Nigeria's foreign reserves have climbed to $49.4 billion, according to Governor Hope Uzodimma of Imo State. He credited President Bola Ahmed Tinubu's economic reforms for the strong recovery.
Uzodimma made the declaration on Monday while addressing diplomats in Abuja. He chairs the Progressive Governors' Forum and presented details on the administration's economic performance since May 2023.
The reserves stood at roughly $32 billion in mid-2024. By late March 2026, they'd surged nearly 55 percent higher, he noted.
At current levels, the reserves represent about 13 months of import cover. Uzodimma said this reflects stronger macroeconomic management and renewed investor confidence.
Two major reforms drove the turnaround, according to him. These were the removal of fuel subsidies and the unification of Nigeria's foreign exchange market.
Uzodimma called subsidy removal one of Nigeria's most significant anti-corruption moves ever. The old regime had become, in his view, a vehicle for massive fraud and revenue theft.
Money previously wasted on subsidies now funds infrastructure and social programs. Budget allocations have expanded across government levels.
On the exchange rate front, unification brought critical transparency to currency markets. Multiple windows that once encouraged arbitrage trading have been eliminated.
The gap between official and parallel market rates has narrowed sharply. It fell from over 30 percent to less than two percent now.
"The chaos making Nigeria's economic data essentially unreliable has ended," Uzodimma told ambassadors. Foreign investors can now build reliable financial models for Nigerian operations.
Multinational companies planning regional offices in Lagos or Abuja face less uncertainty. They no longer worry which exchange rate will apply when repatriating profits.
Diaspora remittances have jumped dramatically under the reforms. Monthly inflows averaged $200 million in 2023 but now reach $600 million.
Foreign exchange market liquidity hit $10 billion by April 2026. Nigeria has also cleared over $10 billion in foreign exchange liabilities.
International credit rating agencies have taken notice of the changes. Both Fitch Ratings and Moody's upgraded Nigeria's ratings in response.
State governments have benefited substantially from fiscal expansion. Monthly FAAC allocations now range from N1.8 trillion to N2.6 trillion.
Individual states receive between N700 billion and N800 billion monthly. February 2026 payments reached N784 billion, up 23 percent year-on-year.
These increases have transformed how states manage their finances. Governors no longer need emergency federal bailouts to pay staff salaries, Uzodimma argued.
Foreign direct investment commitments have exceeded $50 billion. The governor presented these figures as evidence that international business sees real opportunity in Nigeria.
