Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, says the country’s economic reforms have significantly strengthened Nigeria’s external reserves and boosted investor confidence.
Speaking on the impact of the reforms, Cardoso said Nigeria’s external reserves had risen to about $52 billion, compared with net reserves of just over $3 billion when the current reform programme began.
According to the CBN governor, the improvement in the country’s reserve position reflects the positive outcomes of ongoing economic reforms and growing macroeconomic stability.
We sit in a particular place where we see enormous amounts of interest from outside, they watch very keenly. You will hear huge investments being made into our economy as a result of the stability that has been accomplished. You will see it, it’s already happening.
– CBN… pic.twitter.com/AMsZfMKXJb
— Imran Muhammad (@Imranmuhdz) July 16, 2026
Cardoso also said the reforms have attracted increasing interest from foreign investors, noting that international stakeholders are closely monitoring developments in Nigeria.
He expressed confidence that the country would continue to attract substantial foreign investments, adding that the benefits of improved economic stability were already beginning to materialise.
Anybody who wants to argue about what the impact of these reforms have mean go and look at the reserves figure as of yesterday, we are hovering around $52 billion. When we started, the net reserves figure was in the region of about $3 billion plus.
– CBN Governor Olayemi Cardoso pic.twitter.com/qOVbIU04p2
— Imran Muhammad (@Imranmuhdz) July 16, 2026
