President Bola Tinubu has welcomed the latest report on the country’s trade balance by the National Bureau of Statistics (NBS).
According to the report, Nigeria recorded another trade surplus in the second quarter of 2024, hitting N6.95 trillion, which is 6.60 per cent higher than the N6.52 trillion surplus recorded in the first quarter.
The latest NBS report came just days after the country recorded almost 100 per cent oversubscription of its first 500 million dollars domestic bond and half-year revenue of N9.1 trillion.
In a statement by Mr Bayo Onanuga, his Special Adviser, Information and Strategy, the President said the latest report underscored the increasing positive shifts in the economy over the last year.
“President Tinubu expresses confidence in the reforms his administration is pursuing and believes they will create a more robust economy that will usher in a new era of prosperity for Nigerians.
“The NBS report reflects the country’s strong export performance in the second quarter.
“Although total merchandise trade in Q2 2024 stood at N31.89 trillion, a 3.76 per cent decline compared to the preceding quarter (Q1 2024), it marked a 150.39 per cent rise from the corresponding period in 2023,” said Onanuga.
The NBS reported that the Q2 surplus was essentially driven by exports to Europe, the United States and Asia.
It said total exports stood at N19.42 trillion, accounting for 60.89 per cent of the country’s total trade.
This represents a 1.31 per cent increase from N19.17 trillion in the first quarter and a 201.76 per cent surge from N6.44 trillion recorded in Q2 2023.
The report noted that the dominance of crude oil exports remained a key factor in this performance, contributing N14.56 trillion, or 74.98 per cent of total exports.
Non-crude oil exports, valued at N4.86 trillion, constituted 25.02 per cent of the total export value, with non-oil products contributing N1.94 trillion.
The report stated that strong export performance, particularly in crude oil, ensured Nigeria maintained a favourable trade balance.
Spain emerged as the largest export partner, receiving goods valued at N2.01 trillion, and accounting for 10.34 per cent of Nigeria’s total exports.
The United States followed closely with N1.86 trillion (9.56 per cent), while France imported N1.82 trillion of Nigerian goods, representing 9.37 per cent of total exports.
Nigeria’s other major export partners include India (N1.65 trillion or 8.50 per cent) and the Netherlands (N1.38 trillion).
“Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.
“The government will continue to consolidate on the gains of the reforms as more fiscal and tax policy reforms already embarked upon by the administration come to fruition.
“President Tinubu is determined to confront the inhibitions that have stunted the growth and development necessary to unlock the country’s full potential,” said Onanuga.
