After four months of steady decline, Nigeria's foreign reserves are beginning to rise, hitting $37.9bn by April's end. The slump, driven by a 16.74% drop in oil prices—now at $62.78 per barrel is linked to increased output by OPEC+.With Brent crud…  | By Busola Bamidele on June 2, 2025 | After four months of steady decline, Nigeria's foreign reserves are beginning to rise, hitting $37.9bn by April's end. The slump, driven by a 16.74% drop in oil prices—now at $62.78 per barrel is linked to increased output by OPEC+. With Brent crude possibly falling below $50 in 2025, Nigeria could face a 10% oil revenue shortfall and a fiscal deficit nearing 7% of GDP. To cushion the blow, the Central Bank of Nigeria (CBN) is intensifying efforts to boost non-oil exports and reduce import dependence. CBN Governor Olayemi Cardoso is promoting backward integration and targeting growth in agriculture, manufacturing, and the creative industry—estimated to generate $25bn annually. He also urged telecom firms to localise production and reduce import reliance. Read also: Meanwhile, the telecom sector is rebounding post-NIN-SIM linkage, with subscriber numbers rising to 164.93 million and internet users hitting 139.28 million. MTN and Airtel continue to dominate the market. As challenges mount, the CBN's proactive stance and push for export-led growth may be key to shielding the economy from further oil shocks. | | | |
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