Nigeria's External Reserves Surge 58% Under Cardoso

Since Olayemi Cardoso took office as Governor of the Central Bank of Nigeria on September 23, 2023, Nigeria's external reserves have surged by 58%, reaching $52.52 billion. Cardoso, confirmed by the Senate on September 28, inherited reserves of approximately $33.28 billion.

The increase is attributed to stronger export earnings, enhanced portfolio investments, foreign exchange market reforms, and reduced fuel import bills following the removal of fuel subsidies. Dr.

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, noted that high interest rates have attracted portfolio investors, while remittances have improved due to the deregulation of the FX market. The rise in reserves is also supported by a significant increase in non-oil exports, which reached $6.1 billion in 2025, an 11.5% increase from 2024.

Additionally, Nigeria's petrol import bill fell to $10 billion in 2025, a 28.88% reduction from the previous year, aided by local refining capacity from Dangote Petroleum Refinery.