By Muhyideen Jimoh
The Tinubu Stakeholders Forum (TSF) says Nigeria’s net foreign reserves have risen from about $3 billion in 2023 to over $40 billion, reflecting the success of President Bola Tinubu’s economic reforms.
The forum made the assertion in a statement jointly signed by its Chairman, Mr Ahmad Sajoh, and Secretary, Mr Danjuma Sada, on Monday in Abuja.
According to the group, the growth represents one of the most significant improvements in Nigeria’s external financial position in recent history.
It attributed the increase to reforms introduced since 2023, including foreign exchange market unification, improved transparency, tighter monetary policy coordination and measures that restored 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 forum said stronger reserves would enable Nigeria to meet external obligations, finance critical imports, cushion global shocks and reduce dependence on costly short-term borrowing.
It added that the stronger reserve position would also support exchange-rate stability, improve foreign exchange availability for businesses and moderate inflationary pressures arising from 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 noted that the improved external position had strengthened Nigeria’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 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 Tinubu took difficult but necessary decisions when the economy required fundamental reforms, adding that the results were now becoming evident.
It commended the president and the Central Bank of Nigeria (CBN) for sustaining the reform agenda despite initial challenges.
The group urged the government to deepen export promotion, boost domestic production, attract long-term investments and maintain macroeconomic stability to consolidate the gains. (NAN)(www.nannews.ng)
Edited by Oluwole Sogunle