The Tinubu Stakeholders Forum (TSF) has said Nigeria’s net foreign reserves have surged from about $3 billion in 2023 to over $40 billion within three years, describing the development as strong evidence that President Bola Ahmed Tinubu’s economic reforms are restoring confidence in the nation’s economy.
In a statement jointly signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the Forum said the remarkable growth represents one of the most significant improvements in Nigeria’s external financial position in recent history.
According to the group, the increase reflects the success of key economic reforms introduced since 2023, including the unification of the foreign exchange market, improved transparency in foreign exchange management, stronger monetary policy coordination, and measures aimed at rebuilding investor confidence.
The Forum explained that unlike gross external reserves, which include liabilities and obligations, net foreign reserves represent foreign exchange resources readily available to support the economy.
It noted that the rise to over $40 billion significantly strengthens Nigeria’s financial buffers, enhancing the country’s capacity to meet external obligations, finance critical imports, withstand global economic shocks, and reduce dependence on costly short-term external borrowing.
TSF added that the stronger reserve position would also boost confidence in the naira, improve the stability of the foreign exchange market, and ensure greater availability of foreign exchange for manufacturers, investors, and businesses reliant on imported machinery, industrial inputs, and raw materials.
It further stated that improved exchange-rate stability would enable businesses to plan more effectively, reduce production uncertainties, and help moderate inflationary pressures associated with currency volatility.
The Forum also maintained that the healthier external reserve position sends a positive signal to international investors, reinforcing Nigeria’s credibility as a stable investment destination and supporting increased foreign direct investment, portfolio inflows, improved sovereign credit ratings, job creation, and sustainable economic growth.
Describing the improvement as more than just a financial milestone, TSF said it reflects the growing credibility of Nigeria’s economic management and the effectiveness of reforms centred on transparency, market confidence, and macroeconomic stability.
The Forum commended President Tinubu and the leadership of the Central Bank of Nigeria (CBN) for sustaining the reform agenda despite initial challenges and urged the government to continue implementing policies that promote exports, deepen domestic production, attract long-term investments, and preserve macroeconomic stability to consolidate the gains already achieved.
