Abuja: The Tinubu Stakeholders Forum (TSF) has announced a remarkable increase in Nigeria’s net foreign reserves, which have soared from approximately $3 billion in 2023 to over $40 billion, showcasing the effectiveness of President Bola Tinubu’s economic reforms.
According to News Agency of Nigeria, the forum released a statement, signed by its Chairman, Mr Ahmad Sajoh, and Secretary, Mr Danjuma Sada, highlighting this significant improvement in Nigeria’s external financial position. The increase in reserves is attributed to a series of reforms introduced since 2023, such as foreign exchange market unification, enhanced transparency, tighter monetary policy coordination, and measures that have restored investor confidence.
The TSF emphasized that unlike gross external reserves, which include liabilities and other obligations, net foreign reserves represent the foreign exchange resources readily available to support the economy. The rise from about $3 billion to more than $40 billion within three years marks a substantial strengthening of Nigeria’s financial buffers, enabling the country to meet external obligations, finance critical imports, cushion global shocks, and reduce reliance on costly short-term borrowing.
Moreover, the strengthening reserve position is expected to support exchange-rate stability, improve foreign exchange availability for businesses, and moderate inflationary pressures arising from currency volatility. These improved external buffers enhance the availability of foreign exchange for manufacturers, investors, and businesses dependent on imported machinery, industrial inputs, and raw materials.
The forum noted that Nigeria’s improved external position has bolstered the country’s credibility with international investors, encouraging greater foreign direct investment, portfolio inflows, and improved sovereign credit assessments. The transformation of Nigeria’s net foreign reserves is regarded not merely as a financial statistic but as a reflection of the growing credibility of Nigeria’s economic management and the success of reforms prioritizing transparency, market confidence, and macroeconomic stability.
The TSF commended President Tinubu and the Central Bank of Nigeria (CBN) for sustaining the reform agenda despite initial challenges. It urged the government to deepen export promotion, boost domestic production, attract long-term investments, and maintain macroeconomic stability to consolidate these gains.