Yemi Obafemi
President Bola Ahmed Tinubu has said Nigeria’s foreign reserves have reached their highest level in 17 years, while investors who previously left the country are returning.
Tinubu disclosed this in a statement on Tuesday while highlighting what he described as gains from the economic reforms implemented by his administration.
He said Nigeria had also recorded trade surpluses and an improvement in its credit rating.
“Because of those tough decisions, Nigeria today has trade surpluses. Our foreign reserves are at their highest in 17 years. Our credit rating has moved up several notches,” Tinubu said.
The President said the developments followed three years of reforms aimed at stabilising the economy and creating the foundation for stronger growth.
He also noted that oil and gas production was increasing, while the government continued to invest in roads, railways and other infrastructure.
Tinubu acknowledged that the improving economic figures must eventually translate into better living conditions for Nigerians.
“Our responsibility now is to ensure that these improving numbers translate more quickly into the lives of our people,” he said.
He said the Federal Government would focus on measures to provide cheaper transportation, increase food production and implement relief programmes for vulnerable Nigerians.
Tinubu also maintained that his administration would not reverse the reforms, despite calls from some opposition figures to do so.
“We will not turn back,” he said.
