Some financial experts have commended the Federal Government for raising Nigeria’s external reserves to 42 billion dollars, the highest in more than five years.
They urged government to sustain the gains by strengthening the naira, supporting production, and creating a friendlier business climate to ensure broader benefits for citizens.
Prof. Sherifdeen Tella of Babcock University lauded the achievement, but insisted that improving the naira’s value remained crucial for boosting productivity and reducing dependence on imports.
He said a stronger currency would enhance living standards and gradually reduce poverty, while robust reserves boost international confidence and support borrowing from global financial institutions.
“The reserves’ rise is commendable, but its impact has yet to cushion the austerity created by ongoing economic reforms,” Tella told the News Agency of Nigeria (NAN) in Lagos.
Former CIBN Executive Secretary, Dr Uju Ogubunka, congratulated government on the milestone, but noted that many Nigerians had yet to feel the real economic benefits.
“People are losing jobs and firms are shutting down, leaving livelihoods increasingly unsustainable despite the higher reserves,” Ogubunka warned, urging immediate relief measures.
He emphasised that import costs remain high, pressing government to create enabling conditions for domestic production and viable alternatives to imported goods.
Mr Alaga Kolawole, CEO of Unique Shareholders Association of Nigeria, praised the development but stressed investment in critical sectors to stimulate growth and reduce poverty.
He added that innovative programmes were needed to empower people in rural communities, ensuring the reserves translate into widespread and inclusive economic gains.
According to Central Bank data, Nigeria’s external reserves climbed to $42.03 billion on Sept. 19, 2025, marking their strongest level since September 2019.
The figure reflects a significant rebound from earlier lows this year, offering renewed optimism about Nigeria’s foreign exchange stability and highlighting a steady improvement since July.
