Nigeria's Foreign Reserves Hit $49.4 Billion Under Tinubu

Hope Uzodimma, the Governor of Imo State and Chairman of the Progressive Governors Forum, reported that Nigeria's foreign reserves have risen to $49.4 billion as a result of economic reforms under President Bola Ahmed Tinubu. This increase, from $32 billion in mid-2023, is attributed to significant fiscal improvements and the implementation of the Renewed Hope Agenda.

During an interaction with diplomats in Abuja, Uzodimma highlighted that the reforms, which include the removal of fuel subsidies and the unification of the foreign exchange market, have fundamentally altered Nigeria's fiscal outlook and restored investor confidence. The governor noted that the removal of fuel subsidies has redirected resources towards infrastructure development and social investments.

He also mentioned that the foreign exchange market has become more transparent, with the gap between official and parallel market rates reduced from over 30% to below 2%. Additionally, monthly foreign exchange liquidity is projected to reach $10 billion by April 2026, with diaspora remittances averaging $600 million monthly in 2023.