LunagisthubNigeria’s Economic Progress: A New Era of Growth and Diversification
President Bola Tinubu has announced significant improvements in Nigeria’s economy, highlighting gains in foreign reserves, tax revenues, and trade balance. In his Independence Day broadcast, Tinubu stated that Nigeria’s foreign reserves have reached $42.03 billion, the highest since 2019.
Nigeria’s foreign reserves have increased to $42.03 billion, providing a cushion against global economic shocks.
The country’s tax-to-GDP ratio has improved to 13.5% from less than 10%, with expectations of further increase when the new tax law takes effect in January.
Nigeria has recorded a trade surplus for five consecutive quarters, with a 44.3% increase in trade surplus in Q2 2025 to ₦7.46 trillion ($4.74 billion) Non-oil exports now represent 48% of the country’s export trade, while oil exports account for 52%, signaling a gradual shift from overdependence on oil.
Goods manufactured in Nigeria and exported have jumped by 173%, indicating growth in the country’s manufacturing sector.
Tinubu’s administration has implemented fiscal reforms, yielding results in tax revenues and trade balance.
The Central Bank has responded to the economic reforms by lowering interest rates, expressing confidence in the country’s macroeconomic stability .
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