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How Policy Reforms Drove A Massive 772% Jump In Nigeria’s Reserves — Cardoso

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Central Bank of Nigeria (CBN) Governor Olayemi Cardoso recently announced that Nigeria’s net foreign reserves surged by approximately 772% over a two-year period, rising from $3.99 billion at the end of 2023 to $34.80 billion by the end of 2025.

Foreign reserves refer to the savings a country keeps in foreign currencies such as the US dollar to help it pay for imports, meet international financial obligations, and stabilise its currency during economic pressure.

Cardoso said the strong increase shows that Nigeria now has a larger financial buffer to support the economy when needed.

He also explained that the net reserves recorded at the end of 2025 were even higher than the total gross reserves Nigeria had at the end of 2023.

At the end of 2023, Nigeria’s gross foreign reserves stood at $33.22 billion.

The CBN governor had earlier announced during the press briefing after the Monetary Policy Committee meeting on February 24, 2026, that Nigeria’s gross external reserves had reached $50.45 billion as of February 16, 2026.

In a statement issued in Abuja, Cardoso said the increase in reserves reflects improvements in the country’s economic fundamentals and the impact of reforms introduced by the central bank.

“Nigeria’s gross and net foreign reserves showed significant improvement at the end of 2025, reflecting stronger external sector fundamentals and sustained policy reforms,” Cardoso said.

He explained that the growth in reserves was supported by efforts to make the management of Nigeria’s foreign exchange more transparent and credible.

According to him, when investors see that the foreign exchange system is transparent and properly managed, they are more willing to bring their money into the country.

Cardoso said the reforms have helped boost investor confidence and attract more foreign exchange inflows into Nigeria.

“These figures emphasise the benefits of increased transparency and credibility in foreign exchange management, boosting investor confidence, attracting stronger foreign exchange inflows and improving reserve management practices aimed at preserving capital, ensuring liquidity and supporting long-term sustainability,” he said.

He added that the increase in reserves means Nigeria now has more financial strength to handle international payments and economic shocks.

The CBN governor also explained year-by-year how the reserves improved.

According to him, Nigeria’s net foreign reserves rose from $23.11 billion at the end of 2024 to $34.80 billion by the end of 2025.

Gross reserves also increased within the same period, rising from $40.19 billion in 2024 to $45.71 billion at the end of 2025.

This represents an increase of $5.52 billion in gross reserves within one year.

Cardoso said the stronger reserves will help Nigeria meet its obligations to other countries and international financial institutions.

He also said the improved reserve position gives the country more ability to support stability in the foreign exchange market.

According to him, when a country has stronger foreign reserves, it is better able to manage pressure on its currency and maintain confidence in the economy.

Cardoso described the reserve level recorded at the end of 2025 as evidence that the central bank’s policy reforms are producing results.

He said the reforms are designed to strengthen Nigeria’s economy and ensure that the country can better manage its foreign exchange resources.

The CBN governor assured that the central bank will continue to focus on maintaining strong reserves to support the economy.

 

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Wike Begins 6-Council “Thank-You” Tour In FCT

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has begun a thank-you visit to the six area councils of the territory, over the outcome of the Feb. 21 area council elections in the FCT.

The visits, which began with Bwari Area Council on Tuesday, according to the Minister, is to thank the people for keeping to their promises to support President Bola Tinubu’s candidates in the election.

“So, on behalf of Mr President, let me thank you all for fulfilling the promise you made, that you will support the candidates that are supporting him to win.

“Mr President said I should thank you and that he is not going to take this show of love for granted. He will also fulfill his own part, and that will be done through me.

“Some people don’t understand when we say agreement—what is agreement? When we agree on something, you do your own part, I do my own. That means we have fulfilled the agreement,” he said.

The Minister said that the time has come for politicians to keep to their promises, stressing that under Tinubu’s administration “we will give Bwari the necessary support”.

He promised to work closely with the council’s Chairman-elect, Mr Joshua Ishaku saying, “anything you ask through Joshua, consider it done”.

He thanked the traditional leaders in the area and promised to do everything possible to give them their due honour and respect.

In his remarks, Ishaku thanked Wike for the visit and for the good job he was doing for Tinubu.

Describing Wike as a “humble father”, Ishaku assured the Minister that Bwari Area Council would leave no stone unturned in supporting the restoration of the Renewed Hope Agenda in 2027.

