOB, an organisation that has been the subject of extensive scrutiny and security operations by Nigerian authorities.
In a statement shared on social media, VeryDarkMan argued that Wike may not fully understand the pain and trauma experienced by parents of abducted children and affected teachers. He claimed that the minister’s children were educated abroad, away from the security challenges facing many Nigerian families.Nigerian entertainment news
The activist stated that insecurity, kidnapping, and attacks on schools remain serious national concerns and should not be dismissed or reduced to political issues. He stressed that the fears and frustrations of parents whose children face security threats deserve greater attention from public officials.
VeryDarkMan further warned that political power is temporary, urging leaders to remain accountable to the people and sensitive to the challenges confronting ordinary Nigerians.
DSS Detains Novelist Okey Ndibe at Lagos Airport, Awaits Clearance from Abuja
Renowned Nigerian novelist, journalist, and academic, Okey Ndibe, was reportedly detained by operatives of the Department of State Services (DSS) upon his arrival at the Murtala Muhammed International Airport, Lagos, on Monday morning.
Ndibe disclosed his situation in a message sent while in custody, stating: “I’ve been with the SSS now for more than an hour. They’re waiting for clearance from some oga before they let me go.”
According to sources close to the writer, his detention follows a pattern that dates back to previous administrations, including that of former President Goodluck Jonathan, during which he was frequently stopped and questioned over his critical commentaries on Nigerian governance and public affairs.
However, associates noted that Ndibe has largely stepped away from active commentary in Nigerian media over the past two years, focusing instead on writing books and his academic responsibilities at University of Massachusetts Amherst, where he teaches.
A close friend of the author and former Anambra State Commissioner for Information and Public Enlightenment, C. Don Adinuba, said similar incidents had occurred several times in the past. He explained that airport DSS officials typically contacted their superiors in Abuja before eventually releasing Ndibe.
“It is a pity that this agency doesn’t update its database to enable officers on duty at the airport to know that the agency no longer regards Prof. Ndibe as a security threat to the administration,” Adinuba said.
He added that on previous occasions, the DSS had apologized to the respected author after determining that his detention was unwarranted.
As of the time of filing this report, there was no official statement from the DSS regarding the circumstances surrounding Ndibe’s latest detention. The development has raised renewed concerns about the treatment of government critics and the continued use of security watchlists affecting returning Nigerians.
Hegseth made the disclosure during a press conference at the White House on Wednesday, where he said the directive was issued about a year ago after Trump became aware of attacks against Christians in Nigeria.
He explained that the operation involved behind-the-scenes coordination and deployment of military assets, adding that intelligence gathered during the mission contributed to the killing of Abu-Bilal al-Minuki, identified as ISIS’s second-in-command, during a joint operation involving U.S. and Nigerian forces in the Lake Chad Basin.
“Maybe a year ago, he heard the call of Nigerian Christians who were being targeted and killed by ISIS in Nigeria, and he said, ‘Pete, I want the War Department to focus on ensuring that we do everything we can to protect those Christians,’” Hegseth said.
According to him, the operation yielded significant results in the fight against terrorism in the region.
“And we got the assets there, and over the last month, and there hasn’t been much coverage of this, we killed ISIS number two in Nigeria, who’s most responsible for killing Christians and trying to target the U.S. homeland,” he stated.
Hegseth added that working on the Intel gathered, they have killed hundreds of ISIS members who were targeting and killing Christians in Nigeria.
The U.S. defence chief described the operation as part of the Trump administration’s broader commitment to counterterrorism efforts and the protection of vulnerable communities.
“So there are a lot of things we do that the media pays attention to, and a lot of things that the President empowers the Department to do on behalf of the American people that he deserves great credit for,” Hegseth stated.
ISIS second in command, Abu-Bilal al-Minuki was killed in a coordinated U.S.-Nigeria military operation in northeast Nigeria earlier this month.
-
Crime4 days agoNigeria’s Army General, wife kidnapped by gunmen
-
Foreign4 days agoNigerian Catholic priest convicted in US for sexual assault
-
Crime3 days agoOyo abduction: Teachers begin strike as Tinubu sends 1,000 forest guards to rescue victims
-
Education3 days agoEnugu East Chairman Celebrates Children’s Day with St. Ann’s College, Reaffirms Commitment to Education
-
News3 days ago
DSS Detains Novelist Okey Ndibe at Lagos Airport, Awaits Clearance from Abuja
-
Crime3 days ago
US Announces $3.5m Religious Freedom Initiative, Questions Nigeria’s Response to Attacks
-
EverydayNews Telescope4 days agoThree Years On the Saddle : The Governor Peter Mbah score card that is a tall order
-
Crime3 days ago2 Police Officers Shot Dead as Gunmen Attack Anambra Chief of Staff’s Convoy