President Bola Tinubu has announced that Nigeria’s foreign reserves have risen to $42 billion, marking the highest level in six years. The milestone was disclosed during his Independence Day broadcast in Abuja on Tuesday.
Tinubu noted that the increase reflects stability in the economy and renewed investor confidence, following fiscal and monetary reforms by his administration. He explained that measures taken to unify the exchange rate and curb speculative trading have started yielding results.
According to him, the strengthened reserve position provides the country with a stronger buffer to stabilize the naira, meet import obligations, and reassure both local and international investors. “Nigeria’s reserves now stand at $42 billion, the highest level in six years. This is a clear sign that our reforms are working, and our economy is on a path of recovery,” the President stated.
Tinubu emphasized that while challenges remain, his government is determined to sustain momentum. He highlighted ongoing support for agriculture, infrastructure, and digital innovation as part of efforts to diversify the economy and reduce dependence on crude oil revenues.
The President also assured Nigerians that policies targeting job creation and inflation control will continue. He urged patience, stressing that the reforms are designed to secure long-term benefits for citizens and the nation’s future.
Economic analysts have noted that a stronger reserve position is key for Nigeria, especially given its history of currency volatility and external debt servicing needs. The Central Bank of Nigeria has confirmed its commitment to prudent management of the reserves to protect national stability.
Tinubu concluded his address by calling for collective responsibility in safeguarding the economy. “Our progress must be protected by discipline, unity, and resilience. Together, we will build a stronger Nigeria,” he said.