“As you assured us yourself, we can see, we can feel and we can touch the developmental strides you have recorded just within two years of your assumption into office.

“What more can we say? What more can we ask for? This is indeed what governance is all about,” Ishaku said.

(NAN)

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MDCN Panel Suspends Euracare Director, Two Doctors After Establishing Negligence In Death Of Chimamanda’s Toddler

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The Medical and Dental Practitioners Investigation Panel has invoked its order of suspension against the Medical Director of Euracare Multi-Specialist Hospital, Dr. Tunde Majekodunmi, and two others, after establishing a prima facie case of medical negligence against them in the management of the 21-month old son of renowned writer, Chimamanda Ngozi Adichie, Nkanu Adichie-Esege.

Nkanu passed away on January 7, 2026, after receiving care at Atlantis Hospital and undergoing medical procedures at Euracare Multi-Specialist Hospital in Lagos.

Channels TV reports that apart from the Medical Director at Euracare, the panel also suspended the anesthesiologist at the same hospital, Dr. Titus Ogundare, as well as the Chief Medical Officer at Atlantis Pediatric Hospital, Dr. Atinuke Uwajeh.

In a statement signed by its secretary, Dr. Enejo Abdu, the panel mentioned that the trio are suspended from medical practice in Nigeria pending the determination of their case by the Medical and Dental Practitioners Disciplinary Tribunal.

The panel also stated that there is a prima facie case of misconduct in a professional respect against 10 other doctors. They are Dr. Adeseye Akinsete, Dr. Chidinma Ohagwu, Dr. Anthony Ajeh, Dr. Amarachi Bayo, and Dr. Nkechi Peji. Others are Dr. Olaoye Oludare, Dr. Agaja Oyinkansola, Dr. Patricia Akintan, Dr. Babatunde Bamgboye, and Dr. Raji Faidat.

The panel, which also cleared 8 other doctors, reached these decisions after considering the complaint against all 21 doctors and reviewing their counter-affidavits, including their oral depositions on oath.

The panel concluded its investigation at its 25th session held at Excel Hotel & Resort in Abuja on Feb 17th & 18th, 2026,

The 21-month-old child, Nkanu Adichie-Esege, was initially admitted to Atlantis Hospital in Lagos for what was described as a worsening but initially mild illness.

While arrangements were being made to transfer him to Johns Hopkins Hospital in the United States, Atlantis referred him to Euracare for pre-flight diagnostic procedures, including an MRI, lumbar puncture, and insertion of a central line.

However, the child passed following the procedures.

His parents have alleged medical negligence and professional misconduct in connection with his death.

 

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DSS Detains Five Airport Officers Over El-Rufai Security Breach

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Following a joint investigation into a security breach at Abuja’s Nnamdi Azikiwe International Airport (NAIA) involving former Kaduna State Governor Nasir El-Rufai, five security officers have been arrested.

The arrests are coming weeks after security operatives attempted to arrest El-Rufai at the Nnamdi Azikiwe International Airport, Abuja, on February 12, 2026, shortly after he arrived from Cairo, Egypt, aboard Egypt Air flight MS 877.

It was gathered that suspects and are set to face prosecution.

The arrests followed a joint investigation conducted by the Department of State Services, DSS, the Nigeria Immigration Service, NIS, the Nigeria Customs Service, NCS, and the Federal Ministry of Aviation.

Those detained include ASP Ayuba Yakubu of the Nigeria Police Force, Murtala Inuwa of the DSS, Najeeb Murtala of the Immigration Service, and Aviation Security personnel Musa Adamu and Salihu Victor.

According to AIT, investigators disclosed that the suspects allegedly admitted to receiving bribes to grant unauthorised access to restricted sections of the airport and to interfere with lawful security procedures.

Authorities described the development as a grave insider breach of critical national infrastructure.

The suspects have since been transferred to the Independent Corrupt Practices and Other Related Offences Commission, ICPC) for prosecution.

Meanwhile, additional Immigration and Customs personnel who were found to have misused their official uniforms to facilitate unauthorised access but were not deemed criminally liable will face internal disciplinary measures.

According to the authorities, the action reflects zero-tolerance to internal compromise within Nigeria’s aviation security system.

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