Mkpoikana Udoma
Port Harcourt — Nigeria’s external reserves have climbed above $46 billion, the highest level recorded in eight years, according to Daniel Bwala, Special Adviser to President Bola Ahmed Tinubu on Policy Communication.
The development, he said, signals improving macroeconomic stability, stronger buffers for the Naira, and renewed investor confidence in Africa’s largest economy.
“Nigeria’s external reserves have now crossed $46 billion, the highest level in eight years,” Bwala said, describing the development as “good news for our dear country,” Bwala said.
According to him, the stronger reserves position significantly enhances Nigeria’s ability to defend the naira, meet international financial obligations, and rebuild confidence among foreign investors and development partners.
“This strengthens our economy, improves our ability to support the naira, helps meet international obligations, and builds investor confidence,” Bwala stated.
He linked the rebound in reserves to the reform-driven economic agenda of President Tinubu, noting that while the policies have come with short-term pain, they are beginning to yield tangible outcomes.
Nigeria’s external reserves had come under sustained pressure in recent years due to declining oil receipts, foreign exchange backlogs, and rising import demand.
The latest increase signals improved foreign inflows, tighter fiscal coordination and stronger confidence in monetary and structural reforms, Bwala stated.
He added that the government remains committed to deepening reforms across fiscal management, foreign exchange stability and investment climate improvement.
“The work continues. The results are showing,” Bwala concluded.
