The Tinubu Stakeholders Forum (TSF) says Nigeria’s net foreign reserves have increased from about $3 billion in 2023 to more than $40 billion, attributing the growth to the economic reforms introduced by President Bola Tinubu.
The forum made the claim in a statement jointly signed by its Chairman, Mr Ahmad Sajoh, and Secretary, Mr Danjuma Sada, on Tuesday in Abuja.
According to the group, the increase represents one of the most significant improvements in Nigeria’s external financial position in recent years.
The forum attributed the growth to reforms implemented since 2023, including the unification of the foreign exchange market, improved transparency, stronger monetary policy coordination and measures aimed at restoring investor confidence.
“Unlike gross external reserves, which include liabilities and other obligations, net foreign reserves represent the foreign exchange resources that are readily available to support the economy.
“So, the increase from about $3 billion to more than $40 billion within three years therefore represents a substantial strengthening of Nigeria’s financial buffers,” it said.
The group noted that stronger reserves would enhance Nigeria’s ability to meet external obligations, finance critical imports, absorb global economic shocks and reduce reliance on costly short-term borrowing.
It added that the improved reserve position would support exchange-rate stability, increase foreign exchange availability for businesses and help moderate inflationary pressures linked to currency volatility.
“These stronger external buffers improve the availability of foreign exchange for manufacturers, investors and businesses that depend on imported machinery, industrial inputs and raw materials.”
The forum further stated that the stronger external position had enhanced Nigeria’s credibility among international investors, encouraging increased foreign direct investment, portfolio inflows and improved sovereign credit assessments.
“The transformation of Nigeria’s net foreign reserves from approximately $3 billion to over $40 billion is not merely a financial statistic.
“It reflects the growing credibility of Nigeria’s economic management and the success of reforms that prioritise transparency, market confidence and macroeconomic stability,” it added.
The forum said President Tinubu took difficult but necessary decisions at a time when the economy required far-reaching reforms, adding that the benefits were beginning to emerge.
It commended the President and the Central Bank of Nigeria (CBN) for sustaining the reform agenda despite the initial challenges associated with the policy measures.
The group also urged the government to deepen export promotion, boost domestic production, attract long-term investments and maintain macroeconomic stability to consolidate the gains recorded so far.
