Tinubu boosts Nigeria’s economy with rising foreign reserves, trade surplus, and tax reforms, marking strong signs of resilience and diversification

Tinubu boosts Nigeria’s economy through a series of fiscal and trade reforms that he says are now showing measurable results across key indicators, including foreign reserves, tax revenue, and export performance.

Also read: Nigeria’s 65 Golden Sporting Moments Inspire Pride

In his Independence Day address to mark Nigeria’s 65th anniversary, President Bola Tinubu declared that Nigeria’s external reserves had reached their highest point since 2019, standing at $42.03 billion as of September.

He hailed the development as a testament to the country’s growing economic resilience.

“We have a stronger foreign reserve position than three years ago,” he said. “Our external reserves increased to $42.03 billion this September — the highest since 2019.”

Tinubu emphasised that Nigeria was gradually moving away from an overdependence on oil, pointing to a significant rise in non-oil exports and an increasingly favourable trade balance.

“We are now a net exporter: Nigeria has recorded a trade surplus for five consecutive quarters,” the President said. “We are selling more to the world than we are buying — a fundamental shift that strengthens our currency and creates jobs at home.”

In Q2 2025 alone, Nigeria’s trade surplus surged by 44.3%, reaching ₦7.46 trillion ($4.74 billion).

Exports of manufactured goods rose by an impressive 173%, while non-oil exports now account for 48% of total exports, a near parity with oil exports.

The President also noted encouraging gains in the tax sector. Nigeria’s tax-to-GDP ratio has risen from below 10% to 13.5%, and he projected even greater improvement under the upcoming tax law taking effect in January 2026.

“The new law is not about increasing the burden on existing taxpayers but about expanding the base,” Tinubu said. “It’s also about offering relief to low-income earners.”

These reforms, he argued, are the result of a deliberate pivot towards building a more inclusive and productive economy.

“This is a clear sign that we are diversifying both our economy and our foreign exchange sources outside oil and gas,” he affirmed.

Just three years ago, in 2022, Nigeria’s reserves had declined by $3.43 billion, reflecting ongoing struggles with low oil production, capital flight, and mounting external obligations.

Tinubu said the current trajectory offers proof that the country’s macroeconomic foundation is being rebuilt with discipline and vision.

Also read: Nigeria’s 65 Golden Sporting Moments Inspire Pride

With strong language and data-backed optimism, the President painted a picture of a turning tide — one where bold reforms are beginning to pay off.