President Bola Tinubu has expressed optimism following a new report from the National Bureau of Statistics (NBS) revealing Nigeria’s trade surplus reached N6.95 trillion in the second quarter of 2024.
This is according to Bayo Onanuga Special Adviser to the President (Information & Strategy) in a statement he released on Thursday.
It noted that this represents a 6.60% increase compared to the N6.52 trillion surplus recorded in the first quarter of the year.
It also comes shortly after the country achieved nearly 100% oversubscription of its first $500 million domestic bond and reported N9.1 trillion in half-year revenue.
The statement observed that the report highlights ongoing positive economic trends.
It attributed these gains to the economic reforms implemented by his administration, expressing confidence that they would lead to long-term prosperity for Nigerians.
The NBS report emphasised Nigeria’s robust export performance during the quarter, with total merchandise trade amounting to N31.89 trillion.
According to the statement, although this was a 3.76% decline from Q1 2024, it marked an impressive 150.39% increase compared to the same period in 2023.
The surplus, the statement noted, was largely driven by strong exports to Europe, the United States, and Asia.
Continuing, the statement affirmed that exports accounted for N19.42 trillion, representing 60.89% of Nigeria’s total trade, a 1.31% rise from the N19.17 trillion recorded in the first quarter and a staggering 201.76% increase from the N6.44 trillion seen in Q2 2023.
Crude oil exports remained a key factor, contributing N14.56 trillion, or 74.98% of total exports.
Non-crude oil exports were valued at N4.86 trillion, comprising 25.02% of the total export value, while non-oil products accounted for N1.94 trillion. The strong export performance, particularly in crude oil, helped Nigeria maintain a favorable trade balance.
In Q2 2024, Spain emerged as Nigeria’s top export destination, receiving goods worth N2.01 trillion, or 10.34% of total exports. The United States followed with N1.86 trillion (9.56%), while France imported N1.82 trillion in Nigerian goods, accounting for 9.37% of exports. Other key export partners included India (N1.65 trillion) and the Netherlands (N1.38 trillion).
The statement said the report reflects the country’s economic recovery, which has improved significantly since Tinubu took office last year.
It added that the Tinubu administration plans to build on these gains by continuing fiscal and tax reforms aimed at unlocking Nigeria’s full economic potential.
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