The Tinubu Stakeholders Forum (TSF) says the increase in Nigeria’s net foreign reserves from about $3 billion in 2023 to over $40 billion within three years demonstrates the impact of President Bola Ahmed Tinubu’s economic reforms.
In a statement signed 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.
According to TSF, the growth in net foreign reserves reflects the success of key reforms introduced since 2023, including the unification of the foreign exchange market, improved transparency in foreign exchange management, tighter monetary policy coordination and measures aimed at restoring investor confidence.
The Forum noted that, unlike gross external reserves, net foreign reserves represent foreign exchange resources readily available to support the economy.
The statement said the increase strengthens Nigeria’s financial buffers and enhances the country’s capacity to meet external obligations, finance critical imports, absorb global economic shocks and reduce dependence on costly short term external borrowing.
TSF added that the stronger reserve position supports exchange rate stability, improves foreign exchange availability for manufacturers and investors, and enables businesses to plan more effectively while helping to moderate inflationary pressures linked to currency volatility.
The group also said the improved external position sends a positive signal to international investors, reinforcing gains in foreign direct investment, portfolio inflows and sovereign credit assessments, with potential benefits for production, job creation and economic growth.
Describing the increase in net foreign reserves as evidence of improved economic management, the Forum said the reforms initiated by the Tinubu administration have strengthened transparency, market confidence and macroeconomic stability.
TSF commended President Tinubu and the leadership of the Central Bank of Nigeria for sustaining the reform agenda despite initial challenges and urged the government to continue policies that promote exports, expand domestic production, attract long term investment and preserve macroeconomic stability.
