The Tinubu Stakeholders Forum (TSF) has described the rise in Nigeria’s net foreign reserves from about $3 billion in 2023 to over $40 billion in 3 years as compelling evidence that President Bola Tinubu’s economic reforms are restoring confidence in the Nigerian economy and strengthening its long-term resilience.
In a statement by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the Forum described the development as one of the most significant improvements in Nigeria’s external financial position in recent history, attributing it to the unification of the foreign exchange market, greater transparency in FX management, tighter monetary policy coordination, and measures that have restored investor confidence.
TSF explained that unlike gross external reserves, which include liabilities and other obligations, net foreign reserves represent foreign exchange resources readily available to support the economy, making the jump to over $40 billion a substantial strengthening of the nation’s financial buffers.
The Forum said the stronger reserve position enhances Nigeria’s ability to meet external obligations, finance critical imports, cushion the economy against global shocks, and reduce reliance on costly short-term external financing, while also reinforcing confidence in the naira and supporting a more stable foreign exchange market.
According to the statement, improved external buffers increase the availability of foreign exchange for manufacturers, investors, and businesses dependent on imported machinery, industrial inputs, and raw materials.
As exchange rate stability improves, the Forum said, businesses can plan more effectively, production costs become more predictable, and inflationary pressures linked to currency volatility are moderated.
TSF added that healthier external position signals to international investors that Nigeria is becoming a more credible and stable investment destination, reinforcing recent gains in foreign direct investment, portfolio inflows, and sovereign credit assessments and creating conditions for increased production, job creation, and sustained growth.
The Forum described the reserves transformation as more than a financial statistic, calling it reflective of the growing credibility of Nigeria’s economic management.
It said President Tinubu took difficult but necessary decisions at a time the economy required fundamental correction, and that three years later, the strengthened reserves stand as tangible evidence those reforms are working.
TSF commended President Tinubu and the Central Bank of Nigeria (CBN) for sustaining reform momentum despite early challenges and urged the government to continue policies that promote exports, deepen domestic production, attract long-term investment, and preserve macroeconomic stability to consolidate the gains achieved so far.
