President Bola Tinubu has voiced strong optimism about the economic reforms his administration is implementing, confident that they will foster a more resilient economy and usher in a new era of prosperity for Nigeria. His remarks came in response to the latest report from the National Bureau of Statistics (NBS) on Nigeria’s trade balance for the second quarter of 2024, which highlights a notable improvement in the country’s export performance.
In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu underscored his belief in the potential of his administration’s reforms to transform Nigeria’s economic landscape. According to the NBS report, while total merchandise trade in Q2 2024 decreased by 3.76% compared to the previous quarter, it saw a remarkable 150.39% increase compared to the same period in 2023.
The report reveals a trade surplus driven by robust exports to Europe, the United States, and Asia, with total exports reaching N19.42 trillion, making up 60.89% of the country’s total trade. Crude oil exports remain dominant, accounting for N14.56 trillion or 74.98% of the total export value. Non-crude oil exports stood at N4.86 trillion, representing 25.02% of the total export value, with non-oil products contributing N1.94 trillion.
This strong export performance has enabled Nigeria to maintain a favorable trade balance, with European and American countries leading as the top export destinations. Spain emerged as Nigeria’s largest export partner, followed by the United States, France, India, and the Netherlands.
The statement highlights that Nigeria recorded a trade surplus of N6.95 trillion in Q2 2024, up 6.60% from the N6.52 trillion surplus in the previous quarter. This positive development follows the recent oversubscription of Nigeria’s first $500 million domestic bond and a half-year revenue of N9.1 trillion, reflecting increasing positive shifts in the economy over the past year.
Onanuga’s statement also noted that Nigeria’s economic indicators, which were at a low point when President Tinubu took office last year, are now showing encouraging signs of growth. The government remains committed to building on the progress made and expects further positive developments as fiscal and tax policy reforms continue to take effect.
President Tinubu’s administration is dedicated to overcoming the challenges that have historically hindered Nigeria’s economic growth, with a firm resolve to unlock the country’s full potential through continued reform efforts.
Written by : Blossom Kugbere.