The Tinubu Stakeholders Forum says the rise in Nigeria’s net foreign reserves from about $3 billion in 2023 to more than $40 billion is a major sign of improving economic stability.
The political group said the development showed that reforms introduced by President Bola Tinubu were restoring confidence in the Nigerian economy.
The position was contained in a statement jointly signed on Monday in Abuja by the forum’s Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada.
According to the group, the growth in net foreign reserves represents one of the strongest improvements in Nigeria’s external financial position in recent years.
The forum said the increase reflected the impact of major economic measures introduced since 2023.
It listed the reforms to include the unification of the foreign exchange market, improved transparency in foreign exchange management and stronger coordination of monetary policy.
The group also said government actions had helped restore investor confidence in the economy.
According to the statement, net foreign reserves are different from gross external reserves because they represent foreign exchange resources that are readily available to support the economy.
The forum said the increase from about $3 billion to more than $40 billion within three years had significantly strengthened Nigeria’s financial buffers.
It added that a stronger reserve position would improve the country’s ability to meet external obligations and finance important imports.
The group said higher reserves would also help cushion the economy against global shocks and reduce dependence on expensive short-term external borrowing.
According to the forum, the improved reserve position could also support confidence in the Naira and contribute to a more stable foreign exchange market.
It said stronger external buffers would improve foreign exchange availability for manufacturers, investors and businesses that rely on imported machinery, industrial inputs and raw materials.
The group added that greater exchange-rate stability would help businesses plan better, make production costs more predictable and reduce inflationary pressures linked to currency volatility.
The Tinubu Stakeholders Forum also said Nigeria’s healthier external position would send a positive signal to international investors.
It said the development suggested that Nigeria was becoming a more stable and credible investment destination.
According to the group, this could support foreign direct investment, portfolio inflows, improved sovereign credit assessments, higher production, job creation and sustained economic growth.
The forum said the growth in net foreign reserves should not be seen only as a financial statistic.
It described the development as evidence of growing credibility in Nigeria’s economic management.
The group said Tinubu took difficult but necessary decisions at a time when the economy needed major correction.
It added that the strengthening of external reserves three years later showed that the reforms were beginning to deliver measurable results.
The forum commended President Tinubu and the leadership of the Central Bank of Nigeria for sustaining the reform agenda despite early challenges.
It urged the Federal Government to continue policies that support exports, expand domestic production, attract long-term investment and preserve macroeconomic stability.
According to the group, sustaining those policies would help consolidate the gains already recorded in Nigeria’s external reserves and broader economic outlook.
