Billions Pour Into Nigeria as Tinubu’s Reforms Start to Pay Off

Foreign investor demand for Nigerian assets and remittances from citizens living abroad surged as President Bola Tinubu’s reforms started to pay off. The central bank reported over $1 billion in foreign portfolio investor asset purchases in February, with total receipts for the year reaching at least $2.3 billion. The government’s measures to attract investors and support the naira have led to increased investor interest in short-term sovereign debt and a fourfold rise in overseas remittances. Governor Olayemi Cardoso stated that the measures to boost reserves and create more liquidity in the markets have begun to yield results.