Pan-African
How many months of imports did reserve assets cover?
Nigeria’s reserve assets were equivalent to 7.21 months of imports in 2024, compared with 5.67 in South Africa and 1.78 in Ethiopia. The indicator compares reserves at the reporting date with the value of imports during the year.
Sources checked
2024
Shared scale · 0 months to 7.21 months
2019
Shared scale · 0 months to 7.21 months
Switch years to compare on the same scale. The table keeps the intermediate annual observations.
Nigeria’s measure rose from 4.21 to 7.21 months
The Nigerian series increased from 4.21 months in 2019 to 7.21 in 2024. Its 2025 reading was 7.12. The ratio can change through a change in the value of reserve assets, the import bill or both. Source 1
Morocco’s 2020 reading was above its 2024 level
Morocco reported 8.94 months in 2020 and 5.26 in 2024, before increasing to 5.93 in 2025. South Africa also had a higher reading in 2020 at 7.12 months than in 2024 at 5.67 months. Source 1
Ethiopia and Kenya recovered from lower readings
Ethiopia moved from 0.58 months in 2022 to 1.78 in 2024. Kenya went from 3.13 months in 2023 to 3.99 in 2024 and 4.63 in 2025. The table does not have 2025 data for Ethiopia or Rwanda. Source 1
Import cover is a ratio rather than an operational deadline
The numerator includes international reserves such as monetary gold, special drawing rights, the IMF reserve position and foreign exchange under the control of monetary authorities. The indicator expresses that stock relative to a month of imports at the reported pace. It does not predict how long reserves would last under different trade or financing conditions. Source 2