Nigeria’s external reserves have risen to $51.96 billion, the highest level since January 2009, Finance Minister Taiwo Oyedele said on Thursday.
Oyedele made the disclosure after a meeting of the National Economic Council in Abuja, describing the increase as evidence of improved macroeconomic stability.
He said the reserves had grown by 38 per cent year-on-year, while the naira appreciated by 13.5 per cent over the same period, with the exchange rate falling below 1,400 naira to the dollar by the end of the first half of 2026.
“Nigeria’s economy has stabilised, and the task ahead of us now is to convert stability to shared prosperity,” Oyedele said.
The minister reported that real GDP grew by 3.89 per cent in the first quarter of 2026, up from 3.13 per cent a year earlier, and projected full-year growth above 4 per cent.
Headline inflation fell to 15.43 per cent in July from 24.94 per cent a year earlier, though food inflation remained elevated at 20.31 per cent.
Net Federation Account revenues rose 44 per cent to 21.9 trillion naira in 2025, while public debt stayed below 37 per cent of GDP. Oyedele attributed the gains to ongoing reforms and noted upgrades from major credit rating agencies as well as Nigeria’s exit from international financial watchlists.
