President Bola Ahmed Tinubu has announced that Nigeria’s foreign reserves have risen to their highest level in six years, marking what he described as a “turning point” in the country’s economic recovery.
Speaking during his 65th Independence Day broadcast in Abuja, Tinubu credited recent fiscal and monetary reforms for the steady rebound, noting that the reserves now stand at a level not seen since 2019. He described the development as proof that “the tough decisions taken are beginning to bear fruit.”
Today, I can proudly tell Nigerians that our foreign reserves are at their highest since 2019. This achievement is not accidental—it is the result of difficult but necessary reforms we have undertaken to stabilize our economy, strengthen investor confidence, and ensure long-term growth,” Tinubu said.
The president explained that the removal of fuel subsidy, the unification of exchange rates, and tighter monetary discipline helped restore credibility to Nigeria’s financial system. He added that increased crude oil production, renewed inflows from foreign investors, and remittances from Nigerians in the diaspora had also contributed to the reserves’ growth.
Economists note that strong reserves provide a buffer for the naira, strengthen Nigeria’s ability to meet international obligations, and reassure investors of the country’s financial stability.
However, Tinubu admitted that many Nigerians are yet to feel the impact of the improved reserves in their daily lives, as inflation and high living costs continue to bite. He urged citizens to remain patient, assuring them that government would continue to invest savings from reforms into social welfare, infrastructure, and job creation.
We are not there yet, but we are on the right path. These reserves will not sit idle—they will help us defend our economy, stabilize our currency, and invest in the sectors that touch the lives of our people,” the president stated.
Reactions have been mixed. While financial analysts hailed the improvement as a sign of recovery, labour unions and civil society groups insisted that the government must ensure the reserves are translated into tangible relief for struggling households.
Still, Tinubu maintained that the milestone demonstrates Nigeria’s resilience: “Our sacrifices are paying off, and with God’s grace, a stronger, more prosperous Nigeria is within reach.”
