Business
Nigeria’s External Reserves Hit $50bn — CBN
Nigeria’s external reserves have surpassed $50 billion for the first time in 13 years, CBN Governor Olayemi Cardoso says
Nigeria’s gross external reserves have risen above $50 billion, the highest level recorded in more than 13 years.
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Central Bank of Nigeria Governor Olayemi Cardoso announced the milestone on March 12, 2026.
He spoke during a Distinguished Alumni Lecture at St. Gregory’s College in Lagos as part of the school’s Founders’ Day celebration.
The development comes as the naira shows signs of recovery across segments of the foreign exchange market.
Cardoso said the increase in reserves reflects economic reforms, improved export performance and renewed investor confidence.
He explained that a return to orthodox monetary policy has helped stabilise Nigeria’s financial system.
“Stability cannot be restored through short-term measures alone,” he said.
“It requires disciplined policy and strong institutional foundations.”
Cardoso highlighted the removal of multiple exchange rate systems as a major reform in the foreign exchange market.
He said the gap between the official rate and the parallel market has narrowed sharply.
According to him, the premium has dropped from about 50 per cent in 2022 to less than two per cent.
The improvement reflects greater transparency and increased confidence among investors.
Cardoso added that capital inflows into Nigeria have grown by nearly 200 per cent between 2023 and 2025.
Tight monetary policies have also helped ease inflationary pressures.
Inflation has reportedly declined from a peak of about 34 per cent to around 15 per cent.
The CBN governor also provided an update on the banking sector recapitalisation programme.
The exercise aims to strengthen banks and enable them to finance large-scale investments.
Cardoso said 30 banks have already met the new minimum capital requirements set by the regulator.
In total, 33 financial institutions have raised additional capital through equity injections and other instruments.
He added that the remaining banks are undergoing verification as part of the process.
Speaking to students of his alma mater, Cardoso urged them to embrace multidisciplinary learning.
He said future job markets will reward individuals who combine creativity, technology and analytical thinking.
With the rise of artificial intelligence, fintech and digital platforms, he encouraged young Nigerians to remain adaptable.
“The careers of the next twenty or thirty years will reward those who are curious and willing to learn beyond one field,” he said.
Despite global economic uncertainties, Cardoso expressed confidence in Nigeria’s economic outlook.
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He said stronger policy foundations and improved financial stability have positioned the country for long-term growth.
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TotalEnergies and Nigerian independent energy company AMNI International have taken the Final Investment Decision on the $800 million Ima Gas Project, more than five decades after the gas field was discovered.
The Ima Gas Project, located in shallow waters across Oil Mining Leases 112 and 117 near Bonny Island, Rivers State, is expected to begin production in 2028 and reach a plateau of 350 million cubic feet of gas per day.
The development is expected to play a major role in supplying feed gas to Nigeria LNG, with the Ima field projected to provide about one-third of the additional gas required for the ongoing Train 7 expansion.
Train 7 is expected to increase Nigeria LNG’s liquefaction capacity from 22 million tonnes per annum to 30 million tonnes per annum, strengthening Nigeria’s capacity to process and export liquefied natural gas.
The Ima field was discovered in 1973 but remained undeveloped for more than 50 years. The Final Investment Decision provides the commercial and financial basis for finally developing the long-dormant resource.
Under the development plan, TotalEnergies will operate the project with a 40 per cent interest, while AMNI will hold the remaining 60 per cent.
The field will be developed using a single offshore platform connected to Nigeria LNG’s facility on Bonny Island through a 22-kilometre pipeline.
TotalEnergies said its investment in the project is more than $600 million, while the Federal Government described the overall Final Investment Decision as an $800 million investment.
At the FID signing ceremony in Abuja, TotalEnergies Exploration and Production Nigeria Managing Director, Mathieu Bouyer, described the decision as the culmination of a development process that had stretched across several decades.
He said the project reflected increased confidence in Nigeria’s investment environment and highlighted reforms targeting the non-associated gas sector as part of the factors that helped make the development commercially viable.
President Bola Tinubu welcomed the investment, saying the project demonstrated the potential of reforms introduced to reduce the cost and time required to develop oil and gas projects.
The President said the government had introduced incentives aimed specifically at unlocking onshore and shallow-water gas projects that had remained undeveloped for years.
He said the Ima development would create opportunities for Nigerian businesses, engineers, technicians and contractors, while generating jobs, economic activity in host communities and additional export earnings.
The project is also expected to have a strong Nigerian content component. TotalEnergies said all key contractors for the development would be Nigerian companies, while about 60 per cent of the workforce during the development phase is expected to come from host communities.
The development will incorporate measures aimed at reducing emissions. TotalEnergies said the platform would receive electricity from shore, operate without routine flaring and use permanent methane detection and monitoring systems.
The Federal Government said the project is part of efforts to turn Nigeria’s large natural gas reserves into productive assets capable of supporting industrialisation, energy supply, jobs and export earnings.
Special Adviser to the President on Energy, Olu Verheijen, said the Ima development illustrated the importance of creating commercial and investment conditions that allow previously stranded resources to be developed.
The government also noted that Nigerian financial institutions arranged 77 per cent of the project’s financing, further highlighting the participation of domestic financial institutions in the development.
For Nigeria LNG, the project comes as the company continues work on the Train 7 expansion, which is designed to increase the Bonny Island plant’s liquefaction capacity and strengthen the country’s position in the global LNG market.
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