Nigeria’s External Reserves Surge to $43.4bn as CBN Pledges Continued Economic Reforms
Nigeria’s external reserves have reached a five-year high of $43.4 billion, signaling a major boost in the country’s financial stability. The Central Bank of Nigeria (CBN) has reassured foreign investors that the government is committed to sustaining reforms that will unlock long-term economic growth and investment opportunities. This announcement comes amid increasing optimism about Nigeria’s macroeconomic outlook.
CBN Governor Olayemi Cardoso, speaking at the Nigeria Investors Forum alongside the 2025 World Bank/IMF Annual Meetings, emphasized that the bank and the Ministry of Finance are working closely to provide clarity and stability to investors. “Nigeria’s focus remains clear—strengthening fundamentals, advancing reforms, and unlocking opportunities for sustainable investment,” Cardoso said, highlighting progress that lays the foundation for a resilient economy.
CBN Deputy Governor Mohammed Sani Abdullai reported that these reforms have significantly improved foreign exchange liquidity. Monthly forex market turnover jumped by 56.4%, rising from $5.5 billion in 2024 to $8.6 billion in 2025. The external reserves now cover 11 months of imports, a level not seen in half a decade. Abdullai added that nearly $13 billion has been released to local and international banks, contributing to deeper and more transparent financial markets.
Nigeria’s broader economic strategy is focused on diversification and infrastructure development, according to Special Adviser to the President on Finance and the Economy, Sanyade Okoli. She projected a GDP growth of 4% in 2025, rising to 5% in 2026, with a long-term target of 7% by 2027–2028. Okoli highlighted that 13 sectors are growing above 7%, the oil sector now contributes just 4% to GDP, and dependency on oil exports has fallen to 57.5% in the first half of 2025.
Infrastructure and digital investments are central to the government’s growth agenda. Okoli pointed to a $32 billion power initiative with the World Bank and African Development Bank aimed at improving electricity access and reliability. Additionally, digital infrastructure projects will expand fibre-optic coverage by 90,000 kilometres, enhancing connectivity for Nigeria’s youthful population. “Our goal is inclusive growth, high-quality jobs, and investment-ready markets, underpinned by macroeconomic stability, strong governance, and improved access to capital,” she concluded.
source: Leadership