Nigeria’s Foreign Reserves Cross $50bn Under Tinubu’s Reforms
Nigeria’s foreign reserves have surpassed the $50 billion mark for the first time in 13 years, a development the Federal Government says reflects the early gains of the economic reforms introduced by President Bola Ahmed Tinubu’s administration.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this on Thursday in Abuja while receiving the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who paid him a courtesy visit.
According to Idris, the rebound in the country’s external reserves is one of several indicators that the government’s economic reforms are beginning to yield measurable results.
“For the first time in 13 years, Nigeria’s foreign reserves have crossed the 50-billion-dollar mark,” the minister said.
He added that Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list also sends a positive signal to international investors about the country’s improving financial credibility and readiness for legitimate business.
The Information Minister said his ministry remains committed to amplifying government policies and programmes, particularly those designed to strengthen the nation’s economic environment and attract both local and foreign investment.
According to him, effective communication of government reforms is critical to ensuring that Nigerians and the global investment community understand the objectives and opportunities created by the ongoing policy changes.
“The Federal Ministry of Information and National Orientation is always about servicing you, amplifying the work that you do, and ensuring that we ventilate some of those programmes and policies so that Nigerians and people outside Nigeria will really understand what it is that you do,” Idris said.
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He noted that the Tinubu administration is taking decisive steps to strengthen the infrastructure required to support industrialisation and economic expansion.
Among these efforts, he said, are reforms in the power sector aimed at ensuring more reliable electricity supply for industries and businesses across the country.
Idris also assured that the ministry would continue to support efforts to communicate the government’s reform agenda and promote Nigeria as a competitive investment destination.
Earlier in her remarks, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said her visit was aimed at strengthening collaboration with the Ministry of Information and National Orientation to better publicise the ministry’s programmes and policy direction.
She explained that the ministry is focused on boosting Nigeria’s industrial capacity, expanding trade opportunities, and increasing non-oil exports as part of broader efforts to transform the economy.
According to Oduwole, the government is working to unlock global and regional demand for Nigerian products while mobilising strategic investments to support industrial growth.
“Telling our story is a responsibility for us as an administration. With all that we have done in the last three years, it is important to amplify the concrete evidence of the reforms that have been implemented,” she said.
The minister also highlighted Nigeria’s active participation in regional and global trade initiatives, including the African Continental Free Trade Area (AfCFTA), which she said is opening new opportunities for Nigerian businesses to compete in international markets.
The meeting was attended by senior government officials, including the Permanent Secretary of the Federal Ministry of Information and National Orientation, Ogbodo Chinasa Nnam; the Director-General of Voice of Nigeria, Jibrin Baba Ndace; and the Director-General of the Federal Radio Corporation of Nigeria, Dr. Mohammed Bulama, among others.
