Lagos, Jan. 14, 2026 (NAN) An economist, Prof. Ken Ife says Nigeria’s growing external reserves are boosting the economy by strengthening the Naira, calming the foreign exchange market and creating new opportunities for investment-led growth.
Ife, President of the Institute of Professional Economists and Policy Management made this known in an interview with the News Agency of Nigeria (NAN) in Lagos on Thursday, following the rise in the country’s external reserves to $45.24 billion.
Ife said the stronger reserve position was boosting confidence in the foreign exchange market and positioning the Naira for improved stability.
The analyst noted that the outlook remained positive as reforms and investments gained momentum across key sectors.
He pointed to rising output from the Dangote Petroleum Refinery as a major source of future foreign exchange inflows, particularly from fertiliser, polypropylene, aviation fuel and gas.
“Dangote Petroleum Refinery alone is increasing output from fertiliser, polypropylene, as well as aviation fuel and gas.
“This could enable the company to earn about $20 billion from exports to the global market,” he said.
Ife added that the expected listing of the refinery on the capital market would unlock significant domestic and diaspora investments.
“This means Nigerians at home and in the diaspora could buy shares in the quoted company, and hundreds of billions of dollars could be mobilised locally.
“It will also reduce government foreign borrowing and further stabilise the foreign exchange market,” the professor said.
He urged the Federal Government to sustain the reserve build-up while channeling investments into critical sectors to raise productivity and living standards.
Ife also said the improving reserve position should create room for lower lending rates to stimulate growth in the productive sectors of the economy.
Similarly, Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), commended the government for strengthening the country’s external reserves.
He said the development was already supporting exchange rate stability and easing inflationary pressures.
“This is one of the reasons the exchange rate is getting stronger, and it is also helping to slow inflation,” Yusuf said.
He urged the government to sustain the momentum by boosting oil production and strengthening non-oil foreign exchange inflows, particularly diaspora remittances.
NAN reports that Nigeria’s external reserves rose to $45.24 billion on Dec. 23, 2025, from $42.17 billion recorded a month earlier, according to data released by the Central Bank of Nigeria (CBN).
The data showed a 7.28 per cent month-on-month increase, representing a gain of about $3.1 billion.(NAN)
