Nigeria’s $40bn Net Foreign Reserves Signal Economic Turnaround, Tinubu Reforms Paying Off — TSF By Raymond Enoch
The Tinubu Stakeholders Forum (TSF) has declared that Nigeria’s remarkable rise in net foreign reserves from approximately $3 billion in 2023 to over $40 billion within three years is a strong indication that the economic reforms initiated by President Bola Ahmed Tinubu are beginning to deliver measurable results.
In a statement signed by the Forum’s Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group described the development as one of the most significant improvements in Nigeria’s external financial position in recent history, arguing that it reflects renewed investor confidence and stronger macroeconomic management.
According to the Forum, the sharp increase in net foreign reserves is directly linked to a series of reforms introduced by the Tinubu administration, including the unification of the foreign exchange market, improved transparency in foreign exchange management, closer coordination of monetary policies and measures designed to restore confidence among local and international investors.
The TSF stressed that unlike gross external reserves, which include liabilities and financial obligations, net foreign reserves represent the country’s readily available foreign exchange resources for supporting the economy.
It noted that the increase has significantly strengthened Nigeria’s financial buffers, improving the country’s capacity to meet external obligations, finance essential imports, absorb global economic shocks and reduce dependence on costly short-term external borrowing.
The Forum further stated that stronger reserves are expected to support greater stability in the foreign exchange market, improve confidence in the naira and enhance access to foreign exchange for manufacturers and businesses that rely on imported machinery, industrial equipment and raw materials.
It added that improved exchange-rate stability would enable businesses to plan more effectively, reduce production uncertainties and ease inflationary pressures associated with currency volatility.
The group also argued that the stronger reserve position sends a positive signal to the international investment community, reinforcing Nigeria’s reputation as a more stable and credible destination for foreign direct investment and portfolio inflows.
According to the statement, this growing confidence could translate into increased production, job creation and sustainable economic growth over the long term.
Describing the achievement as more than just a financial milestone, the TSF maintained that the expansion of net foreign reserves reflects the increasing credibility of Nigeria’s economic management and validates reforms aimed at promoting transparency, market confidence and macroeconomic stability.
The Forum acknowledged that President Tinubu’s policy decisions were initially difficult but insisted they were necessary to address longstanding structural weaknesses in the economy.
It commended both the President and the leadership of the Central Bank of Nigeria (CBN) for sustaining the reform agenda despite early challenges and called for continued policies that promote exports, deepen domestic production, attract long-term investments and safeguard macroeconomic stability.
The TSF expressed confidence that maintaining the current reform trajectory would help consolidate the gains already recorded and further strengthen Nigeria’s economic resilience in the years ahead.
