President Bola Tinubu has expressed confidence in Nigeria’s economic future following a report from the National Bureau of Statistics (NBS) that showed a trade surplus of N6.95 trillion in the second quarter of 2024. This marks a 6.60 percent increase from the N6.52 trillion surplus recorded in the first quarter.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, highlighted the positive economic trends in a statement. He noted that the surplus coincides with a successful $500 million domestic bond issuance, which was nearly fully oversubscribed, and a half-year revenue of N9.1 trillion, underscoring the economic progress under Tinubu’s administration.
The NBS report credited the trade surplus to robust export performance, particularly in crude oil, which contributed N14.56 trillion, or 74.98 percent of total exports. Despite a 3.76 percent decline in total merchandise trade from the previous quarter, the trade volume saw a year-on-year increase of 150.39 percent. Major export partners included Spain, the United States, and France, with Spain importing goods worth N2.01 trillion.
President Tinubu reiterated his commitment to ongoing economic reforms aimed at strengthening Nigeria’s economy and unlocking the nation’s full potential, noting that the indicators point to sustained positive growth since he assumed office last year.
