Nigeria’s Foreign Reserves Top $50bn for First Time Since 2013

Nigeria’s foreign reserves have surpassed $50bn for the first time in 13 years, a milestone the Federal Government says reflects the early gains of President Bola Tinubu’s economic reforms.

Minister of Information and National Orientation, Mohammed Idris, announced the development in Abuja while receiving the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, on a courtesy visit.

“For the first time in 13 years, Nigeria’s foreign reserves have crossed the 50-billion-dollar mark,” Idris said, noting that the rebound signals growing investor confidence in Nigeria’s economy.

He added that Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list further strengthens the country’s financial credibility and readiness for legitimate business.

Idris stressed that effective communication of government reforms is critical to ensuring Nigerians and the global investment community understand the objectives and opportunities created by ongoing policy changes.

Dr. Oduwole said her ministry is focused on boosting industrial capacity, expanding trade opportunities, and increasing non-oil exports. “Telling our story is a responsibility for us as an administration… it is important to amplify the concrete evidence of the reforms that have been implemented,” she noted.

She highlighted Nigeria’s active participation in regional and global trade initiatives, including the African Continental Free Trade Area (AfCFTA), which is opening new opportunities for Nigerian businesses.

Officials said the reserves milestone, combined with reforms in power and industrialisation, signals Nigeria’s growing resilience and competitiveness in global markets.