By Media360Impact
The Tinubu Stakeholders Forum (TSF) has described the increase in Nigeria’s net foreign reserves from about $3 billion in 2023 to more than $40 billion as evidence that the economic reforms introduced by President Bola Ahmed Tinubu are strengthening the country’s economy and restoring investor confidence.
In a statement jointly signed by its Chairman, Ahmad Sajoh, and Secretary, Danjuma Sada, the group said the development represents one of the most significant improvements in Nigeria’s external financial position in recent years.
According to TSF, the increase in net foreign reserves reflects the impact of key economic reforms implemented since 2023, including the unification of the foreign exchange market, improved transparency in foreign exchange management, stronger coordination of monetary policy, and measures aimed at rebuilding investor confidence.
The Forum explained that unlike gross external reserves, which include liabilities and other financial obligations, net foreign reserves represent the foreign exchange resources that are readily available to support the economy.
It noted that the stronger reserve position enhances Nigeria’s ability to meet external obligations, finance critical imports, withstand global economic shocks, and reduce dependence on expensive short-term external borrowing.
TSF also stated that improved reserves would support greater stability in the foreign exchange market, strengthen confidence in the naira, and improve access to foreign exchange for manufacturers, investors, and businesses that rely on imported machinery and industrial raw materials.
The group added that a more stable exchange rate would enable businesses to plan more effectively, reduce uncertainty in production costs, and help moderate inflation linked to currency volatility.
According to the Forum, the improved reserve position also sends a positive signal to international investors that Nigeria is becoming a more stable and credible investment destination, creating opportunities for increased foreign direct investment, job creation, and sustainable economic growth.
TSF commended President Tinubu and the leadership of the Central Bank of Nigeria (CBN) for sustaining economic reforms despite initial challenges. It urged the Federal Government to continue implementing policies that encourage exports, strengthen domestic production, attract long-term investment, and preserve macroeconomic stability.
