NIGERIA’S external reserves have surged from under $4 billion at the end of 2023 to over $23 billion in the second quarter of 2025, according to Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Edun made the announcement yesterday in Abuja during the Citizens and Stakeholders Engagement forum organized by the Federal Ministry of Finance to discuss the implementation of Presidential Priorities and Ministerial Deliverables for Q2 2025.
A statement released by Mohammed Manga, Director of Information and Public Relations at the Ministry, attributed the significant increase in reserves to renewed investor confidence, recent credit rating upgrades, and substantial investments in the energy sector.
The Minister emphasized that the government remains committed to economic reforms aimed at fostering investment-driven growth, tackling inflation, and creating jobs.
He noted that the country is now in the third phase of its reform agenda, focused on accelerating sustainable development and lifting millions out of poverty.
“Our trajectory is clear—from macroeconomic correction to national transformation,” Edun said.
He highlighted progress in key reform areas including exchange rate stability, revenue expansion, industrial investment, and social impact.
Also speaking at the event, Minister of State for Finance, Dr. Doris Uzoka-Anite, stressed the importance of public engagement in ensuring accountability and transparency.
She affirmed the Ministry’s commitment to inclusive economic development through effective policy execution and stakeholder collaboration.
The Permanent Secretary for Special Duties, Raymond Omachi, echoed the need for cross-ministerial cooperation, stating that “reforms must be backed by disciplined implementation and measurable outcomes.”
The quarterly engagement serves as a platform for citizens and private sector stakeholders to assess government efforts and contribute to shaping a more responsive economy.