Nigeria’s Foreign Reserves Highest Since 2019 — Tinubu

President Bola Tinubu on Wednesday said Nigeria’s economy had recorded significant improvements in foreign reserves, tax revenues, and trade balance, describing the gains as proof of resilience and diversification.

In his Independence Day broadcast to mark the country’s 65th anniversary, Tinubu said:

“We have a stronger foreign reserve position than three years ago. Our external reserves increased to $42.03 billion this September — the highest since 2019.”

He explained that fiscal reforms were yielding results, with the country’s tax-to-GDP ratio improving in recent months.

> “Our tax-to-GDP ratio has risen to 13.5 per cent from less than 10 per cent. The ratio is expected to increase further when the new tax law takes effect in January. The tax law is not about increasing the burden on existing taxpayers but about expanding the base to build the Nigeria we deserve and providing tax relief to low-income earners.”

On trade, Tinubu noted a positive turnaround:

“We are now a net exporter: Nigeria has recorded a trade surplus for five consecutive quarters. We are now selling more to the world than we are buying, a fundamental shift that strengthens our currency and creates jobs at home.”

According to him, this progress marks the country’s gradual shift away from overdependence on oil.

Nigeria’s trade surplus increased by 44.3% in Q2 2025 to ₦7.46 trillion ($4.74 billion) — the largest in about three years.

Goods manufactured in Nigeria and exported jumped by 173%.

Non-oil exports now represent 48% of export trade, compared to oil exports at 52%.

Tinubu stressed that this signals diversification of the economy and foreign exchange earnings beyond oil and gas.

Nigeria’s foreign reserves fell by $3.43 billion, following low oil production, capital flight, weak export earnings, and heavy external obligations.