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Breaking: Foreign Reserves Hits $41.05bn Amid Improved Macroeconomic Stability, Investor Confidence

Breaking: Foreign Reserves Hits $41.05bn Amid Improved Macroeconomic Stability, Investor Confidence

James Emejo in Abuja

The country’s gross Foreign Exchange Reserves further increased to $41.05 billion, the highest level in over 44 months, demonstrating the continued improvement in macroeconomic indices in recent times.

A day before, external reserves rose to $41 billion from $40.96 billion on August 18, 2025, showing less volatility over the past one month.

Compared to about $40 billion, announced by the Central Bank of Nigeria (CBN) Governor, Mr. Olayemi Cardoso, as at July 18, external reserves had increased by about 2.62 per cent to date.

The current movement in reserves represented the highest level recorded since December 3, 2021, and has continued to maintain the upward trajectory in recent weeks.

Essentially, FX reserve movements are particularly crucial for economic stability, currency strength, import capacity, debt management, and overall investor confidence. Changes in the reserves could signal economic stress or health.

Amid huge debt service obligations, and revenue challenges, the stability in external reserves movement, coupled with a marked deceleration in inflation rate as well as Naira’s relative stability offer renewed hope for the country about better days ahead.

The development further attests to the position of the central bank’s management team that monetary policy actions have so far headed in the right direction.

During the last MPC meeting in July, Cardoso had attested to the sustained stability in the foreign exchange market, accentuated by improved capital flows, earnings from increased crude oil production, rising non-oil exports and significant reduction in aggregate imports.

He said, “That clearly is a reflection of the way that the international investors view the banking system, and I was again very privileged to have a conversation with a good number of them about three or four weeks before this listing took place.

“And really and truly, a lot of interest, I must say, a lot of interest internationally, on putting money on the Nigerian financial system.

“The key thing is that we as regulators will continue to play our part to ensure that the system and the players and the actors continue to do what we are doing, creating resilience, creating buffer, and, of course, playing by the rules, because that is so important for those who are looking to invest that they can believe and they trust in you.”

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James Emejo in Abuja The country’s gross Foreign Exchange Reserves further increased to $41.05 billion, the highest level in over 44 months, demonstrating the continued improvement in macroeconomic indices in
The post Breaking: Foreign Reserves Hits $41.05bn Amid Improved Macroeconomic Stability, Investor Confidence appeared first on THISDAYLIVE.

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Association Advocates Ban on Importation of Ready-made Garments, Urges FG to Protect Local Industry

Association Advocates Ban on Importation of Ready-made Garments, Urges FG to Protect Local Industry

Funmi Ogundare

The President of the Association of Women in Fashion Tech (WIFT), Mrs. Bukola Yekini Ajayi, has called on the Federal Government to stop the importation of ready-made garments into Nigeria, stressing that the influx of foreign clothing is stifling the growth of the local fashion and garment industry.

Speaking at the maiden Afro-EU Garment Innovation and Sustainability Summit, in Lagos, themed, ‘Bridging Continents through Fashion, Technology and Cultural Exchange’, in Lagos, Ajayi explained that the association, which has over 5,000 registered members across 28 states, is determined to protect African designs, heritage and culture from exploitation and counterfeiting.

“We must protect our designs, our forefathers’ work, and the African culture. Fashion is our heritage, passed from one generation to another, and it must not be lost to counterfeiters and unchecked importation. Enough is enough,” she stated.

She revealed that WIFT has developed solutions to safeguard members’ products against design theft and counterfeiting, citing recent cases such as fake Adire fabrics in circulation. “Before long, we might even begin to see counterfeit Aso-Oke. But under Women in Fashion Tech watch, that will not happen,” she said.

On financing, Ajayi urged the Federal Government to review funding policies for women entrepreneurs, explaining that many fashion business owners remain excluded from existing support schemes due to debt burdens.

She said loans received during the COVID-19 period, disbursed largely through online channels, have become a major stumbling block preventing women from accessing new funding opportunities.

“Instead of helping them, the COVID-19 support became a trap. Many women cannot forge ahead because of debts they are unable to repay, and this blocks them from accessing fresh funds. We implore government to intervene so that these women can move forward,” she appealed.

Ajayi reiterated that WIFT is building an ecosystem to address the value chain challenges in garment production, from textile supply to manufacturing, while pushing for policies that favour local designers.

Speaking with journalists, the Founder and President of the Central Eastern European and West African Business Association ( CEEWABA), Michael Dada, explained that innovation and high-level training are essential for Nigerian and African designers to penetrate the market as Europe is ready to embrace African fashion.

The summit, he noted, is designed to open European markets to African clothing brands, particularly from Nigeria, while also equipping designers with the technical expertise required to meet international standards.

“Globalisation has made Europe ready for African fashion. The only gap was that nobody was pioneering the effort. That was why we established the African Fashion hub, to promote African and European fashion and connect stakeholders who can bridge this gap,” Dada said.

In her remarks, the Lagos State Commissioner for Trade and Investment, Mrs Folashade Ambrose Medebem, who was represented by the Senior Special Adviser to the Governor on Trade and Commerce, Nana- Hauwa Adeeyo, reaffirmed the state government’s commitment towards driving innovation and sustainability in Africa’s fashion and garment industry.

“Lagos is not just a market, Lagos is a hub of ideas and creativity,” the commissioner said, noting that the city’s diverse ecosystem of designers, entrepreneurs and technologists is redefining African fashion and positioning it on the global stage.

She emphasised on the state’s deliberate investments in fashion entrepreneurship, including the Lagos State Employment Trust Fund (LSETF), which has empowered thousands of young people and MSMEs with funding, training, and access to opportunities.

The commissioner called for stronger Afro-EU partnerships in addressing global challenges such as climate change, youth unemployment, and economic inequality through fashion innovation.

The UN Women Representative in Nigeria and ECOWAS, Mrs Beatrice Eyong, stated that her office supports women in the creative industry because they have the potential to grow the Nigerian economy, adding that technology is very important for them at all levels.

“If Nigeria prospers, Africa will also prosper. We work with governments to support economic policies to support men and women entrepreneur,” she stated.

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Funmi Ogundare The President of the Association of Women in Fashion Tech (WIFT), Mrs. Bukola Yekini Ajayi, has called on the Federal Government to stop the importation of ready-made garments
The post Association Advocates Ban on Importation of Ready-made Garments, Urges FG to Protect Local Industry appeared first on THISDAYLIVE.