By Maroof Asudemade

There is increasing evidence that President Bola Ahmed Tinubu’s economic reform agenda is beginning to produce measurable results, and the latest external-sector figures released by the Central Bank of Nigeria provide fresh reasons for optimism.

The CBN’s provisional balance-of-payments data show that Nigeria’s current-account surplus jumped by 67.9 per cent, from $4.49 billion in the first quarter of 2026 to $7.54 billion in the second quarter. The country also recorded a $3.51 billion balance-of-payments surplus in Q2.

The external position has strengthened further, with Nigeria’s foreign reserves continuing their remarkable upward trajectory. CBN data had already placed reserves at $54.08 billion by September 3, the highest level in roughly 18 years.

Then came another significant signal from the monetary authorities. At its 307th meeting, the Monetary Policy Committee reduced the benchmark Monetary Policy Rate from 26.5 per cent to 23 per cent — a substantial 350-basis-point reduction — while recalibrating the policy corridor.

Taken together, these developments point to an economy that is gradually moving from stabilisation towards stronger external resilience. Improved export earnings, increased remittances, stronger foreign-exchange inflows and rising reserves are helping to reinforce confidence in Nigeria’s external position. The CBN has also linked the improvement in external buffers to greater stability in the foreign-exchange market.

President Tinubu deserves commendation for having the political courage to pursue difficult reforms whose benefits were never going to be immediate. Economic reform is rarely painless, but the objective must ultimately be to build an economy that is more productive, resilient and capable of attracting investment.

The latest figures do not mean Nigeria’s economic challenges have disappeared. Nigerians still face serious cost-of-living pressures, while the gains must be sustained and translated into better living standards, jobs and greater purchasing power.

Nevertheless, the direction of several key external and monetary indicators is encouraging. The figures are increasingly providing empirical support for the argument that the Tinubu administration’s reform programme is laying foundations for a more stable and prosperous Nigerian economy.

For President Bola Ahmed Tinubu, this is a moment to acknowledge the progress, consolidate the gains and remain focused on the ultimate objective: turning macroeconomic stabilisation into broad-based prosperity for Nigerians.