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Nigeria’s external reserves have risen to $51.96 billion, the highest level recorded since January 2009, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has disclosed.
Oyedele made the disclosure on Thursday while briefing journalists after the monthly meeting of the National Economic Council (NEC) at the State House in Abuja.
According to the minister, the growth in the country’s foreign reserves represents one of several indicators pointing to improved macroeconomic stability under the current administration.
He said the reserves had increased by **38 per cent year-on-year**, strengthening Nigeria’s external position and providing greater stability for the economy.
Oyedele also disclosed that the naira had appreciated by **13.5 per cent year-on-year** by the end of the first half of 2026, with the exchange rate falling below ₦1,400 to the dollar.
“Nigeria’s economy has stabilised, and the task ahead of us now is to convert stability to shared prosperity,” he said.
The minister said other economic indicators had also recorded improvements, including real Gross Domestic Product (GDP), which grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent during the corresponding period in 2025.
He projected that Nigeria’s full-year GDP growth would exceed four per cent by the end of 2026.
Oyedele further reported that headline inflation declined to **15.43 per cent in July 2026**, from 24.94 per cent a year earlier, although food inflation remained relatively high at 20.31 per cent.
He said net Federation Account Allocation Committee (FAAC) revenues increased by 44 per cent, rising from ₦15.2 trillion in 2024 to ₦21.9 trillion in 2025, with another significant increase expected in 2026.
Nigeria’s trade surplus also nearly doubled, climbing from ₦17.7 trillion in 2025 to ₦34.7 trillion by the first quarter of 2026, according to the minister.
Oyedele said public debt remained below 37 per cent of GDP at ₦159.28 trillion, while the debt-service-to-revenue ratio had fallen from almost 100 per cent in 2022 to below 60 per cent in 2025.
He attributed the improvements to economic reforms and said Nigeria had also received upgrades from major international credit rating agencies, including Fitch, Moody’s and S&P.
The minister added that Nigeria’s exit from the Financial Action Task Force grey list in October 2025 and the European Union’s anti-money laundering deficiency list in January 2026 had further improved the country’s investment environment.
He said the narrowing of the yield spread between US Treasury bonds and Nigerian Eurobonds to below 200 basis points was another indication of improved investor confidence.
Oyedele also highlighted Nigeria’s reclassification by FTSE Russell from unclassified status to frontier market status, saying the development would make the country eligible for investment by more global institutional investors.
He, however, acknowledged that significant challenges remained, particularly high interest rates affecting businesses and the real sector.
According to him, NEC has directed the consideration of fiscal and monetary measures to reduce borrowing costs, particularly in priority areas such as agriculture, energy, manufacturing, mining and the digital economy.
The minister said the focus would now be on ensuring that the gains from macroeconomic stability translate into stronger economic growth, job creation, poverty reduction and improved living standards for Nigerians.
