Nigeria’s net foreign reserves have surged from about $3 billion in 2023 to more than $40 billion within three years, the Tinubu Stakeholders Forum (TSF) has declared, describing the dramatic increase as one of the clearest indicators that President Bola Ahmed Tinubu’s economic reform agenda is restoring macroeconomic stability, rebuilding investor confidence and strengthening the nation’s financial resilience.
The Group said the remarkable expansion of the country’s net external reserves represents one of the strongest improvements in Nigeria’s external financial position in recent history, arguing that it validates the difficult policy choices implemented by the Tinubu administration since assuming office.
In a statement jointly signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, TSF attributed the sharp increase in the country’s financial buffers to a series of structural reforms, including the unification of the foreign exchange market, improved transparency in foreign exchange management, stronger coordination between fiscal and monetary authorities, and policies aimed at restoring investor confidence.
The Forum stressed that unlike gross external reserves, which include liabilities and other financial obligations, net foreign reserves represent the foreign exchange assets that are readily available to support the economy during periods of financial pressure.
According to TSF, the movement from approximately $3 billion to over $40 billion within three years signifies a fundamental strengthening of Nigeria’s capacity to withstand external economic shocks.
It argued that the stronger reserve position now provides the country with greater ability to meet international financial obligations, finance critical imports, stabilise the foreign exchange market and reduce dependence on costly short-term external borrowing.
The Group noted that the improved reserve level is also expected to strengthen confidence in the naira while enhancing liquidity in the foreign exchange market, thereby improving access to foreign currency for manufacturers, investors and businesses dependent on imported machinery, industrial equipment and raw materials.
TSF explained that greater exchange-rate stability would allow businesses to plan with more certainty, moderate production costs and reduce inflationary pressures associated with exchange-rate volatility.
According to the Forum, the stronger external position equally sends a positive signal to international investors that Nigeria is becoming a more stable and credible investment destination.
It maintained that the renewed confidence has already begun to reinforce improvements in foreign direct investment inflows, portfolio investments and sovereign credit assessments, creating conditions capable of supporting increased industrial production, job creation and sustained economic expansion.
“The transformation of Nigeria’s net foreign reserves from approximately $3 billion to over $40 billion is far more than a statistical achievement,” the statement said.
“It reflects growing confidence in Nigeria’s economic management and demonstrates the success of reforms anchored on transparency, market confidence and macroeconomic stability.”
The Forum added that although the reforms introduced by President Tinubu required difficult policy decisions at a critical period for the economy, the strengthening of the country’s external reserves now provides measurable evidence that those reforms are yielding tangible results.
TSF commended President Tinubu and the leadership of the Central Bank of Nigeria (CBN) for sustaining the reform momentum despite the initial economic adjustments and public resistance that accompanied the policy changes.
The Group urged the Federal Government to consolidate the gains by intensifying policies that promote non-oil exports, deepen domestic production, attract long-term foreign investment and preserve macroeconomic stability, insisting that sustained reforms remain critical to securing Nigeria’s long-term economic competitiveness and financial resilience.
