By Abdulfatah Babatunde
Lagos, Jan. 22, ’25 (TNZ) The Democratic Front (TDF), a socio-economic think-tank group, has called on Nigerians to celebrate the country’s rising foreign reserves, hitting an impressive $7.69 billion year-on-year.
TheNewsZenith quotes the group as saying the Tinubu administration achieved impressive economic performance in one year between January 2024 and now.
In a statement, on Tuesday in Abuja, the group described the feat as another indication of a successful Tinubu reforms.
“We are confident that Nigerians can look forward to a better economy from 2025.
“This is because the consistency in the upward trajectory of Nigeria’s foreign reserve last year will improve exchange rate stability.
“It is also bound to enhance the nation’s creditworthiness and reduce the risk of trade disruption.
“This will also translate into eradicating shortages of essential goods in the country and improving investors’ confidence in the economy.
“From the forgoing, we can safely posit that President Bola Ahmed Tinubu’s promise to reduce headline inflation to 15 per cent in 2025 is possible.
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“More thrilling in the Tinubu economic reforms is the stable unified foreign exchange rate.
“This is coupled with government efforts to enhance foreign exchange inflow through formal channels,” TheNewsZenith quotes the group as stating.
It further noted that all these have triggered a leap in the rise of foreign currency inflow through International Money Transfer Operations (IMTO) by 63.7 per cent in nine months.
“This is a remarkable feat and by our approximation, this development will increase foreign exchange earnings, enhance economic growth and increase trade and investments.
“It will also improve financial inclusion and ultimately bring in more opportunities for economic diversification,” TDF noted.
The group urged Nigerians to continue to support Tinubu’s administration to open the country to more economic opportunities in 2025. (TNZ)
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