Nigeria’s $43.4bn Reserves, $8.6bn Forex Turnover Signal Investor Confidence — Cardoso

Nigeria’s $43.4bn Reserves, $8.6bn Forex Turnover Signal Investor Confidence — Cardoso

JOEL OLADELE, Abuja

Nigeria’s strengthening economic fundamentals are boosting investor confidence, with foreign reserves rising to $43.4 billion and foreign exchange market turnover climbing by 56.4 per cent to $8.6 billion in 2025, according to Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso.

Speaking at the Nigeria Investors Forum held on the sidelines of the 2025 World Bank Group/IMF Annual Meetings in Washington D.C. yesterday, Cardoso said the renewed confidence reflects the success of ongoing reforms under President Bola Ahmed Tinubu’s administration.

“The Central Bank and the Ministry of Finance have been working hand in hand to ensure alignment, stability, and clarity for investors,” Cardoso stated, adding that the government’s coordinated policy framework is restoring stability and transparency to the economy.

The event, attended by the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, showcased Nigeria’s efforts to attract sustainable foreign investment through fiscal and monetary reforms designed to strengthen the macroeconomic environment.

CBN Deputy Governor, Mohammed Abdullahi, highlighted the improvement in foreign exchange inflows, noting that “over the last two years, we’ve really focused a lot on improving FX flows into the economy, and we’ve seen a significant jump. Average net flows between January 2023 and July have doubled.”

Also addressing investors, the Special Adviser to the President on Finance and the Economy, Sanyade Okoli, projected that Nigeria’s growth rate would reach 7 per cent by 2027–2028, driven by diversification, infrastructure expansion, and private sector investment.

“Our target is 7% by 2027–2028. The IMF recently raised its 2025 forecast to 4%, with growth expected to rise to around 5% next year,” Okoli said.

She noted that 13 per cent of sectors grew above 7 per cent in Q2, while dependence on oil exports fell to 57.5 per cent in the first half of 2025 compared to last year. “Oil now accounts for about 4% of GDP, down from 8% in 2021,” she added.

Dr. Uzoka-Anite’s participation underscored the Federal Government’s commitment to sustaining reforms and creating an enabling environment for investment.

Analysts at the forum said the data presented in Washington signals a positive trajectory for Nigeria’s economy, reflecting coordinated fiscal-monetary synergy and renewed investor confidence.

With reforms deepening and stability improving, Nigeria appears poised to sustain growth, attract more foreign capital, and achieve long-term economic resilience under the Renewed Hope Agenda.