Nigeria’s external reserves rose from under $4 billion recorded at the end of 2023 to over $23 billion in the second quarter of 2025.
This was revealed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, in his keynote address as the Federal Ministry of Finance held its Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for the second quarter of 2025 in Abuja on Monday.
A statement issued by the Ministry’s FCAI Director, Information and Public Relations, Mohammed Manga, after the engagement, noted that the Minister cited a substantial rise in external reserves, noting that he rise was based on renewed investor confidence, evidenced by credit rating upgrades and major energy investments.
Edun said that the Federal Government was committed to economic reform and development.
He revealed that the Ministry was now at the third phase of the reform agenda, focused on accelerating investment-led growth that delivers jobs and reducing inflation.
He added that the reform is also targeted at lifting millions out of poverty.
The quarterly engagement is designed to foster transparency, accountability, and inclusive growth, providing a platform for stakeholders to engage with the Ministry on its progress and challenges.
According to Edun, progress across key reform pillars included stabilising foreign exchange markets, expanding fiscal revenues, driving industrial investment, and improving social outcomes for Nigerians.
“We are now in the third phase of our reform agenda, focused on accelerating investment-led growth that delivers jobs, reduces inflation, and lifts millions out of poverty.
“Our trajectory is clear- from macro-economic correction to national transformation,” the Minister added.
Also speaking at the event, the Minister of State for Finance, Dr. Doris Uzoka-Anite, underscored the importance of stakeholder engagement in delivering reform dividends, saying that the platform enables citizens and the private sector to hold public officials accountable while shaping a more responsive and transparent economy.
She assured the Ministry’s dedication to delivering on its mandate through effective policy implementation and stakeholder engagement to drive economic growth and development that is equitable and sustainable.
Permanent Secretary Special Duties, Federal Ministry of Finance, Raymond Omachi, added that institutional collaboration and disciplined execution remain critical to sustaining reform momentum.
“We are working across ministries and agencies to ensure that reforms are not just announced, but effectively implemented with measurable impact”, he stated.
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