FX Inflow Spikes as Nigeria Reforms Attract Offshore Investors
Nigeria recorded a sharp increase in FX inflows into the economy as foreign investors demonstrated confidence in the country’s reforms.
At the Nigeria Investors Forum held on the sidelines of the 2025 World Bank and International Monetary Fund Annual Meetings in Washington D.C., the Central Bank Governor and leader of the Nigerian delegation to the meetings, Mr Olayemi Cardoso, assured investors of the government’s commitment to advancing reforms and unlocking opportunities for sustainable investment and growth.
This was disclosed in a statement signed by Mohammed Manga, Director of Information and Public Relations of the Federal Ministry of Finance.
According to the statement, the Minister of State for Finance, Dr Doris Uzoka-Anite, was among the delegations led by Mr Cardoso to the WBG/IMF in voicing and demonstrating the commitment of the President Bola Ahmed Tinubu-led Administration to creating an enabling environment for foreign investment, at the event.
The statement reads, “The CBN Governor highlighted the country’s robust economic fundamentals, citing the $43.4 billion in external reserves, the highest level in five years.
“The Central Bank and the Ministry of Finance have been working hand in hand to ensure alignment, stability, and clarity for investors, he said.
“Mr Cardoso expressed optimism about Nigeria’s economic prospects, emphasising the government’s commitment to strengthening the economy and promoting sustainable growth.”
Also at the event, the CBN Deputy Governor, Mohammed Abdullahi, elaborated on the significant improvements in foreign exchange inflows, with monthly turnover in the forex market rising by 56.4% to $8.6 billion in 2025.
He said, “Over the last two years, we’ve really focused a lot on improving FX flows into the economy, and we’ve seen a significant jump. Average net flows between January 2023 and July have doubled,” he said.
The Special Adviser to the President on Finance and the Economy, Sanyade Okoli, reiterated the Federal Government’s commitment to achieving 7% economic growth by 2027-2028 through diversification and investment in infrastructure.
“Our target is 7% by 2027-2028. When the IMF increased its forecast a week later, for 2025, we are forecasting 4% growth, rising to around 5% next year,” Okoli stated.
She added that “in Q2, 13% of sectors grew above 7%. Our dependence on oil for total exports has reduced to about 57.5% in the first half of this year compared to last year, and oil now accounts for about 4% of GDP, down from 8% in 2021.”
Dr Uzoka-Anite’s presence at the event demonstrates the Federal Government’s commitment to creating an enabling environment for foreign investment, in line with the Ministry’s mandate to drive economic growth and development.
With the government’s commitment to advancing reforms and promoting sustainable growth, Nigeria is poised to unlock new opportunities for economic development and prosperity. As the country charts its path towards a brighter future, investors and stakeholders alike are eager to be part of the journey.
G24 meetings in Washington, D.C., on the sidelines of the IMF/World Bank Annual Meetings, attended by the Nigerian delegation led by the Minister of State for Finance, Dr Doris Uzoka-Anite, and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, signal improving economic prospects for the country.
The meetings provided a platform for discussions on key themes such as domestic resource mobilisation, inflation, and sound macroeconomic policies.
Cardoso, during the meetings, explained that Nigeria’s trade surplus has reached a high of 6% of the nation’s GDP and is projected to hold that level in the near future, crediting the stronger balance of trade to sound macroeconomic policies that are starting to show successful outcomes.
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